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Financial Sector Update for 05/11/2016: SLF,SLF.TO,ECPG,EVRI

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JPM +0.76%

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Financial stocks were moderately lower this afternoon, with the NYSE Financial Sector Index declining almost 0.5% while financial companies in the S&P 500 Index were slipping about 0.3%.

In company news, Sun Life Financial (SLF,SLF.TO) was higher Wednesday after the Canadian life insurance company last night reported Q1 revenue exceeding analyst estimates by a big margin in addition to increasing its quarterly dividend by Sun Life misses by 3.8% over its prior distribution.

Revenue rose 19.8% over year-ago levels to C$8.78 billion, crushing analyst projections by around $3.56 billion. The company also reported Q1 adjusted per-share earnings of C$0.87, lagging the Capital IQ consensus by $0.03 per share.

Separately, the company raised its quarter dividend by $0.015 to $0.405 per share, payable June 30 to shareholders of record on June 1.

SLF shares were up more than 2% at $33.94 each, just slightly below their $33.07 intra-day high. The stock also was higher in Canadian trading, with SLF.TO shares recently climbing almost 2% to C$43.57 apiece at the Toronto Stock Exchange.

In other sector news,

(+) ECPG, (+12.1%) Adjusted Q1 net income of $1.31 per share beats Street view by $0.05 per share. Revenue rises 4.0% to $289 mln, lagging analyst estimates by around $14.8 million.

(-) EVRI, (-11.9%) Reports Q1 net loss of $0.20 per share, missing Wall Street expectations by $0.03 per share. Revenue falls 0.8% from last year to $205.8 mln, also narrowly trailing the $206.2 mln consensus.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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