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Financial stocks were slightly lower Wednesday afternoon, with the NYSE Financial Sector Index slipping about 0.3% while financial companies in the S&P 500 Index were falling 0.2%.
In company news, shares of Banner Corp ( BANR ) fell Wednesday after the bank holding company reported Q2 revenue exceeding year-ago comparisons as well as analyst projections but also coming up short of the Street estimates with its adjusted net income.
Citing the contributions of recent acquisitions, revenue during the three months ended June 30 jumped over 71% from the same quarter last year to $114.4 million, besting Wall Street expectations looking for $112.7 million.
But the parent company of the Banner Bank and Islanders Bank chains also earned $21.0 million, or $0.61 per share, up from $13.2 million during the same quarter last year. Excluding $0.05 per share in acquisition-related costs and other one-time items, its adjusted profit grew to $0.66 per share, lagging the Capital IQ consensus of $0.73 per share, if comparable.
BANR shares were down almost 2% at $42.39 each, briefly climbing to positive ground this morning and a $43.49 a share session high before turning south again and dropping as low as $42.31 a share in recent trade.
In other sector news,
(+) RNR, (+0.1%) Q2 operating EPS of $1.55 misses by $0.49 per share. Total revenue rises 21.6% to $483.3 mln, beating the $414.98 mln consensus.
(-) TRU, (-4.6%) Reports adjusted Q2 net income of $0.37 per share, beating Street view by $0.04 per share. Revenue climbs 12.5% from last year to $425.7 mln, also topping the $414.8 mln consensus.
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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.
