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Financial Sector Update for 07/29/2016: CARO,PFG,HIG

Top Financial Stocks

JPM -0.18%

BAC -1.16%

WFC -0.21%

C -0.45%

USB +0.44%

Financial stocks were ending broadly mixed Friday, with the NYSE Financial Sector Index jumping to a 0.5% advance although financial companies in the S&P 500 Index were down about 0.1%.

In company news, Carolina Financial ( CARO ) declined Friday after the bank holding company reported mixed Q2 results, with operating earnings falling from year-ago levels despite rising revenue.

Operating earnings fell to $0.42 per share during the three months ended June 30, down from $0.45 per share during the same quarter last year.

Q2 net interest income rose 12% during the quarter to $12.32 million while non-interest income slipped 1.4% to $7.2 million. Combined, total revenue climbed to $19.5 million from $18.3 million a year earlier. No analyst estimates were available for comparison.

CARO shares were down 5% at $19.06 this afternoon, previously dropping to a session low of $18.67 a share.

In other sector news,

(+) PFG, Non-GAAP Q2 EPS of $1.15 per share beats by $0.10 per share as assets under management grew to a record $572.7 bln on June 30. Increases quarterly dividend by 5% over prior distribution to $0.41 per share.

(-) HIG, Q2 EPS of $0.31 per share misses by $0.49 per share, if comparable. Revenue falls 0.2% to $4.68 bln, also lagging the $4.85 bln single-analyst call.

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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