Top Financial Stocks
Financial stocks were broadly lower Tuesday, with the NYSE Financial Sector Index sinking 1.1% and the S&P Financial 100 Index falling 1.0%.
In company news, PRA Group ( PRAA ) shares tumbled Tuesday after the specialty investor reported Q2 financial results missing analyst projections as well as saying it promoted Chief Financial Officer Kevin Stevenson to company president, effective immediately.
Excluding adjustments related to the company's Aktiv Kapital acquisition, it earned $51.4 million, or $1.06 per share, up from $0.87 per share last year but still lagging the Capital IQ consensus expecting $1.15 per share.
Revenue rose 20.2% over year-ago levels to $237.2 million, also trailing the $246.92 consensus.
PRA shares were down over 10% at $57.26 each, earlier sliding to a session low of $57.12 a share. Prior to Tuesday's decline, the stock had climbed more than 11% over the past 12 months.
In other sector news,
(+) YDLE, (+29.7%) Accepts $590 mln buyout offer from Envestnet ( ENV ), which values YDLE shares at $18.88 apiece, a 49.8% premium over Monday's closing price.
(-) WRLD, (-37.5%) Warns Consumer Financial Protection Bureau is considering recommending the agency take legal action against the pay-day lender.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.