Markets

Financial Sector Update for 10/31/2016: MCY,INTX,PYDS

Top Financial Stocks

JPM +0.43%

BAC 0.00%

WFC +0.04%

C -0.21%

USB +0.47%

Financial stocks were moderately higher this afternoon, with the NYSE Financial Sector Index climbing about 0.4% while financial companies in the S&P 500 Index were adding about 0.3%.

In company news, Mercury General Corp ( MCY ) advanced to an 18-month high on Monday after the insurance holding company this morning reported a 13.5% increase in its Q3 operating profit compared with year-ago levels, exceeding analyst estimates in addition to announcing a small increase in its quarterly distribution to shareholders.

The company earned $0.67 per share during the three months ended Sept. 30, up from $0.59 per share during the same quarter last year and topping the Capital IQ consensus by $0.13 per share. Net premiums written rose 3.8% over the year-ago period to $808.4 million, trailing the $826.5 million Street view.

Mercury General also declared a quarterly dividend of $0.6225 per share, up 0.4% over its previous distribution and payable Dec. 29 to shareholders of record on Dec. 15.

MCY shares were up 8% at $54.49 each, easing slightly from a prior increase to their best price since April 2015 at $56.78 each.

In other sector news,

(+) INTX, (+26.1%) Confirms receiving proposal for its pet health monitoring segment from Loeb Holding. Assigns three independent directors to a special committee to assess the proposal and negotiating a potential deal.

(-) PYDS, (-6.3%) Reports credit card processing volume declined 2% during Q3 compared with year-ago levels. Electronic check transaction volumes fall 15% year-over-year while credit card amounts decline 9%.

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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