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Financial Sector Update for 11/03/2017: CBL,TRUP,FNGN

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Financial stocks were struggling Friday, with the NYSE Financial Sector Index declining more than 0.5% while financial companies in the S&P 500 Index fell about 0.5%.

In company news, CBL Properties ( CBL ) Friday dropped to its lowest share price since February 2009, sinking almost 27% to $5.85 each earlier, after the real estate investment trust last night missed analyst projections with its adjusted Q3 funds from operations and revenue and cut its forecast for non-GAAP FY17 FFO.

Excluding one-time items, the company reported an FFO of $0.50 per share for the three months ended Sept. 30, slipping from non-GAAP FFO of $0.57 per share during the year-ago period and lagging the Capital IQ consensus by $0.04. Asset sales during the quarter likely trimmed the reported adjusted funds from operations by about $0.02 per share, it said.

Total revenue during the recently completed Q3 declined 10.8% year over year to $224.7 million, also trailing the $240.29 million analyst mean.

CBL Properties also sees adjusted FFO for the 12 months ending Dec. 31 between $2.08 to $2.12 per share, down from its prior outlook expecting non-GAAP in a range of $2.18 to $2.24 per share.

The disappointing results and outlook unleased a flurry of analyst downgrade today, with Bank of America Merrill Lynch and Boenning & Scattergood both reducing their respective stock ratings for the company to Underperform from Neutral. Wells Fargo also lowered its recommendation to Underperform from Market Perform and Hilliard Lyons cut CBL Properties to Neutral from Long-Term Buy.

In other sector news,

(+) TRUP, (+13.2%) Reports surprise Q3 EPS of $0.01 compared with analyst expectations for a $0.01 per share net loss. Revenue rises 31% to $63.1 mln, beating the $61.44 mln consensus call.

(-) FNGN, (-25.6%) Q3 revenue climbs 9% to $122.2 mln, missing the $124.11 mln consensus. Excluding one-time items, earns $0.36 per share, up from $0.31 per share last year and matching the analyst mean. Sees FY17 revenue in a range of $479 mln to $483 mln, roughly in-line with the $484.8 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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