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Financial Sector Update for 11/08/2018: ENV,GDOT,BAM,BAM-A.TO,SLF,SLF.TO

Top Financial Stocks

JPM +0.57%

BAC +0.96%

WFC -0.04%

C -1.22%

USB +0.67%

Financial stocks have turned narrowly mixed in late trade, including a less than 0.1% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 were increasing almost 0.1%. The Philadelphia Housing Index was dropping nearly 2.6% today.

Among financial stocks moving on news:

(+) Envestnet ( ENV ) was set to finish near its session high on Thursday, rising almost 9% after the wealth management company reported non-GAAP Q3 net income of $0.53 per share, up from a $0.37 per share and beating the Capital IQ consensus by $0.03 per share. Total revenue rose 16% year over year to 203.2 million, roughly in-line with the $203.9 million consensus. The company also is projecting adjusted Q4 EPS of $0.59 revenue on revenue in a range of $202 million to $203 million. Analysts, on average, are expecting Envestnet to earn $0.59 per share on $212.85 million in revenue for the three months ending Dec. 31.

In other sector news:

(+) Green Dot ( GDOT ) climbed almost 7% on Thursday to reach a new record high of $90.50 a share after beating Wall Street expectations with its non-GAAP Q3 earnings and revenue. The electronic payments and pre-paid cards processor earned $0.59 per share during the three months ended Sept. 30, surpassing the Capital IQ consensus by $0.16 per share. Non-GAAP revenue rose to $227.1 million from $199.9 million a year ago, while operating revenues were up 14% to $230.6 million. The Street was projecting $224 million in revenue. The company also raised its FY18 earnings outlook by $0.05 per share over its previous forecast to $3.18 to $3.22 per share, exceeding analyst estimates by at least $0.10 per share. It sees operating revenue this year rising to a range of $1.038 billion to $1.042 billion, up from its prior guidance expecting between 1.022 billion to $1.032 billion and topping the Street view by at least $8 million.

(-) Brookfield Asset Management (BAM,BAM-A.TO) fell over 1% in recent trading after reporting Q3 funds from operations of $1.07 per share and crushing analyst estimates expecting $0.64 per share. Revenue rose 21% year over year to $14.86 billion. There were no analyst estimates for revenue available for comparison.

(-) Sun Life Financial (SLF,SLF.TO) still as more than 2% lower this afternoon, recovering somewhat from a % decline for the Canadian insurance carrier despite reporting better-than-expected Q3 results and also raising its quarterly dividend by 5% to CAD0.025 per share, payable Dec. 31 to investors of record on Nov. 28. Core net income was CAD1.20, or $0.92 per share, beating the Capital IQ consensus by CAD0.02 per share. Revenue rose to CAD7.32 billion from CAD7.30 billion last year and also exceeding Street views by CAD290 million.

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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