Top Financial Stocks
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.
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