Markets
SC

Financial Sector Update for 11/09/2016: HRTG,SC,WAC

Top Financial Stocks

JPM +5.65%

BAC +5.72%

WFC +6.02%

C +3.51%

USB +3.91%

Financial stocks were sharply higher this afternoon, with the NYSE Financial Sector Index adding over 2.0% while financial companies in the S&P 500 Index were springing to a 4.8% advance.

In company news, shares of Heritage Insurance Holdings ( HRTG ) were higher during late Wednesday trade, bouncing back from a nearly 3% plunge this morning after reporting above-consensus Q3 net income and revenue.

The company earned $0.37 per share on a GAAP basis during the three months ended Sept. 30, down from a $0.55 per share profit during the same quarter last year and exceeding the single-analyst estimate by $0.10 per share. Revenue climbed 21.5% year over year to $109.3 million, also topping Wall Street expectations by around $900,000.

HRTG shares were up nearly 13% at $13.04 each, staying within close range of a session high of $13.10 a share and recovering from a mid-morning drop to a record low of $11.25 a share.

In other sector news,

(+) SC, Non-GAAP Q3 EPS of $0.56 beats Street view by $0.01 per share. Revenue falls 3.0% from the same quarter last year to $1.25 bln, also exceeding the Capital IQ consensus by around $30 mln.

(-) WAC, Reports adjusted Q3 net loss of $0.17 per share, trailing the analyst mean by $0.01 per share. Revenue rises 35.5% to $297.33 mln but still lagging the two-analyst estimate by $25.62 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SC HRTG

Other Topics

Banking