Markets
BAC

Financial Sector Update for 01/30/2017: JPM, BAC, WFC, C, USB, OPB, AMG, AHL

Top Financial Shares:

JPM: -1.3%

BAC: -2.2%

WFC: -1.2%

C: -1.4%

USB: -0.6%

Financial shares were in the red at session's half on Monday, in line with the broader market.

In financial stocks news, Opus Bank ( OPB ) was down 22.3% after it reported that it swung to a Q4 loss, missing expectations compiled by Capital IQ, despite improved revenues from a year earlier. Q4 net loss was $0.55 per share compared to a profit of $0.50 a share in the year-ago quarter. Analysts were expecting a profit of $0.45 a share. Revenues taken as the sum of net interest income and non-interest income were $87.2 million, up from $62.7 million a year earlier and higher than expectations for $78.9 million.

The lender also said it entered into agreements with various institutional investors for a private sale of $53 million of its common stock at $18.50 per share, for net proceeds of $50 million.

In other sector news,

(+) AMG, (+2.9%) Reported Q4 earnings above Street view; sales decline year-over-year and miss consensus estimates

(-) AHL, (-3.3%) Expects to record an underwriting loss of $30 million in Q4 after it it restructured its ceded reinsurance arrangements and purchased some run-off reinsurance

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

BAC JPM WFC C

Other Topics

Banking

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More