Banking

Financial Sector Update for 07/16/2020: WABC,BAC,AMRB

Financial stocks were mixed in afternoon trading, with the NYSE Financial Index dropping 0.5% while the SPDR Financial Select Sector ETF was down fractionally.

The Philadelphia Housing Index was up 1.6%.

In company news, Westamerica Bancorp (WABC) was hanging on for a 0.4% gain after Thursday reporting Q2 net income of $0.72 per share, down a penny compared with the same quarter last year but still topping the Capital IQ consensus expecting a $0.65 per-share profit for the three months ended June 30. Revenue fell 1.9% year-over-year to $51.61 million, also exceeding the $46.65 million analyst mean.

American River Bankshares (AMRB) slid 1.9%. The bank holding company Thursday reported Q2 net income of $0.30 per share, improving on a $0.22 per share for the same quarter last year. Total revenue grew to almost $6.9 million. The three analysts polled by Capital IQ, on average, had been expecting American River to earn $0.23 per share on $6.79 million in revenue.

Bank of America (BAC) fell nearly 3% after reporting Q2 net income of $0.37 per share, down from $0.74 per share during the year-ago period but still exceeding the Capital IQ consensus looking for a profit of $0.29 per share. Net revenue declined 3.4% compared with the same quarter last year to $22.3 billion, also topping the $22 billion analyst mean for the three months ended June 30.

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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