Banking
UNB

Financial Sector Update for 07/17/2019: UNB,GWB,BAC,CMA

Top Financial Stocks

JPM -1.00%

BAC +1.21%

WFC +0.35%

C -0.74%

USB +2.40%

Financial stocks extended their earlier declines this afternoon, including a nearly 0.5% retreat for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling more than 0.8%. The Philadelphia Housing Index was down over 0.9%.

Among financial stocks moving on news:

(-) Union Bankshares (UNB) was 4% higher after the bank holding company Wednesday reported a 3.3% increase in net income during its Q2 ended June 30, rising to $2.50 million from $2.42 million during the same quarter last year. It also said net interest income climbed 4.3% over year-ago levels while non-interest income rose 13.6% year-over-year. Analyst estimates were not available for comparison.

In other sector news:

(+) Bank of America (BAC) rose nearly 1% on Wednesday after it reported better-than-expected Q2 net income, earning $0.74 per share during the three months ended June 30, improving on a $0.63 per share profit during the year-ago period and beating the Capital IQ consensus by $0.03 per share. Revenue rose year-over-year to $23.08 billion from $22.55 billion, roughly matching the $23.13 billion analyst mean.

(-) Great Western Bancorp (GWB) dropped almost 6% on Wednesday after the bank holding company lowered its fiscal Q3 earnings forecast, citing an increase in credit-related charges during the three months ended June 30. The company is now expecting to earn between $26 million to $27.5 million during the quarter, down from its $44.5 million in net income during Q2, also trailing the Capital IQ consensus expecting $44.4 million.

(-) Comerica (CMA) declined over 3% after Wednesday reporting adjusted earnings of $1.94 per share, up from a $1.87-per-share adjusted profit during the same quarter last year and trailing the Capital IQ consensus by $0.06 per share. Total revenue rose to $853 million from $838 million during the year-ago period and also missing the $859.1 million Street view.

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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UNB GWB BAC CMA