Markets

Financial Stocks Giving Up Portion of Advance; Toronto-Dominion Adds Over 2% After Boosting Dividend, EPS Beat

Top Financial Stocks

JPM +0.32%

BAC +0.28%

WFC -0.05%

C +0.29%

USB +0.06%

Financial stocks are mostly higher with the NYSE Financial Sector Index rising about 0.5% today and the S&P Financial 100 advancing about 0.2%. .

In company news, Toronto-Dominion Bank (TD,TD.TO) is up 2.3% at $85.54 a share after earlier today reporting adjusted Q3 earnings of C$1.65 per share, beating the Capital IQ consensus by $0.10. Canada's second-largest bank also raised its quarterly dividend by 5% to C$0.85 per share.

Revenue rose 1.8% over the same quarter last year to C$5.95 billion, in-line with forecasts.

While not providing specific EPS and revenue targets for upcoming quarters, TD executives said Q4 performance continues to be driven by "solid volume growth, good credit performance and effective expense management."

Looking forward to FY14 beginning in November, however, the bank is anticipating "modest" downward pressure on margins, fluctuating from quarter to quarter depending on product mix and interest-rate movement as well as seasonal factors. But despite those factors, TD is still expecting "very good" growth in adjusted EPS over the current year.

In other sector news,

(+) BXS, Boosts quarterly dividend by 400% over prior quarter to $0.05 per share, payable Oct. 1 for shareholders of record on Sept. 13. It was the first dividend increase since the bank cut its payout to $0.01 per share nine quarters ago.

(-) SWS, Fiscal Q4 net loss widens to $0.99 per share from $0.01 in the year-ago period. Net revenue declined 38.6% year over year for the bank and brokerage company to $55.4 million.

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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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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