Financial Stocks Posting Moderate Gains; Financial Engines Rising After Q3 Results, FY13 Outlook
Top Financial Stocks
Financial stocks are moderately higher, with the NYSE Financial Sector Index advancing 0.5% and the S&P Financial 100 Index gaining 0.3%.
In company news, Financial Engines Inc ( FNGN ) is up 9.4% at $60.04 a share, earlier rising to within 2 cents of its 52-week high of $63.66 after reporting Q3 earnings and revenue that beat analyst projections. The asset manager also issued FY13 topping the Wall Street consensus.
Net income during the three months ended Sept. 30 was $0.20 per share, beating the Thomson Reuters consensus by $0.02. Revenue grew 28.3% year over year to $62.1 million, exceeding estimates by $1.62 million.
Professional management revenue increased 33% over year-ago levels to $52.5 million while assets under management totaled $82 billion at the end of the quarter.
Looking forward, FNGN is expecting to finish the current year with between $238 million to $240 million in revenue, topping estimates by at least $2.72 million. FY14 revenue is projected in a range of $285 million to $290 million under typical market conditions. The Street consensus is for FY14 revenue of around $285.6 million.
In other sector news,
(+) Z, (-2.0%) Q3 adjusted loss of $0.05 per share is $0.02 better than expectations. Revenue climbs 67.1% year over year to $53.3 mln, matching Capital IQ consensus.
(-) VRSK, (-7.9%) Fraud-detection company working with the insurance industry says Q3 revenue rose 10% year over year to $438.56 mln, trailing analyst expectations by $5.99 mln. Earns $0.62 per share, ex items, beating the Capital IQ consensus by $0.02.
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