Tuesday's Financial Winners & Losers
AmeriServ Financial (ASRV) slipped despite reporting a year-over-year increase in second-quarter profits. The bank holding company had quarterly earnings of $568,000, or 3 cents a share, compared with $370,000 and 2 cents a share a year ago. Shares of AmeriServ were down 12 cents, or 2.4%, at $4.80.
Macatawa Bank (MCBC) rose after it posted second-quarter net income of $5.76 million, or 35 cents a share, up from $5.26 million, or 32 cents a share, last year. Macatawa, the parent company of Macatawa Bank and Macatawa Investment Services, saw its shares jump $1.82, or 8.6%, to $23.
Community Trust Bancorp (CTBI) said its second-quarter profit rose to $9.9 million, or 65 cents a share, from $8.5 million, or 56 cents a share, a year ago. Analysts surveyed by Thomson Financial were looking for a bottom line of 61 cents. Community Trust Bancorp, a provider of banking services in Kentucky and West Virginia, was up 59 cents, or 1.7%, at $35.42.
State Street (STT) edged higher following its latest quarterly report in which the company earned 68 cents a share, including noncash tax charges of 25 cents. Excluding the charges, earnings for the second quarter were 93 cents, topping estimates by 10 cents. Revenue advanced 21% from a year ago to $1.7 billion, the investment management company said."The potential effect of higher short-term interest rates in the U.S. in the second half of the year poses a challenge for us," State Street said. "As in past years, we may experience seasonal weakness in certain market-driven revenues in the third quarter. However, excluding the second-quarter tax charges, the strength in the first half of the year increases our confidence that we will achieve at the high end of the ranges we established for the full year." State Street's shares were up 44 cents, or 0.8%, to $56.34. MGIC Investment (MTG) was under pressure after the company said its second-quarter earnings fell to $149.8 million from $174.4 million for the same quarter a year ago. On a per-share basis, earnings of $1.74 beat the consensus estimate by 1 cent. Total revenue fell 8% to $363.5 million, mainly because of a 5.5% decrease in net premiums earned. MGIC Investment, a provider of private mortgage insurance coverage, was losing $2.08, or 3.4%, to $59.99. Coast Financial Holdings (CFHI), the parent company of Coast Bank of Florida, said the company and Brian Peters, its president and CEO, have agreed to terminate their relationship. Coast said it will make all the termination payments required under his employment agreement, and it extended the exercise period for his stock options that are outstanding. Shares of Coast fell 15 cents, or 0.9%, to $15.75.
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