Financial Stocks Continue Advances

Financial stocks were adding to their narrow gains from earlier this afternoon, with the NYSE Financial Sector Index climbing over 0.3% while financial companies in the S&P 500 Index were rising almost 0.4%.

In company news, FBR & Co. (FBRC) was finishing with a strong gain on Friday after the investment banking firm earlier today reversed a year-ago net loss and beat the single-analyst estimate as revenue breezed past its prior-year comparison.

The company earned $0.68 per share during the three months ended Dec. 31, turning around a $0.59 per share loss during the same quarter last year and exceeding the single-analyst estimate looking for a $0.62 per share profit. Revenue increased 71.1% over last year to $40.2 million, also topping the lone estimate expecting $39.3 million.

FBR also said it will pay an unchanged quarterly cash dividend of $0.20 per share, payable on March 3 to shareholders of record on Feb. 20.

By Bryan Smith