Top Financial Stocks
Financial stocks were mostly lower, with the NYSE Financial
Sector Index falling more than 0.8% and the S&P Financial 100
Index down about 0.8%.
In company news, Fifth Third Bancorp (
) fell Thursday after the bank holding company saw its Q2 net
income slide 26% from year-ago levels after taking a $61 million
litigation charge and revenue from its mortgage-loan business
Overall, FITB posted a $439 million profit, or $0.49 per share,
down from $591 million during the same quarter last year but
beating analyst expectations by $0.04 per share. Revenue slid 15.9%
year over year to $1.64 billion, also topping the Capital IQ
consensus by around $110 million.
Mortgage originations plunged 73.3% during the quarter compared
to last year to $2 billion, although that was up $300 million - or
about 17.6% - over the first three months of 2014.
FITB shares were down more than 5% at $20.42 apiece, maintaining
a 10-cent bulge over its session low. The stock has a 52-week range
of $20.36 to $23.50 a share, adding about 10.4% in value over the
past 12 months.
In other sector news,
(+) CBAN, (+11.8%) Reports Q2 net income of $1.34 mln, or $0.16
per share, more than doubling its $611,000 profit during the
year-ago quarter. No analyst estimates were available for
(-) CLNY, (-2.4%) Prices public offering of 15 mln shares of its
common stock at $22.40 each, a 2.4% discount to Wednesday's closing
price. The deal generates around $336 mln in gross proceeds.