Sector Update: Financial Stocks Following Broader Markets Lower; Fifth Third Down 5% After Q2 Profit Declines 26%

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Top Financial Stocks

JPM -0.89%

BAC -1.85%

WFC -0.48%

C -0.60%

USB -1.27%

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 ( FITB ) 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 declined.

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 comparison.

(-) 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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: FITB

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