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PNC Bank (PNC)
PNC Financial Services Group said Thursday its profit grew sharply during the third quarter, even though it continues to see loan losses pile up. PNC said earnings available to common shareholders totaled $467 million, or $1.00 per share, in the three months ended Sept. 30. The bank also paid out $95 million in dividends on the $7.6 billion it received last fall as part of the government's Troubled Asset Relief Program. It earned $248 million, or 70 cents a share, a year ago.
Analysts polled by Thomson Reuters forecast earnings for the latest period of 31 cents per share. They typically exclude one-time items from their estimates.
Oct 22 · 9:52:00 AM · Source: AP
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by Larry Etter
Piper Jaffray Companies (PJC)
Piper Jaffray Companies (NYSE: PJC) today announced net income of $9.3 million from continuing operations, or $0.47 per diluted common share, for the quarter ended Sept. 30, 2009, compared to a net loss from continuing operations of $27.5 million, or $1.75 per diluted common share, for the third quarter of 2008. In the second quarter of 2009, continuing operations generated net income of $11.6 million, or $0.59 per diluted common share. Third quarter 2009 net revenues from continuing operations were $119.7 million, compared to $73.5 million in the year-ago period, and $132.3 million for the second quarter of 2009.
The company's CEO said Piper Jaffray is "pleased with our third quarter results, our second consecutive quarter of solid performance. We have a balanced mix of businesses, and all of them contributed to our performance, the largest of which represented no more than a third of aggregate revenues,”
Oct 21 · 10:29:00 AM · Source: Business Wire
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by Larry Etter
Wells Fargo (WFC)
Wells Fargo & Co.'s (WFC) third-quarter earnings surged 98% as results were boosted by the bank's acquisition of Wachovia, but credit-loss provisions and net charge-offs continued to rise.
Wells Fargo, the third-largest U.S. bank by market capitalization, posted earnings of $3.24 billion, or 56 cents a share, up from $1.64 billion, or 49 cents a share, a year earlier. The company had 41% more shares outstanding in the most recent period amid the takeover. Revenue more than doubled to $22.5 billion.
Analysts polled by Thomson Reuters projected earnings of 37 cents on revenue of $21.64 billion.
Oct 21 · 10:26:00 AM · Source: Wall Street Journal
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by Larry Etter
CB Richard Ellis Group (CBG)
CB Richard Ellis Group, Inc. (NYSE:CBG) today announced the expansion of its existing U.K.-based investment banking platform into the Americas. CB Richard Ellis’ investment banking professionals in the Americas will assist real estate as well as lodging and gaming companies with recapitalization and restructuring strategies, merger and acquisition opportunities, and capital-raising needs.
Oct 21 · 10:14:00 AM · Source: Business Wire
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by Larry Etter
Northern Trust (NTRS)
Northern Trust Corp. (NTRS) returned to making a profit, posting third quarter earnings of $187.9 million, or 77 cents a share, compared with a year-earlier loss of $148.3 million, or 66 cents. Excluding items including the prior-year costs from the company's supporting its cash-investment funds, earnings rose to 72 cents from 58 cents. Consolidated revenue fell 1% to $927.6 million.
"The financial markets continue to send mixed signals. Although equity markets improved compared with the second quarter, they remain well below year-ago levels and interest rates have fallen dramatically year over year." said Frederick H. Waddell, president and CEO of Northern Trust, which provides investment management and other services to affluent people and institutions.
Chicago bank holding company still fell short of analysts' estimates.
Oct 21 · 10:01:00 AM · Source: Various
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by Larry Etter
Morgan Stanley (MS)
Morgan Stanley announced on Wednesday that it had returned to profitability in the third quarter after three successive quarterly losses. The bank said it earned $498 million or 38 cents a share, compared with $7.7 billion, or $7.38 a share, in the quarter a year ago when results were helped by a one-time gain.
Earnings from continuing operations were $757 million in the third quarter, after a loss of $159 million in the second quarter. The results beat expectations. Analysts had expected earnings 29 cents a share on revenues of about $6.99 billion
Oct 21 · 9:56:00 AM · Source: New York Times
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by Larry Etter
Morgan Stanley (MS)
Morgan Stanley announced on Wednesday that it had returned to profitability in the third quarter after three successive quarterly losses. The bank said it earned $498 million or 38 cents a share, compared with $7.7 billion, or $7.38 a share, in the quarter a year ago when results were helped by a one-time gain.
Earnings from continuing operations were $757 million in the third quarter, after a loss of $159 million in the second quarter. The results beat expectations. Analysts had expected earnings 29 cents a share on revenues of about $6.99 billion
Oct 21 · 9:55:00 AM · Source: New York Times
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by Larry Etter
Citigroup (C)
Citibank recently cancelled hundreds of co-branded MasterCard accounts, primarily cards associated with gas-stations, without notifying their customers.
In a statement the bank said that they had “decided to close a limited number of oil partner co-branded MasterCard accounts.” The statement said that these account closings include credit cards affiliated with Shell, Citgo, ExxonMobil and Phillips 66-Conoco. They did not state why the cards were cancelled, but only issued a statement that the bank “continuously evaluates its products.”
Oct 20 · 2:44:00 PM · Source: American Banking News
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by Michael Oliveto
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