In fees, JPMorgan ranked first in the quarter with $770 million, for a 14.1 percent market share, followed by
Goldman Sachs Group Inc (GS.N),
Bank of America and
Morgan Stanley (MS.N). For the half, JPMorgan was No. 1, followed by Morgan Stanley, Bank of America and Goldman. These trends indicate that JPM’s investment banking business will do well in the remainder of 2009.
Fifth Third Bancorp (NASDAQ:FITB)
FITB stock has gained a whopping 109.8% moving up from $3.28 the closing price on April 3 to $6.88, the closing price on July 3. The stock’s current price is significantly up (581.2%) from its 52 week low price of $1.01. However, it is still significantly below (67.2% down) its 52 week high price of $21. Though, the stock is not expected to break the 52 week high price of $21 soon, I do expect the stock to go past $10 by end 2009. This amounts to a decent return of 16.4% over 12 month period. I am bullish on the stock for the following reasons.
Recently, Fifth Third Bancorp said it completed a $1 billion stock offering with some of the money earmarked to help redeem the $3.4 billion it received under the TARP. The bank has been successful in raising deposits. It completed the sale of a 51% stake in its Fifth Third Processing Solutions business. Fifth Third will realize a pre-tax gain of about $1.7 billion. The bank says the transaction will contribute about $1.2 billion to its Tier 1 equity.
