NEW YORK, NY -- (Marketwire) -- 07/26/12 -- After an impressive start top the year the financial sector has cooled off considerably in the second quarter. The Financial Select Sector SPDR ETF (XLF) has fallen over 7 percent in the last three months, but is still up nearly 9 percent for the year. Regional banks have outperformed their larger counterparts in recent weeks with a string of better-than-expected earnings. The Paragon Report examines investing opportunities in the regional Banking Industry and provides equity research on KeyCorp (NYSE: KEY) and Fifth Third Bancorp (NASDAQ: FITB).
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Banks have been posting stronger earnings and quarterly results than the previous quarter and the prior year KBW analysts have said. According to KBW's bank earnings round-up 46 of the 64 banks, 72 percent, have beat expectations. The 72 percent "beat rate" compares to last quarter's 67 percent rate and 69 percent in the year-ago-quarter. Despite posting stronger quarterly results banks shares have stagnated. The SPDR KBW Regional Banking ETF (KRE) has seen no change in the last month.
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KeyCorp is one of the nation's largest bank-based financial services companies with assets of approximately $87 billion. The company reported second quarter net income of $221 million, or $.23 per common share, compared to $199 million, or $.21 per common share for the first quarter of 2012, and $243 million, or $.26 per common share for the second quarter of 2011.
As of June 30, 2012, Fifth Third Bancorp had $118 billion in assets and operated 15 affiliates with 1,322 full-service Banking Centers. The company reported second quarter 2012 net income of $385 million, compared with net income of $430 million in the first quarter of 2012 and net income of $337 million in the second quarter of 2011. Shares of Fifth Third Bancorp are up nearly 8 percent for the year.
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