NEW YORK (TheStreet) -- Shares of Fifth Third Bancorp
(FITB) are falling -4.83% to $20.51 after it reported total non-interest income for the quarter was $736 million, missing the consensus analysts expectation of $1.54 billion for the quarter.
The Midwestern regional bank also reported net income of $416 million or 49 cents per share, beating the average estimate of analysts surveyed by Reuters of 43 cents per share for the quarter.
However, second quarter results are lower than the $582 million or 65 cents it reported in the same period a year ago.
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Fifth Third cited a decline in mortgage banking revenue and charges recorded related to litigation.
Separately, TheStreet Ratings team rates FIFTH THIRD BANCORP as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate FIFTH THIRD BANCORP (FITB) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
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