Zacks Industry Outlook Highlights: Wilmington Trust Corporation, KeyCorp, Zions Bancorp, Freddie Mac, and Sallie Mae. – Press Releases
Source: http://www.zacks.com/stock/news/21055/Zacks+Industry+Outlook+Highlights%3A+Wilmington+Trust+Corporation%2C+KeyCorp%2C+Zions+Bancorp%2C+Freddie+Mac%2C+and+Sallie+Mae.+-+Press+ReleasesPosted on Monday, June 15th, 2009 | In Market Commentary, Stocks to Watch
For Immediate Release
Chicago, IL – June 15, 2009 – Zacks.com releases the latest Industry Outlook. Today’s interview is with senior analyst Neena Mishra, who talks about the U.S. Banks Industry, including Wilmington Trust Corporation (WL), KeyCorp (KEY), Zions Bancorp (ZION), Freddie Mac (FRE) and Sallie Mae (SLM).
A synopsis of today’s Industry Outlook is presented below. The full article can be read at http://at.zacks.com/?id=2678.
As a result of a rise in charge-offs, the levels of reserve coverage have fallen over the past quarters and the banks will have to make higher provisions in the coming quarters, affecting the profitability. Also, the banks will also continue to take mark-downs in the investment portfolios, further hurting the bottom-line.
Banks with high exposure to housing and Commercial Real Estate loans, like Wilmington Trust Corporation (WL), KeyCorp (KEY), Zions Bancorp (ZION) will remain under pressure. We also continue our Sell recommendations on Freddie Mac (FRE) and Sallie Mae (SLM), as we anticipate rising losses and increased provisions during FY09.
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The performance of the Zacks Rank portfolios shown above for annual and year-to-date periods are the linked monthly total returns (price changes + dividends) of equal weighted hypothetical portfolios, consisting of those stocks with the indicated Zacks Rank, assuming monthly rebalancing and zero transaction costs. These are not the returns of actual portfolios. The hypothetical portfolios were created at the beginning of each month from Jan 1988 forward based on the values of the Zacks Rank available to Zacks’ clients before the beginning of each month.
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