SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jul 26, 2012) - After an impressive start at the top of 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 Regions Financial Corp. (NYSE: RF) and Huntington Bancshares Inc. (NASDAQ: HBAN).
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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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Regions Financial, with $122 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions reported second quarter net income available to common shareholders of $284 million or $0.20 per diluted share.
Huntington Bancshares Incorporated is a $57 billion regional bank holding company headquartered in Columbus, Ohio. The company reported 2012 second quarter net income of $152.7 million, down $0.6 million, or less than 1%, from $153.3 million in the prior quarter. Shares of Huntington are up nearly 15 percent this year.
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