NCC, FITB and KEY All Miss

This morning presented investors with a trifecta of negative earnings surprises from top Ohio-based banks, National City (NCC), Fifth Third Bank (FITB) and KeyCorp (KEY).  National City posted an 85 cents per share loss (versus a Zacks consensus of -33 cents), Fifth Third Bank reported -61 cents per share (Zacks consensus +21 cents) and KeyCorp released earnings of -10 cents per share (Zacks consensus +16 cents).

Not that trouble for the banks wasn't expected from analysts in the 3rd quarter.  For each of the 3 banks, 4 analysts had downwardly revised estimates for the September quarter in the past 30 days, and at least 4 had lowered estimates for each bank's fiscal 2008.  Even still, none of the banks came close to hitting their expected numbers.

For National City and KeyCorp, this represents the 4th straight negative quarterly earnings surprise.  Fifth Third Bank posted a 600% positive surprise in it June quarter, but fared the worst of the 3 for this quarter.  Fifth Third Bank shares are down 4% in morning trading, though KeyCorp is up a surprising 11% and National City is up 6%.

Read the full analyst report on NCC

Read the full analyst report on FITB

Read the full analyst report on KEY