Items Tagged with 'Equity Financing'

ARTICLES

  • Fidelity Profits Soar on Title Insurance Boom

    Improvements in the title business boosted profits for title and specialty insurance provider Fidelity National Financial [stock FNF][/stock] to $91.9m ($0.40 per share) in Q209, up from $6.9m in Q208. The bulk of the increase came from Fidelity’s National Title Group, which saw pre-tax earnings jump to $133.3m in Q209 from $5.1m in the year-ago quarter. The company’s specialty interest department also grew since last quarter, earning $14.5m in Q209 from $13.2 in Q208. Fidelity closed 524,100 direct title orders in Q209, up from 307,500 in Q208.
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  • Goldman Loses $700m on Commercial Mortgages

    Goldman Sachs Group [stock GS][/stock] posted strong $3.44bn net earnings for the second quarter of 2009 (Q209) despite a $700m loss on commercial mortgages. The positive earnings come even after the firm's one-time preferred dividend of $426m, included in the $10.04bn repurchase of TARP preferred stock from the US Treasury Department. Goldman completed a public offering of 46.7m common shares at $123 per share for total proceeds of $5.75bn in an effort to boost capital.
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  • Two Banks Unveil Capital-Raising Plans

    Fifth Third Bancorp [stock FITB][/stock] and Huntington Bancshares [stock HBAN][/stock] revealed late Wednesday capital-raising action plans. After failing to successfully endure the government's stress tests, meant to evaluate the potential performance of the nation's 19 largest banks under more severe economic conditions, Fifth Third was told on May 7 it must raise a capital buffer in sum of $1.1bn.
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  • Stress Tests End; Raising Money Begins

    The wait is over. Stress test results reveal nine of the nation's 19 largest banks successfully endured the government's testing and will not require any additional capital, while the other 10 banks must boost capital levels by a collective total of $74.6bn, in order to comply with government standards, said the Federal Reserve this afternoon. Bank of America [stock BAC][/stock] stands the front-runner, requiring $33.9bn in fresh capital, followed by Wells Fargo [stock WFC][/stock] who must raise $13.7bn in new capital.
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