Boston, MA 10/16/2013 (wallstreetpr) – The bank is expected to release its 3rd Quarter 2013 results on October 16. It may be on these news that the share price of the bank has jumped up. The bank is targeting to report an EPS of $0.18 for the quarter ending 30 September, 2013. This is far much better when compared to an EPS of near zero posted by the bank in the same quarter of the previous year.
The bank is also poised to perform better in recent times, more so because of the fact that it had recently bagged ‘The Banker Magazine’ global award in addition to receiving the most Innovative Investment bank award in 2013. The company has also risen above the tide of litigation costs that had been pestering against it. However, there is still no respite for the bank after having witnessed an outflow of $6.5 billion post the shutdown by the US government.
Needless to say that the bank has found a ray of hope after Rebecca Mairone, a former chief operating officer of Countywide’s Full Spectrum Lending Division, denied of knowingly committing any fraud over the mortgage issue. She has emerged as the only individual defendant after the U.S. government brought the case against the bank. On the contrary, she and other Countrywide employees had made sure that such loans were low risk ones. Mairone also said that the steps taken to remedy any flaws were not made by a single person but were the result of a series of deliberations between a group of interested parties.
The bank had also rightly timed and declared preferred dividends on its stock. The option process of the bank’s stock has soared too with its current price being pegged at 15.94x of the year’s forecasted earnings compared to the forward P/E ratio of 13.58x. The bank has a bright future as its full year EPS is estimated to be around $0.89 compared to previous year’s $0.64.
