National City Corporation (NCC) is expected to report Q3 earnings before market open Tuesday Oct. 21, with a conference call scheduled for 8:00 am.
Analysts are looking for EPS of (31c) on revenue of $1.72B. The consensus range for EPS is ($1.01) to (8c), while the consensus range for revenue is $1.60B to $1.83B, according to First Call.
In recent weeks a number of firms have issued positive notes about National City. Earlier this month Bernstein noted that National City has a much lower ratio of high risk real estate loans than Washington Mutual (NYSE:WM) and Wachovia (NASDAQ:WB) had. The firm maintained their Outperform rating on National City.
Oppenheimer upgraded National City to Outperform from Market Perform last month. The firm believed that investors at one point were betting that National City would fail in the same way that Washington Mutual (WM) did. However, the firm contended that National City was not seeing a mass exodus of deposits, and they thought that the bank had a higher quality, more diversified loan portfolio than Washington Mutual.
On the other hand, Fitch earlier this month downgraded National City's long-term issuer default ratings to BBB+ from A. The ratings agency believes that the bank will continue to be forced to cope with asset quality issues in its mortgage and home equity portfolios over the near term.
There has been some speculation that a larger bank will try to buy National City, and investors will be looking for any indication that National City is trying to sell itself.