Rob Black's Financial Stock Report (BSC, FITB, LM, SCHW)

Includes: BSC, FITB, LM, SCHW
by: Rob Black

Citigroup upgraded Fifth Third Bancorp (NASDAQ:FITB) to Buy.

Bear Stearns' (NYSE:BSC) profit rose 81% on strength in its capital markets business. The firm, the third of three Wall Street firms to report this week, said it earned $539.3 million compared to $298.1 million a year ago. The firm had revenue of $2.50 billion in the latest quarter, compared to $1.87 billion a year ago.

Legg Mason (NYSE:LM) was raised to outperform by Friedman Billings Ramsey analyst Matt Snowling. A recent decline in the shares more than accounts for the risks involved in integrating acquisitions, the analyst said, after meeting with the asset management company's executives.

Charles Schwab (NYSE:SCHW) said that total client assets fell 2% from April as U.S. and international stock markets fell sharply during the last two three weeks of the month. Total client assets were $1.27 trillion as of month-end May, down from April, but up 17% from May 2005.