CLEVELAND - Analysts' 1993 earnings estimates of $2.10 a share for Norwest Corp. are reasonable, chief financial officer John Thornton said. Minneapolis-based Norwest earned $1.45 a share in 1992.
Speaking at a financial institutions conference held by McDonald & Co. Securities, Mr. Thornton also said he sees no abatement in mortgage originations. Norwest's mortgage subsidiary, which currently services a portfolio of $30.2 billion, expects to be servicing $40 billion by yearend, he said. This compares with slightly more than $20 billion in mortgages last year.
Separately, Star Banc Corp. president and chief executive Jerry Grundhofer said analysts' 1993 earnings projections of $3.30 per share are "within the ballpark."
In response to a question about Star Banc's acquisition strategy, Mr. Grundhofer said bank and thrift acquisitions today are "pretty pricey."
Asked if the Cincinnati-based company might be up for sale, Mr. Grundhofer responded "Obviously, you can never say never. But the board of directors of this bank didn't need to hire me to sell it."
