Seeking Alpha
  • Today - Tuesday, October 21, 2014

  • 10:57 AM
    • Ignoring a recommendation from other Fed supervisors in 2009, the FRBNY failed to examine JPMorgan's (JPM +1.6%) Chief Investment Office ahead of the 2012 trading debacle which cost the bank $6B, according to a report released today by the Fed's Office of Inspector General.
    • Among the flaws at the New York Fed, says OIG, were limited resources and an over-reliance on certain personnel.
    • The FRBNY says it is "committed to improving supervision."
    | Comment!
  • 10:45 AM
    • September existing-home sales of 5.17M (at a seasonally adjusted annualized rate) is up from 5.05M in August, and marks the fastest pace this year, but 1.7% below the level of September 2013.
    • The median existing-home price for all housing types of $209.7K is up 5.6% Y/Y.
    • Total housing inventory of 2.3M homes is off 1.3% and represents a 5.3-month supply at the current sales pace. Inventory is up 6% Y/Y.
    • All cash sales were 24% of all transactions vs. 33% one year ago. Individual investors purchased 14% of homes vs. 19% last year.
    • First-time buyers remain at just 29% off all buyers - they've represented less than 30% of all buyers for the 17th month in the last 18.
    • Full report
    • ITB +1.6%, XHB +1.8%
    | Comment!
  • 10:19 AM
    • Underwriter coverage rolls in on Medley Management (MDLY +2%) one month after the IPO, with Gllford Securiites and KBW both recommending investors buy the stock.
    • "Medley is 100% focused on the high-growth alternative credit asset class and lacks the negative growth 'baggage' of traditional active fund classes," says Credit Suisse's Craig Siegenthaler, who yesterday started the stock at Outperform with $23 price target. His 2015 dividend estimate of $0.88 per share implies a 5-6% yield vs. around 2.5% for the traditional C-Corp peers. "Medley is the highest yielding C-Corp asset management stock in the U.S."
    • Deutsche also starts the stock with a Buy and Goldman rates the shares at Neutral.
    | Comment!
  • 10:08 AM
    • Net interest income of $205.3M grew 22.6% Y/Y thanks to a 25% surge in interest-earnings assets to $25.02B. Deposit growth or the year's first nine months is 25%.
    • Core net interest margin slipped eight basis points to 3.14%, with nearly all of that thanks to more cash on hand following the late-Q2 capital raise.
    • Chairman Scott Shay: "As Signature Bank's (SBNY +6.7%) reputation grows, we are continuously gaining traction throughout the New York banking marketplace."
    • The conference call is just getting underway.
    • Boenning & Scattergood wastes little time, upgrading the stock to a Buy.
    • Previously: Signature Bank beats by $0.06, beats on revenue
    | Comment!
  • 9:43 AM
    • Rouse Properties (RSE +4.1%) was off about 24% YTD, but is on the move upwards today after an upgrade to Buy at MLV & Co.
    | Comment!
  • 9:39 AM
    • Started at Buy are Boston Properties (BXP +0.4%), Brandywine Realty Trust (BDN +1.5%), Corporate Office Properties Trust (OFC +0.4%), Cousins Properties (CUZ +0.6%), Highwoods Properties (HIW +0.5%), and SL Green Realty (SLG +0.4%).
    • Rated Neutral are Washington Real Estate Investment (WRE), Piedmont Office Realty Trust (PDM -0.3%), New York REIT (NYRT -0.1%), Mack Cali Realty (CLI -0.1%), and First Potomac Realty (FPO).
    | Comment!
  • 9:35 AM
    • Core EPS of $0.42 vs. $0.30 in 3Q13
    • Net interest income of $40.2M up 47.9% y/y due to the growth in the loan portfolio
    • Net interest margin of 2.79% vs. 2.94% in 2Q14 due to issuance of $110M of subordinated debt and $25M of holding company senior notes in late Q2 2014,
    • Tangible Book value per share of $15.79 vs. $15.34 in 2Q14.
    • Return on Average Assets 0.80%. Efficiency ratio 54.5%
    • Conference call today at 10 ET. Webcast here
    • CUBI No trades PM
    • Previously: Customers Bancorp beats by $0.02, beats on revenue
    | Comment!
  • 9:32 AM
    • All this talk over the last few days about a material loosening coming in mortgage standards is a  whole lot of nothing, says CYS Investments (NYSE:CYS) CEO Kevin Grant, speaking on the earnings call. As far as he knows, the CFPB hasn't signed on to even a little bit of the FHFA plan to try and ease underwriting standards, and Grant has no reason to expect the agency will budge.
    • Webcast
    • The CFPB's mandate - he reminds - is to limit risk, so why would it do anything but allow only essentially perfect credits to get mortgages.
    • Asked about whether CYS is ready to deploy its buyback authorization, Grant says the best place to put capital to work right now is in the "cheap" mortgage market. He notes CYS put $1.5B to work in mortgages in Q3.
    • As for the tumult of the last couple of weeks, Grants notes the thin trading desks and inventories at the big banks mean big moves in prices during such dislocations, and CYS is happy to step in as a buyer during these events.
    • CYS is lower by 1.2% in early action as core earnings dipped last quarter - just covering the dividend - and book value dropped a bit.
    • Previously: CYS boosts exposure to mortgages
    | Comment!
  • 9:28 AM
    • CNB Financial (NASDAQ:CCNE): Q3 EPS of $0.39.
    • Revenue of $21.94M (+22.6% Y/Y).
    • Press Release
    | Comment!
  • 9:22 AM
    • The former management team of Solops, LLC partners with Blackstone (NYSE:BX) to create Onyx Renewable Partners, which will be owned by funds managed by Blackstone.
    • Onyx's primary focus will be to develop, finance, construct, and operate utility-scale wind and solar projects in North America.
    • Leading the management team is Solops founder and CEO Matthew Rosenblum, and over the past three years his crew collectively managed the development of more than 100MW of new renewable projects.
    • Source: Press Release
    | Comment!
  • 9:14 AM
    • Lakeland Bancorp (NASDAQ:LBAI): Q3 EPS of $0.22 in-line.
    • Revenue of $33.26M (+3.5% Y/Y) misses by $0.33M.
    • Press Release
    | Comment!
  • 8:49 AM
    • At issue are charges of rigging Swiss franc Libor benchmark interest rates, and JPMorgan (NYSE:JPM), UBS, and Credit Suisse (NYSE:CS) will be collectively fined more than $115M, reports Reuters. Not being penalized is RBS thanks to its role as a whistleblower in the case.
    • JPMorgan is reportedly set to receive the biggest fine at about $89M.
    | 1 Comment
  • 8:37 AM
    • Gladstone Investment (NASDAQ:GAIN) teams with certain members of the Old World Christmas management team to buy out the company. Founded in 1979, Old World Christmas is a designer and distributor of Christmas ornaments and cars into the independent gift channel.
    • Source: Press Release
    | Comment!
  • 8:33 AM
    • Two River Bancorp (NASDAQ:TRCB): Q3 EPS of $0.20
    • Revenue of $7.52M (+3.9% Y/Y)
    • Press Release
    | Comment!
  • 8:33 AM
    • Q3 FFO from operations of $0.64 vs. $0.57 one year ago.
    • In-service portfolio of 105M square feet is 92.3% occupied, up 60 bps from Q2.
    • Property level operating income for same store properties slipped 0.4% on a cash basis Y/Y and 0.9% on a straight line basis.
    • Q4 FFO per share guidance remains at $0.63-$0.66.
    • Conference call at 1 ET
    • Previously: Liberty Property Trust beats by $0.02, misses on revenue
    • LPT CEO Bill Hankowsky: "As we anticipated, the industrial markets are providing fertile ground to ramp up our development pipeline."
    | Comment!
  • 8:20 AM
    • Peoples Bancorp (NASDAQ:PEBO): Q3 EPS of $0.33 may not be comparable to consensus of $0.40.
    • Revenue of $27.8M (+19.5% Y/Y) beats by $0.4M.
    • Press Release
    | Comment!
  • 8:18 AM
    • Liberty Property Trust (NYSE:LPT): Q3 FFO of $0.64 beats by $0.02.
    • Revenue of $198.35M (+27.7% Y/Y) misses by $2.75M.
    • Press Release
    | Comment!
  • 8:14 AM
    • Q3 net income of $44.2M or $0.32 per share vs. $44.3M and $0.32 in Q2. Excluding net litigation-related expenses, restructuring charges, and Visa indemnification charges, net income was $51.3M or $0.37 per share.
    • Net interest income of $206.3M vs. $205.1M in Q2, with NIM of 3.37% down four basis points.
    • Noninterest income of $64M vs. $63.4M in Q2, with mortgage banking income off 11.7% thanks to lower gains on sale. Mortgage origination volume of $197M vs. $188M.
    • Noninterest expense of $193.7M up $11.6M on the quarter thanks to litigation-related expenses. Adjusted out, noninterest expense of $166.8M slipped 1.6%.
    • Total credit costs of $15.7M fell 7.2% Q/Q and 29.8% Y/Y. Net charge-offs of $12.3M fell 65.4% from Q2.
    • Tier 1 Common Equity ratio of 10.6% up 18 basis points.
    • $250M share repurchase program announced, along with an increase in the dividend to $0.10 from $0.07.
    • Conference call at 8:30 ET
    • Previously: Synovus EPS in-line, misses on revenue
    • SNV flat premarket
    | Comment!
  • 8:11 AM
    • Middlefield Banc (NASDAQ:MBCN): Q3 EPS of $0.93.
    • Revenue of $6.9M (+3.8% Y/Y).
    • Press Release
    | Comment!
  • 7:32 AM
    • Saying rent coverage in the HCR Manor Care portfolio is unlikely to improve in the near future and acquisition volumes remain weak, Jefferies cashes in its chips on its Buy call for HCP, cutting to Hold with price target lowered to $45 from $47.
    • The stock's higher by 18% YTD.
    | Comment!
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