Yesterday, 12:10 PM
- November monthly performance was: +5.24%
- 52-week performance vs. the S&P 500 is: +5%
- No dividends were paid in November
- Top 10 Holdings as of 11/30/2016: NVIDIA Corp (NVDA): 0.29628%, Freeport-McMoRan Inc (FCX): 0.28589%, KeyCorp (KEY): 0.27006%, Comerica Inc (CMA): 0.26528%, Regions Financial Corp (RF): 0.26347%, Lincoln National Corp (LNC): 0.26105%, Harman International Industries Inc (HAR): 0.2585%, Citizens Financial Group Inc (CFG): 0.25834%, Bank of America Corporation (BAC): 0.25666%, Quanta Services Inc (PWR): 0.25473%
Wed, Dec. 7, 2:50 PM
- In the red for the session moments ago, Comerica (NYSE:CMA) is now higher by 1.4%, with BenzingaPro reporting the board as "warming" to the idea of a sale.
- Earlier this year, of course, management and the board had ruled out a sale, with the bank's exposure to the energy market seen as a stumbling block for potential suitors.
- With the rebound in energy, though, that's not seen of as big of a concern today.
Tue, Nov. 29, 3:11 PM
- More confidence that rates are rising for real this time, "wide-sweeping" regulatory changes to come, and a better FICC environment have analyst Brian Kleinhanzi upgrading Bank of America (BAC) and Goldman Sachs (GS +0.9%) to Outperform from Market Perform.
- Kleinhanzi keeps JPMorgan (JPM +0.8%) and Bank of New York (BK +0.2%) at Outperform.
- Turning to regional banks, KBW boosts its estimates for 2017 and 2018 for the large players, and upgrades Citizens Financial (CFG +1.9%) and Comerica (CMA +1.6%) to Outperform, while downgrading KeyCorp (KEY +0.3%) and PNC (PNC -0.2%) to Market Perform. The switch comes as KBW turns its focus on those lenders best positioned for a rising rate environment, and from regulatory relief, not to mention other levers should rates not rise.
- Source: Bloomberg
Thu, Nov. 17, 12:18 PM
- In no surprise, the list is dominated by the ripping financial sector:
- Allstate (ALL +1.4%)
- Ameriprise (AMP +0.2%)
- TD Ameritrade (AMTD +1.6%)
- BB&T (BBT +2.1%)
- Citigroup (C +2.4%)
- Citizens Financial (CFG +2%)
- Comerica (CMA +1.5%)
- CNA Financial (CNA +0.6%)
- Loews Corp. (L +0.9%)
- Marsh & McLennan (MMC +1.9%)
- PNC Financial (PNC +2.6%)
- Royal Bank of Canada (RY +0.7%)
- U.S. Bancorp (USB +1.9%)
- Aetna (AET +1.5%)
- Best Buy (BBY +10.4%)
- CBS (CBS +0.6%)
- Celanese (CE +0.1%)
- Comcast (CMCSA +1.5%)
- Dell Technologies (DVMT +1.1%)
- The Gap (GPS +0.4%)
- Humana (HUM +1.4%)
- KLA-Tencor (KLAC +2.7%)
- Liberty Media (LMCA +1.6%)
- Lam Research (LRCX +1.9%)
- Micron (MU +5.3%)
- Nvidia (NVDA +2.7%)
- Rockwell (ROK -0.5%)
- Teck Resources (TCK +0.5%)
- Texas Instruments (TXN +1.1%)
- New lows:
- Novo Nordisk (NVO +0.3%)
Wed, Nov. 9, 10:22 AM
- Banking stocks are ripping solid gains on the heels of the Republican party taking the White House and retaining control of Congress. The prospect of higher interest rates and lighter regulation is outweighing concerns over new U.S. trade policies.
- "Bank stocks have been besieged by Dodd-Frank regulations and a climate not conducive to supporting a stronger level of economic growth," observes Smead Capital Management.
- Notable gainers include SunTrustBanks (STI +2.9%), Comerica (CMA +3.5%), Wells Fargo (WFC +2.7%), State Bank Financial (STBZ +3.7%), First Republic Bank (FRC +3.3%), Barclays (BCS +2.8%), Credit Suisse (CS +1.6%).
- Then there's JPMorgan (JPM +3.2%) and Bank of America (BAC +3.2%) which just carved out new 52-week highs.
- The SPDT KWB (NYSEARCA:KBE) is up 2.66% on the day, while the SPDR KBW Regional Banking ETF (NYSEARCA:KRE) is 2.84% higher.
Tue, Nov. 8, 1:42 PM
Tue, Oct. 18, 9:41 AM
- The bank reported Q3 net income of $149M or $0.84 per share vs. $136M and $0.74 one year ago. Adding in after-tax restructuring charges of $13M or $0.08 per share brings the bottom line to $0.92 per share, topping estimates by $0.18.
- Comerica's (CMA +2.9%) "GEAR Up" initiative is expected to drive additional annual pretax income of roughly $180M by the end of next year, and now a full $270M by year-end 2018.
- CEO Ralph Babb says the success of GEAR Up means the bank expects to meet or exceed its goal of double-digit ROE, even assuming only a 25-50 basis point increase in interest rates.
- Previously: Comerica beats by $0.18, beats on revenue (Oct. 18)
Tue, Oct. 18, 6:48 AM
Mon, Oct. 17, 5:30 PM
Tue, Oct. 11, 8:07 AM| Tue, Oct. 11, 8:07 AM | 3 Comments
Wed, Sep. 28, 9:32 AM
- "Large banks are going to be forced to take on more capital," says Dick Bove. "It will make the cost of funding more, not less, expensive. It will reduce the appeal for investors to put money at risk in the banking system."
- Bove is commenting on a weekend announcement from Fed Governor Daniel Tarullo promising future stress tests will be geared to demanding even higher cash buffers for banks. Set to take effect next year, the new rule could raise capital requirements for the largest banks by 3 or 4 percentage points, writes Jeff Cox at CNBC.
- Interested parties: BAC, C, WFC, JPM, GS, MS
- There's good news though, as those lenders with less than $250B in assets won't be subject to the same standards. FBR's Edward Mills calls it a "significant positive" for regionals, which now have more certainly on the process, reduced regulatory expenses, and thus the ability to return more capital to owners.
- Interested parties: RF, ZION, CMA, KEY, FITB, STI, NYCB, HBAN, PNC, BBT, MTB
- ETFs: KRE, KBE, IAT, KBWB, QABA, KBWR, KRU, PSCF, KRS, WDRW, DPST
Fri, Sep. 16, 7:12 AM
- Analyst Ryan Nash sees upside to the bank's recently-announced strategic plan to improve pretax earnings by $230M, and expects additional revenue and expense initiatives to be announced during Q3 earnings.
- Management has also said all options are open, meaning M&A is a possibility, which should give downside protection to the stock.
- He upgrades Comerica (NYSE:CMA) to Conviction Buy from Neutral and lifts the price target to $52 from $49. The stock closed yesterday at $46.66.
Tue, Jul. 26, 12:09 PM
Tue, Jul. 19, 1:18 PM
- Q2 net income of $104M of $0.58 per share vs. $135M and $0.73 one year ago. This year's Q2 result includes restructuring charges of $34M or $0.19 per share associated with the initial phase of management's efficiency and revenue initiative ("Gear up"), which is expected to boost pretax income by $230M by year-end 2018.
- As part of "Gear up," the efficiency ratio is expected to decline to the low 60% range by the end of 2017, and be at or below 60% by year-end 2018.
- As for energy loans, the bank set aside just $49M in provisions in Q2, down from $148M in Q1. Energy loans declined 11% in the quarter, but total loans increased 2%.
- CMA +1.8%
- Previously: Comerica beats by $0.08, misses on revenue (July 19)
Tue, Jul. 19, 6:42 AM
Mon, Jul. 18, 5:30 PM