City National Corporation (CYN) - NYSE
  • Jan. 22, 2015, 12:45 PM
    | Jan. 22, 2015, 12:45 PM | 1 Comment
  • Jan. 22, 2015, 12:35 PM
    • Mercilessly sold since the year turned, banks are putting in a rare session of outperformance, helped along by some earnings beats from regional lenders and the return of animal spirits in M&A with RBC's purchase of City National (CYN +18.6%) for $5.4B.
    • The XLF +1.4% vs. the S&P's 0.6% gain today, and the regional bank ETF (NYSEARCA:KRE) is higher by 3.1%.
    • Among today's reporters putting in big gains are KeyCorp (KEY +5.5%), BB&T (BBT +2.4%), and Huntington Bancshares (HBAN +2.6%), though Flagstar Bancorp (FBC -4.8%) missed estimates.
    • Others: Regions Financial (RF +3.9%), PNC Financial (PNC +1.6%), Synovus (SNV +3.2%), M&T Bank (MTB +3%), Hudson City (HCBK +3.1%), First Horizon (FHN +2.7%), and First Republic (FRC +4.9%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, PSCF, FINZ, KRS
    • Among the TBTFs, Citigroup (C +2.7%) and Bank of America (BAC +2.5%) are leading the way.
    | Jan. 22, 2015, 12:35 PM | 9 Comments
  • Jan. 22, 2015, 9:15 AM
    | Jan. 22, 2015, 9:15 AM | 1 Comment
  • Jan. 22, 2015, 7:26 AM
    • Royal Bank of Canada (NYSE:RY) agrees to buy Beverly Hills-based City National Corporation (NYSE:CYN) - a private and commercial bank serving high net worth and commercial clients - in a deal valued at about $5.4B, or $93.80 per share. City National owners will receive $47.25 in cash and 0.7489 of a share of RBC for each share of CYN they own.
    • RBC CEO Dave McKay: "In line with RBC's strategic goals, we believe this combination creates a powerful expansion platform for focused long-term growth in the country which we view as our second home market."
    • Following the deal, RBC will combine its U.S. wealth management operation with City National, and the merged unit will be led by City National CEO Russell Goldsmith.
    • The deal is expected to be accretive to EPS in the latter part of year 3 and accretive to earnings in year two.
    • Closing is expected in Q4.
    • CYN +5.7% premarket to $78.83
    | Jan. 22, 2015, 7:26 AM
  • Oct. 18, 2012, 4:26 PM
    City National (CYN): Q3 EPS of $1.10 beats by $0.18. Revenue of $317.2M (+18% Y/Y) beats by $36M. Shares -1.3% AH. (PR)
    | Oct. 18, 2012, 4:26 PM
Company Description
City National Corp provides banking, investment and trust services to its clients through its wholly-owned banking subsidiary, City National Bank.
Sector: Financial
Industry: Regional - Pacific Banks
Country: United States