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Dec. 16, 2015, 3:04 PM
- Wells Fargo's quick post-FOMC boost in its prime rate while leaving the deposit rate unchanged makes clear why bank bulls have been banking on a higher Fed Funds rate - higher net interest margins.
- U.S. Bancorp (USB +1.3%) has quickly followed suit.
- Owing to the glut of deposits, it could be several quarters before lenders begin raising rates for savers, reminds CNBC's Kayla Tausche.
- The XLF is higher by 1.5%.
- Individual names: Bank of America (BAC +1.6%), JPMorgan (JPM +2%), PNC Financial (PNC +2.1%), First Niagara (FNFG +2.1%), Regions Financial (RF +1.2%), Schwab (SCHW +1.5%), MetLife (MET +2.1%), Prudential (PRU +1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, FINZ, KRS, XLFS
- Previously: Fed officially puts an end to ZIRP (Dec. 16)
- Previously: Yellen: Factors holding down inflation to fade (Dec. 16)
Nov. 2, 2015, 8:40 AM
- KeyCorp's (NYSE:KEY) move on Friday to buy First Niagara Financial (NASDAQ:FNFG) for $4.1B in stock and cash was greeted with a "Bronx cheer" by the market - its stock closed more than 10% lower.
- KBW and Citigroup buy the dip, with KBW upgrading to Outperform from Market Perform and Citigroup boosting to Buy from Neutral.
- Also tumbling on Friday, First Niagara catches an upgrade to Neutral from Sell at Goldman Sachs.
- KEY +1.8%, FNFG +0.5% premarket
- Previously: Investors not impressed as animal spirits return to bank M&A (Oct. 31)
- Previously: KeyCorp buying First Niagara Financial for $4.1B (Oct. 30)
Oct. 30, 2015, 10:06 AM
- Speaking on a post-deal conference call, KeyCorp (KEY -6.9%) CEO Beth Mooney says the purchase of First Niagara (FNFG +0.2%) has been discussed with regulators, and she's not expecting it to get held up the way M&T Bancorp's acquisition of Hudson City was.
- Presentation slides
- The combined bank will be tops in market share in the Buffalo region and other areas in Upstate New York (M&T is currently #1 in Western NY). It also establishes Key in areas like Pittsburgh, Philadelphia, Hartford, and New Haven.
- Expect jobs cuts/branch closures, mostly in the Buffalo area as cost savings are hoped to be $400M annually, helping to boost ROTCE by 200 basis points and improve the cash efficiency ratio by 300 bps.
- Previously: KeyCorp buying First Niagara Financial for $4.1B (Oct. 30)
- Previously: Fed approves M&T's purchase of Hudson City; HCBK +5.4% (Sept. 30)
Oct. 30, 2015, 7:25 AM
- First Niagara (NASDAQ:FNFG) owners will receive 0.68 shares of KeyCorp (NYSE:KEY) and $2.30 in cash for each share of FNFG they hold. Based on KeyCorp's close of $13.39 yesterday, it works out to $11.40 per share for First Niagara vs. its close last night of $10.38, and $9 in September when the bank put itself on the block.
- The combined bank will have about $135B in assets, making it the 13th biggest in the U.S.
- Annual cost savings are expected to be north of $400M. KeyCorp sees the deal as being accretive to EPS in 2017 and providing IRR of roughly 15%.
- Needless to say, regulators must first give their approval, but the deal is hoped to close in Q3 of 2016.
- A conference call is set for 8 ET
- FNFG +2.9% to $10.68, KEY -0.9% to $13.26 premarket
Oct. 29, 2015, 12:01 PM
- The deal could value First Niagara Financial (FNFG -2.2%) at modest premium to its current market cap of just under $4B, reports the WSJ, which says we could see an official announcement as soon as tomorrow.
- Before First Niagara owners are too disappointed, they should be reminded the stock is higher by about 18% since reports of the bank being on the block first hit one month ago.
- KeyCorp (KEY -1.4%)
Sep. 23, 2015, 12:40 PM
Sep. 23, 2015, 9:12 AM
Sep. 22, 2015, 8:48 PM
- First Niagara Financial (NASDAQ:FNFG) +4.9% AH reportedly is exploring a sale of the company or other strategic opportunities, and has hired JPMorgan Chase to advise it on possible moves.
- DealReporter said earlier that the bank had contacted possible buyers, and listed New York Community Bancorp (NYSE:NYCB), Toronto-Dominion Bank (NYSE:TD) and Huntington Bancshares (NASDAQ:HBAN) among possible suitors.
Sep. 22, 2015, 5:40 PM
Jun. 22, 2015, 2:44 PM
- Financials sunk along with Treasury yields last week, but are seeing a strong bounce today alongside a ten basis point gain in the 10-year yield to 2.36%.
- The XLF is up 1.6% versus the S&P 500's 0.7% gain.
- Helping U.S. equity markets is movement toward a Greek debt deal which sent Europe's Stoxx 50 hurtling 4% higher on the session. Yields tumbled in the periphery, but are sharply higher in Germany as well as the U.S.
- Yield-sensitive Bank of America (BAC +1.8%) is leading the TBTF names higher. In regionals: PNC Financial (PCN -0.2%), KeyCorp (KEY +1.2%), Regions Financial (RF +1.4%), SunTrust (STI +1.3%), First Niagara (FNFG +1.2%).
- Life insurers: MetLife (MET +2%), Prudential (PRU +1.6%), Lincoln FInancial (LNC +1.4%). Online brokers: E*Trade (ETFC +3.3%), Schwab (SCHW +2.2%), Ameritrade (AMTD +1.3%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, KBWP, KBWI, FINZ, KRS
Jun. 16, 2015, 3:19 PM| Jun. 16, 2015, 3:19 PM
Jun. 5, 2015, 10:27 AM
- This morning's strong nonfarm payroll report may put to rest the idea of a continuing economic slowdown and puts on the table a rate hike maybe as soon as September.
- The 10-year Treasury yield is up nine basis points to 2.40%.
- The KRE +1.5%, KBE +1.6%, and the XLF +1.1% amid a flat S&P 500.
- Regional banks: Regions Financial (RF +3.3%), KeyCorp (KEY +2.5%), PNC Financial (PNC +1.9%), SunTrust (STI +2.3%), U.S. Bancorp (USB +2.2%), Zions (ZION +3.7%), First Niagara (FNFG +1.4%)
- Too Big Too Fails: Citigroup (C +2.2%), Bank of America (BAC +3.4%), JPMorgan (JPM +2.2%), Wells Fargo (WFC +1.9%)
- Life insurers: MetLife (MET +2.7%), Prudential (PRU +2.8%), Sun Life (SLF +1.9%), Lincoln Financial (LNC +2.5%)
- Online brokerage: Schwab (SCHW +3.8%), TD Ameritrade (AMTD +2.8%), E*Trade (ETFC +2.3%), Interactive Brokers (IBKR +2.5%)
- Previously: Jobs up 280K in May; UE rate ticks higher (June 5)
- Previously: Treasury yields surge amid strong job gains, boosted wage growth (June 5)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
Mar. 18, 2015, 2:41 PM
- The Dow and S&P 500 have each turned more than 1% higher following after the Fed cuts its projections for GDP growth, inflation, and the pace of rate hikes, but the country's yield-starved lenders don't join the party.
- The KBE is down 0.5% and the KRE by 0.9%.
- Bank of America (BAC -0.2%), Citigroup (C +0.1%), Regions Financial (RF -1.1%), KeyCorp (KEY -0.9%), First Niagara (FNFG -1.6%), U.S. Bancorp (USB +0.1%), PNC Financial (PNC +0.3%).
- Others gasping for a yield above zero: Schwab (SCHW -1.5%), E*Trade (ETFC +0.1%), Ameritrade (AMTD -0.5%).
- Previously: FOMC drops "patient," but sends dovish signal (March 18)
- Previously: Stocks stage sharp turnaround, yields dive following dovish Fed news (March 18)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, FINZ, KRS
Feb. 18, 2015, 2:49 PM
- The financial sector had begun to turn around a dismal start to the year as February brought forth a string of hawkish Fed heads suggesting a June rate hike, but the XLF is lower by 0.8% after just-released FOMC minutes suggest markets and the hawks are getting ahead of themselves. KBE -1.7%, KRE -2%
- The TBTFs: BofA (BAC -2.2%), JPMorgan (JPM -1.4%), Wells Fargo (WFC -1.6%), Ciitgroup (C -0.8%)
- The regionals: Regions Financial (RF -1.6%), KeyCorp (KEY -1.6%), PNC Financial (PNC -1.3%), BB&T (BBT -1.5%), Fifth Third (FITB -1.6%), SunTrust (STI -1.7%), First Niagara (FNFG -2.1%), M&T (MTB -1.9%), U.S. Bancorp (USB -1.3%), First Horizon (FHN -2.7%).
- Online brokerage: Schwab (SCHW -2.3%), E*Trade (ETFC -1.7%), Ameritrade (AMTD -1.1%), Interactive Brokers (IBKR -0.9%).
- Previously: FOMC minutes: June rate hike not a slam dunk yet (Feb. 18)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KCE, KRU, RWW, KBWR, RYF, KBWC, FINZ, KRS
Nov. 14, 2014, 10:53 AM
- CEO Gary Crosby purchased 10K shares at $7.76 each on Wednesday, with Managing Director Joseph Saffire also buying 10K shares. Buying 6,514 shares on Tuesday was EVP, Retail Banking Mark Rendulic, with CFO Gregory Norwood buying 10K shares. Finally, board member Carlton Highsmith bought 15K shares on Monday.
- FNFG +4.5%, bringing its gain for the week to nearly 10%.
- Previously: First Niagara on the move after BB&T/Susquehanna deal
Nov. 12, 2014, 10:00 AM
- BB&T's deal to buy Susquehanna Bancshares for what looks to be about 1.7x tangible book value has investors wondering if the boosted M&A activity in general this year is going to make its way into the banking sector.
- There's not a lot of major movement in the smaller regional lenders at the moment, though, with the exception of First Niagara Financial (FNFG +4.9%). Its $38B of assets is easily digestible, and - after a rough year for the stock - its closing price last night of $7.51 is just 1.15x tangible book.
- Previously: BB&T buying Susquehanna Bancshares in $2.5B deal
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