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Today, 2:37 PM
- Oil's lower by 3.3% today, but it's the financial sector (XLE -3.1%) again leading the S&P 500's 2.15% decline.
- For the year, the XLF is down by 17.9%, easily outpacing on the downside energy (down 13%) and the S&P 500 (down 11%).
- With the 10-year yield plunging all the way to 1.6% and short-term rates markets now beginning to price in Fed rate cuts this year, the banks are being hit particularly hard: Bank of America (BAC -8.1%), Citigroup (C -7.6%), JPMorgan (JPM -5.1%), Wells Fargo (WFC -2.9%), Goldman Sachs (GS -5.4%).
- Leading regionals (KRE -4.4%) lower are KeyCorp (KEY -5.9%), Huntington Bancshares (HBAN -4.9%), Fifth Third (FITB -5.4%), and PNC Financial (PNC -4.4%).
- ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, SEF, FNCL, FXO, KBWB, QABA, RYF, FINU, KBWR, KRU, RWW, FINZ, KRS, XLFS
- Previously: Lots of negative rate talk at Yellen hearing (Feb. 11)
- Previously: Insurers punished as rates plunge (Feb. 11)
Tue, Jan. 26, 9:30 AM
- The merger of Columbus-based Huntington Bancshares (NASDAQ:HBAN) and Akron-based FirstMerit (NASDAQ:FMER) would create Ohio's largest bank by deposits, and the combined company would have more almost $100B in assets.
- Consideration: FirstMerit owners will receive 1.72 shares of HBAN and $5 in cash for each share of FMER they own. That's $20.14 per share based on Huntington's closing price last night.
- The deal is expected to be accretive to EPS in 2017 and about 10% accretive in 2018. A better than 400 basis point improvement in the efficiency ratio is expected. Tangible book value dilution should be about 12%, with a 5 1/2 years earnback.
- The purchase is expected to close in Q3, subject, of course to a green light from regulators.
- A conference call to discuss is underway. Slide deck is here.
- FMER +19.6% to $18.38, HBAN -7.05% to $8.18.
Tue, Jan. 26, 9:22 AM
Tue, Jan. 26, 1:58 AM
- Huntington Bancshares (NASDAQ:HBAN) has agreed to acquire smaller rival FirstMerit (NASDAQ:FMER) for $3.4B in a tie-up of two Ohio-based lenders.
- Regional banks have seen a steady consolidation since the global financial crisis, as mergers help spread costs over a broader revenue base.
- Excluding one-time merger-related expenses, Huntington expects the cash-and-stock deal, to add to its earnings per share in 2017.
- Previously: FirstMerit jumps 10.5% on report of Huntington buyout talks (Jan. 25 2016)
Mon, Jan. 25, 6:40 PM
- FirstMerit (FMER -4.4%) has jumped 10.5% after hours on a Wall Street Journal report that it's in advanced talks to be bought by Huntington Bancshares (HBAN -3.8%), itself up 3.2% after hours.
- A deal to combine the Ohio-based banks could come as soon as tonight, sources told the WSJ. FirstMerit, which is scheduled to report earnings tomorrow, is expected to sell at a premium to its $2.67B market cap. Huntington has $71B in assets, among the smaller banks subject to Fed stress tests.
- Regional banks have seen a steady consolidation since the global financial crisis, and a tie-up could help these two spread costs over a broader revenue base.
Thu, Jan. 21, 6:58 AM
Wed, Jan. 20, 5:30 PM
Oct. 22, 2015, 8:24 AM
- Q3 net income of $152.6M or $0.18 per share vs. $155M and $0.18 one year ago.
- ROA of 0.87% down 10 basis points. ROTCE of 10.7% down 70 bps. Net interest margin of 3.16% down four bps. Efficiency ratio of 69.1% deteriorates by 380 bps.
- Tangible book value per share of $6.88 up $0.17 from Q2, up $0.35 from a year ago. Share count of 814.3M down from 829.6M a year ago. CET 1 ratio of 9.72% up seven bps from last quarter.
- Total loans and leases of $49M up from $47.9M in Q2 and $46.1M a year ago. Commercial loans of $25.1M up from $25M and $23.5M. Consumer loans of $23.9M up from $22.9M and $22.6M.
- Conference call at 10 ET
- Previously: Huntington Bancshares misses by $0.03, misses on revenue (Oct. 22)
- HBAN -0.6% premarket
Oct. 22, 2015, 7:12 AM
- Huntington Bancshares (NASDAQ:HBAN) declares $0.07/share quarterly dividend, 16.7% increase from prior dividend of $0.06.
- Forward yield 2.64%
- Payable Jan. 4; for shareholders of record Dec. 21; ex-div Dec. 17.
Oct. 22, 2015, 6:57 AM
- Huntington Bancshares (NASDAQ:HBAN): Q3 EPS of $0.18 misses by $0.03.
- Revenue of $756.7M (+4.9% Y/Y) misses by $9.88M.
Oct. 21, 2015, 5:30 PM
- AB, ACAT, ACOR, ADS, AEP, ALK, APOL, ASPS, BCC, BEN, BHE, BMS, CAB, CAM, CAT, CBU, CEMP, COR, CRS, CY, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FNB, GMT, GPK, GRA, HBAN, HUB.B, IVC, JNS, LAZ, LLY, LUV, MCD, MHO, MINI, MJN, MMM, NDAQ, NUE, NWE, ORI, PCP, PDS, PENN, PH, PHM, PRLB, PTEN, R, RCI, RS, RTN, SIRI, SJR, SNA, SQNS, STC, SWK, TCB, TROW, UA, UAL, UNP, USG, UTEK, WAB, WBC, WCC, XRS
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.
Aug. 28, 2015, 9:42 AM
- Citigroup (C -0.7%) is among those upgraded to Buy from Neutral. The $60 price target is 13% above the current level. The team sees accelerating core loan growth next year, and says the risk to earnings from a severe economic downturn in Asia is contained (source: Dominic Chu).
- Also upgraded to Buy are Huntington Bancshares (HBAN), U.S. Bancorp (USB -0.3%), and Regions Financial (RF -0.2%).
Jul. 23, 2015, 8:46 AM
- Q2 net income of $196M or $0.23 per share vs. $164M and $0.19 one year ago. ROA of 1.16%, ROTCE of 14.4%.
- Net interest income of $498.6M up 7% Y/Y, with NIM of 3.20% down eight basis points.
- Noninterest income of $281.8M up 13% Y/Y. Mortgage banking income of $38.5M up 70%.
- Total loans and leases of $47.9B up 6% Y/Y. Total deposits of $52.6B up 9%.\
- Adjusted noninterest expense of $490.3M up 7% Y/Y, with personnel costs of $281.8M up 8%.
- Conference call at 10 ET
- Previously: Huntington Bancshares beats by $0.02, beats on revenue (July 23)
- HBAN +0.9% premarket
Jul. 23, 2015, 6:56 AM
- Huntington Bancshares (NASDAQ:HBAN): Q2 EPS of $0.23 beats by $0.02.
- Revenue of $780.4M (+8.9% Y/Y) beats by $42.47M.
Jul. 22, 2015, 5:30 PM
- ABB, ABC, ADS, AEP, ALK, AMAG, AOS, ASPS, BCC, BHE, BKU, BMS, BMY, BSX, CAB, CAM, CAT, CELG, CFX, CLFD, CMCSA, CMS, COR, CS, CSL, CY, DAN, DFRG, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FIS, FNB, GM, GMT, GNTX, GPI, GPK, HBAN, HERO, HUB.B, IMAX, IQNT, IVC, JNS, KKR, KMB, LAZ, LLY, LUV, MAC, MCD, MHO, MINI, MJN, MMM, MNRO, MRGE, NDAQ, NEO, NUE, NWE, ORI, PDS, PENN, PHM, PRLB, PTEN, QSII, R, RCI, RS, RTN, SCHL, SFE, SHPG, SNA, SQNS, STC, STM, SYNT, TCB, TROW, UA, UAL, UNP, USG, UTEK, VAC, VRX, WAB, WCC, WIT, WM, WRLD, XRS
Huntington Bancshares Inc is a multi-state financial holding company. It provides full-service commercial, small business, consumer, and mortgage banking services, as well as automobile financing, investment management services, & among others..
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