Huntington Bancshares IncorporatedNASDAQ
Yesterday, 8:51 AM
Fri, Oct. 14, 9:42 AM
- JPMorgan and Citigroup both easily topped estimates thanks to a big rebound in previously-in-the-doldrums markets revenue. JPM is higher by 1%, and Citi by 2%. The read-through is pushing Goldman Sachs (GS +3%), Morgan Stanley (MS +2.7%) and Bank of America (BAC +2.4%) all nicely higher.
- Less capital-markets focused, Wells Fargo also beat forecasts, but not as soundly. As usual of late, it's lagging its TBTF peers, up just 0.3%.
- XLF +1.2%, KRE +1.4%, KBE +1.5%.
- Other individual names: Regions Financial (RF +2.5%), Huntington Bancshares (HBAN +2.1%), KeyCorp (KEY +1.9%), Fifth Third (FITB +1.5%), SunTrust (STI +1.3%), M&T (MTB +1.7%)
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
Thu, Sep. 22, 3:31 PM
- Consumer complaint rates are likely to be an important metric for analyzing bank stocks going forward, and Piper's Kevin Barker and team combed through the CFPB database to see if any flags might be raised.
- What they found was that the biggest banks had the largest share of complaints (no surprise), but those with the highest rate of complaints per $1B of deposits were Fifth Third (NASDAQ:FITB), Citizens Financial (NYSE:CFG), BB&T (NYSE:BBT), and U.S. Bancorp (NYSE:USB).
- Running another screen, Barker found Citizens Financial, Wells Fargo, and Huntington Bancshares (NASDAQ:HBAN) were the lenders which most emphasized "cross-sell" or "increasing wallet share" in management comments over the past year.
Thu, Sep. 15, 6:59 AM
Wed, Jul. 27, 7:29 AM
- The Feds have demanded divestiture of certain FirstMerit (NASDAQ:FMER) branches in order to greenlight the bank's sale to Huntington Bancshares (NASDAQ:HBAN).
- Today, FirstMerit announces the sale of 13 branches in Stark and Ashtabula counties with about $735M in total deposits to First Commonwealth Bank (NYSE:FCF).
- Approval of the merger is expected this quarter.
Fri, Jul. 22, 2:52 PM
- "Both the knuckles are white, but we’re hanging in there," said U.S. Bancorp (USB +0.6%) CEO Richard Davis on his company's earnings call last week.
- Net interest margins for banks got a brief boost early this year after the Fed hiked rates in December, but there's been no hikes since, and margins are back on the decline.
- "This is really difficult for banks," said Huntington Bancshares (HBAN +1.1%) CEO Steve Steinour, whose bank last year stopped assuming any rate increases when making financial projections.
- "There are ways to compensate," said Citizens Financial (CFG +0.8%) CEO Bruce Van Saun, whose company topped expectations, and announced new cost-cutting initiatives.
Thu, Jul. 21, 6:56 AM
Wed, Jul. 20, 5:30 PM| Wed, Jul. 20, 5:30 PM | 13 Comments
Wed, Jul. 13, 12:54 PM
- The two lenders HBAN),+FirstMerit+(NASDAQ:FMER)+Required+to+Conduct+Divestitures+as+Part+of+Merger+-+DOJ/11827417.html" target="_blank">have agreed to sell 13 branches in Northeast Ohio with about $740M in deposits in order to win a green light for their merger from the DOJ. They still await final approval from the Fed.
- Huntington (HBAN -0.7%) has about $73B in assets, and more than 750 branches. FirstMerit (FMER) has $26.1B in assets and roughly 370 branches.
Fri, Jul. 1, 3:46 PM
- A $3.4B deal for Huntington Bancshares (HBAN -1.2%) to acquire FirstMerit (FMER -0.9%) should win an OK from regulators and close this quarter despite the likely consolidation of more than 100 branches, CTFN reports.
- "It's a done deal," says fair housing executive Charles Bromley, who's followed it closely.
- Huntington has pledged $16.1B for community development in Ohio, though risk remains that the merger would affect 50 bank branches -- not in "low-income neighborhoods and communities of colors," Bromley hopes.
- The banks acknowledge they have overlapping franchises in 27 markets in Ohio and Michigan but expect no significantly adverse effect on competition in any market.
Wed, Jun. 29, 4:39 PM
- The bank will increase its quarterly dividend from $0.07 per share to $0.08 starting in Q4.
- Also part of HBAN's plan is the issuance of capital in conjunction with its pending purchase of FirstMerit Corp. (NASDAQ:FMER). The repurchase program continues to be suspended.
- CEO Stephen Steinour: "We approached this year's CCAR capital plan with more caution than in prior years, focusing on the importance of the FirstMerit acquisition."
Thu, Jun. 23, 4:51 PM
- Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
- American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
- Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
- BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
- BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
- BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
- BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
- Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
- Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
- Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
- Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
- Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
- Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
- Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
- HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
- Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
- JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
- KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
- M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
- Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
- Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
- PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
- Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
- Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
- State Street (NYSE:STT): 13%, 9.6%, 9.6%
- SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
- TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
- U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
- Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
- Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
- Previously: All 33 banks pass this year's stress tests (June 23)
Wed, Jun. 22, 8:17 AM
- CarMax's weak Q1 and management comments suggest continued pressure on used car prices, and thus pressure on both the top and bottom lines for banks most exposed to the auto sector, says analyst Kevin Barker. Names in particular: Huntington Bancshares (NASDAQ:HBAN), Wells Fargo (NYSE:WFC), and BB&T (NYSE:BBT).
Fri, May 20, 7:35 AM
- Huntington Bancshares (NASDAQ:HBAN) will fund $16.1B in investments over five years to underserved borrowers, communities, and small businesses as it merges with FirstMerit (NASDAQ:FMER).
- The plan was developed with the blessing of the National Community Reinvestment Coalition.
- In addition, there's also $55M in philanthropic grants promised.
- Source: Press release