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Dec. 8, 2014, 1:17 PM
- Dallas-based Comerica (CMA -1.3%) is an outlier to the downside among the regional names as oil tumbles another 3.7% to the lowest level since the summer of 2009.
- Other lenders with sizable Texas-operations and exposure to energy credit: MidSouth Bancorp (MSL +0.9%), BOK Financial (BOKF -0.6%), Cullen/Frost (CFR -1.5%), Hancock Holding (HBHC -0.9%), Green Bancorp (GNBC -0.7%), ViewPoint Financial (VPFG -0.5%), Iberiabank (IBKC +0.1%), National Bank Holdings (NBHC +0.1%), Texas Capital (TCBI -1.3%), Prosperity Bancshares (PB -0.8%), Independent Bank Group (IBTX -1%), Hilltop Holdings (HTH -0.7%), First Interstate BancSystem (FIBK +0.4%), First Financial Bankshares (FFIN -0.8%)
Dec. 3, 2014, 11:51 AM
- Philip van Doorn puts together a list of 15 lenders with sizable Texas operations, ranked by their exposure to energy credit as a percent of total loans:
- MidSouth Bancorp (NYSE:MSL), BOK Financial (NASDAQ:BOKF), Cullen/Frost (NYSE:CFR), Hancock Holding (NASDAQ:HBHC), Green Bancorp (NASDAQ:GNBC), ViewPoint Financial (NASDAQ:VPFG), Iberiabank (NASDAQ:IBKC), National Bank Holdings (NYSE:NBHC), Texas Capital Bancshares (NASDAQ:TCBI), Prosperity Bancshares (NYSE:PB), Comerica (NYSE:CMA), Independent Bank Group (NASDAQ:IBTX), Hilltop Holdings (NYSE:HTH), First Interstate BancSystem (NASDAQ:FIBK), First Financial Bankshares (NASDAQ:FFIN).
- All are lower over the last month, and Sterne Agee's Brett Rabatin calls it an overreaction in at least a few cases. While the decline in oil prices will slow lending growth, it would take oil at $60 or lower for a year before credit issues might arise, giving the banks plenty of time to build reserves. He's got Buy ratings on CMA, HTH, IBTX, MSL, and PB.
Nov. 21, 2014, 12:47 PM
- More than 75% of the votes were cast in favor of the deal in which SWS Group (SWS +0.6%) shareholders will receive $1.94 in cash and 0.2496 shares of Hilltop Holdings (HTH +2%) for each share of SWS they own. Judging by the share price reaction, Hilltop investors think they're getting a bargain.
- Source: Press Release
Nov. 4, 2014, 4:18 PM
Aug. 27, 2014, 7:40 AM
- Disclosing a 5.5% holding in SWS Group (NYSE:SWS) just a little over a week ago, Lone Star Value has boosted its stake to 8.8%.
- To review: SWS in April agreed to a sale to Hilltop Holdings (NYSE:HTH) in a stock and cash deal valued at $7.14 per share based on last night's close (it was valued at $7.88 at the time of the agreement). Lone Star and a number of other investors believe this undervalues SWS Group.
- SWS is flat premarket at $7.44; HTH +2.3% to $21.33.
Aug. 18, 2014, 9:21 AM
- The proposed sale to Hilltop Holdings (NYSE:HTH) "deeply undervalues" SWS Group (NYSE:SWS), says Lone Star, which reserves the right to take any actions necessary to protect shareholder interests. In the event the merger is not consummated, Lone Star intends to nominate its own slate for the board to facilitate a sale to the highest bidder.
- SEC Form 13D
- Previously: SWS Group agrees to sale to Hilltop for about $7.88 per share
- SWS +3.6% premarket to $7.50; HTH +1.6%.
Jul. 30, 2014, 5:30 PM
May. 6, 2014, 11:29 AM
- Hilltop Holdings (HTH -6.5%) tumbles after reporting Q1 EPS of $23.8M or $0.26 per share, missing estimates and comparing to $32.4M and $0.39 one year ago.
- Noninterest income of $170.1M fell 20.2% from a year ago thanks to the mortgage slowdown. Noninterest expense of $212.6M fell just 1.1% as the synergy benefits from the First National Bank acquisition are just beginning to get going.
- As for the next acquisition, SWS Group (SWS -4.3%) trades down all the way to $7.20 per share thanks to the cash and stock nature of its sale to Hilltop. Based on Hilltop's March 31 close, the deal was worth $7.88 per share to SWS owners. Hilltop: "We also continue to be excited about our proposed acquisition of SWS."
- Previously: Hilltop Holdings misses by $0.03
- Source: Press Release
May. 6, 2014, 9:33 AM
May. 5, 2014, 5:30 PM
- ACM, ACOR, AER, AKRX, AME, ARCC, ARCO, ARW, BCE, BCS, CBOE, CNK, COCO, CRTO, CRZO, CYNO, DISCA, DNR, DTV, DWRE, EMR, EXH, EXLP, FE, GDP, GLDD, HCP, HFC, HPT, HSH, HSIC, HTH, IFF, ISIS, KWK, MMP, MNTA, MONT, MOS, MPW, MSO, MVIS, MWIV, NRG, [[NTi]], NUS, ODP, OXF, PDCE, PQ, PRIM, RDC, RHP, RTI, RTRX, STWD, TDG, TGH, TPH, TW, UBS, VMC, VSH, VTG, WCG, WNR, XRAY, ZBRA, ZTS.
Apr. 1, 2014, 7:16 AM
- The boards of both companies have agreed to the deal in which Hilltop Holdings (HTH) will buy SWS Group (SWS) for cash and stock currently valued at $7.88 per share. SWS owners will receive 0.2496 shares of Hilltop and $1.94 of cash for each share of SWS they own. The deal is expected to close by the end of the year.
- Hilltop had previously bid $7 for SWS, but was topped in February by Esposito Group's $8 bid. It remains to be seen what SWS owners think about the current deal. The stock is ahead 9.8% in premarket action to $8.21 per share, giving a pretty good idea that $7.88 is not the finally resting place for this sale.
- Press release
Mar. 3, 2014, 5:27 PM| Comment!
Feb. 18, 2014, 4:29 PM
- SWS Group (SWS) confirms it received an unsolicited $265M buyout offer by privately held Esposito Global; SWS shareholders would receive $8/share in cash, trumping a Jan. 9 offer by Hilltop Holdings (HTH) of $7/share, half in cash and half in HTH stock.
- SWS says it will consider both proposals to determine the course of action it believes is in the best interests of the company.
- SWS +3.5% in regular trading after news of the offer broke near 10:30 a.m.
Dec. 5, 2013, 3:15 PM
- At least a caution sign for those hoping for a wave of bank M&A is the $10B red line in assets, above which increased regulatory scrutiny kicks in courtesy of Dodd-Frank. SNL Financial takes note of those lenders close to the $10B line and says they may need to think twice about growth from here: ONB, MBFI, CFFN, HTH.
Nov. 19, 2013, 12:50 PM
- Regional bank stocks face plenty of challenges after big moves higher this year while loan growth and margins haven't really kept up, but Stephens' Matt Olney says the tailwinds of higher interest rates, continued expense cuts, and more M&A activity are on the way.
- For the expense management theme, BancorpSouth (BXS +0.3%) is a favorite as a new management team moves in - specifically CEO James Rollins who comes over from the "very efficient" Prosperity Bancshares (PB -0.1%).
- In M&A, those best positioned as acquirers are Home Bancshares (HOMB -0.3%), Bank of the Ozarks (OZRK +0.3%), Renasant Corp. (RNST +0.8%), Hilltop Holdings (HTH -1.1%), and First Financial Bancshares (FFIN +0.7%). The management team at HOMB is particularly noteworthy as the management team's "been acquiring banks their whole career and they know how to do it," and the valuation at 4x tangible book gives them valuable currency.
- How about acquirees? The midtier banks aren't yet ready to sell he says, and most of the names being acquired are small, private ones.
- Texas is a favorite area for growth and the pick there (in addition to Hilltop) is Texas Capital Bancshares (TCBI -0.2%) for its exposure to the energy sector.
- Newly added to Olney's Buy list is Pittsburgh's Tristate Capital (TSC -0.5%) at 1.2x tangible equity with the unique kicker of a wealth management division being leveraged to generate loan growth.
- Regional bank ETF: KRE
Nov. 12, 2013, 6:15 AM
HTH vs. ETF Alternatives
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