Feb. 6, 2015, 9:50 AM
- Financials have been mercilessly pounded in 2015 as hopes for higher interest rates looked like they might be dashed yet again, but today's blowout jobs number - firmly putting a June rate hike on the table - has brought in the dip-buyers.
- The major averages are flat, but the XLF is up 1.4%. The Regional Bank ETF (KRE +2%) and the Bank ETF (KBE +2.1%) are doing even better.
- Among the yield-starved banking names: Bank of America (BAC +3.1%), JPMorgan (JPM +2.6%), Citigroup (C +2%), Regions Financial (RF +4%), KeyCorp (KEY +3%), PNC Financial (PNC +2.9%), SunTrust (STI +2.3%), Zions (ZION +3.6%), Synovus (SNV +2.3%).
- Insurers: MetLife (MET +2%), Prudential (PRU +3.2%), Lincoln National (LNC +4.6%). AIG (AIG +1.5%).
- Trust banks: BNY Mellon (BK +2.7%) State Street (STT +1.9%), Northern Trust (NTRS +2.3%).
- Online brokers (currently getting killed on money-market fee rebates): Schwab (SCHW +4.5%), TD Ameritrade (AMTD +3.5%), E*Trade (ETFC +2.1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, IAI, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KRU, RWW, KBWR, RYF, KBWP, KBWI, PSCF, FINZ, KRS
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.
Sep. 19, 2014, 9:11 AM
- The team doubles down on Outperform ratings on Zions Bancorp (NASDAQ:ZION) and Synovus Financial (NYSE:SNV), upgrading both to Strong Buy. ZION is up 1.3% premarket.
- Texas Capital Bancshares (NASDAQ:TCBI) gets a two-notch upgrade - from Market Perform to Strong Buy - and First Horizon National (NYSE:FHN) is boosted to Outperform from Market Perform.
- The team partially cashes in its chips on United Community Bank, downgrading to Outperform from Strong Buy. Iberiabank (NASDAQ:IBKC) is cut to Market Perform from Outperform.
- Cut to Underperform from Market Perform is First Financial Bankshares (NASDAQ:FFIN).
Jun. 17, 2014, 9:37 AM
Jun. 3, 2014, 1:48 PM
- Synovus (SNV +2.7%) is ahead for a 2nd straight day after KBW upgrades the stock to Outperform. Yesterday, it was Raymond James which boosted the name to Outperform.
- Both moves come following the bank's 1:7 reverse stock split in May - one of the reasons for which was to garner more institutional interest.
- Previously: Synovus sets 1:7 reverse stock split
- May also saw disclosure of a boosted stake in the lender from Ken Griffin's Citadel Investment.
May 1, 2014, 10:43 AM
- Flushing Financial (FFIC +1.8%) is upgraded to Buy at Guggenheim.
- BofA Merrill Lynch upgrades National Bank of Greece (NBG +1.3%) to Neutral.
- Barclays (BCS +1.3%) is upgraded to Buy amid its plan to set up a “bad bank”.
- HSBC upgrades ING Groep (ING +0.1%) to Neutral.
- Morgan Stanley upgrades Synovus Financial (SNV +0.5%) to Equal Weight with a $3.30 PT.
- Provident Financial Holdings (PROV +0.5%) is upgraded to Buy at Sandler O'Neill after posting Q1 results.
Apr. 22, 2014, 10:24 AM
- Net income of $45.9M or $0.05 per share compares to $14.8M or $0.02 one year ago.
- Excluding the sale of Memphis' One Bank, total loans grew at a 3.9% annualized pace in Q1. Credit costs of $17.6M fell from $22.3M in Q4, and $49.3M a year ago. Net charge-offs of $15.2M fell from $25.1M in Q4, $42.1M a year ago. Nonperforming loan inflows of $35M vs. $83.9M a year ago.
- Net interest income of $200.5M fell a bit from Q4 thanks to two fewer calendar days. NIM of 3.39% rose one basis point. Noninterest income of $70.2M rose $10M from Q4, with most of that coming from gain on Memphis sale and gain on a branch property sale. Mortgage banking income gained $599K Q/Q.
- Adjusted noninterest expense of $167.1M fell from $167.9M in Q4.
- Tier 1 Common Equity ratio of 10.24% up from 9.93% at 2013's end.
- CEO Kessel Stelling: "We expect continued loan growth, further improvement in credit quality, and a continued push on expense reductions."
- Presentation slides
- SNV +1.2%
Oct. 22, 2013, 1:54 PM
- Net interest income of $204M is up a hair from Q2, with net interest margin up one basis point to 3.40%. Company expects "slight downward pressure" on NIM in Q4 (presentation slide 7)
- Noninterest income of $63.6M is off 2.3% from last quarter primarily due to a $2M decline in mortgage banking income (company expects continued modest decline in Q4). Adjusted noninterest expense of $171M up 2%, thanks to higher salaries. Earnings call (transcript): "Expense management is a way of life for us."
- Total loans of $19.71B is up a hair from Q2. C&I loans growth of $18.1M, a 0.7% annualized rate. Retail loans growth of $83.3M, a 9.5% annualized rate. Q4 loan growth is expected to be modestly stronger (presentation slide 5).
- Net charge-offs of $23M are off from $30M in Q2 and $96.5M a year ago.
- Tier 1 Common Equity ratio of 9.93% vs. 8.97% in Q2.
- SNV -2.4%.
- Q3 results.
Jul. 19, 2013, 9:20 AM
Synovus Financial (SNV) prices its near 60M share secondary at $3.09 each for gross proceeds of about $175M. As announced last night, the holding company is using the money (plus proceeds from a preferred stock offering, plus a $680M dividend from the bank) to pay back Treasury for TARP. Shares +3.6% premarket to $3.20.| Jul. 19, 2013, 9:20 AM
Jul. 18, 2013, 4:09 PM
Synovus (SNV) looks to pay back the Treasury, announcing plans to redeem all of its $968M in TARP preferred stock. Internally available funds plus a secondary offering of $185M in common stock will fund the redemption. Shares +1.3% AH. (PR)| Jul. 18, 2013, 4:09 PM
May 20, 2013, 8:27 AM
Apr. 23, 2013, 9:55 AM
More on Synovus (SNV -1%) Q1 earnings: Interest income of $199.8M fell about $8M on the quarter thanks to 2 fewer days and NIM declining 2 bps to 3.43%. Noninterest income of $64.7M fell $7.2M, led by mortgage banking income off $2.1M. Core expenses of $163.8M fell $7.6M on the quarter. (presentation slides)| Apr. 23, 2013, 9:55 AM | 1 Comment
Dec. 12, 2012, 5:37 PM
Apr. 24, 2012, 9:00 AM
Mar. 16, 2012, 1:27 PM
Jan. 24, 2012, 9:05 AM
Premarket gainers: PLCM +14%. CLWR +7%. VMW +7%. SNV +4%. WDC +4%. EMC +4%. COH +3%.| Jan. 24, 2012, 9:05 AM
Losers: IDCC -17%. NOK -8%. ZION -7%. EAT -6%. IGT -6%. KSU -6%. BTU -5%. LYG -5%. STM -5%. PNNT -5%. ALU -4%. GEL -4%. BHI -5%. CTIC -3%. BCS -3%. DB -3%. KMB -3%. CSX -3%. ANR -3%. CS -3%. MTG -3%.