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Thu, Jan. 28, 9:40 AM
- Nice post-earnings bounces continue for Comerica (CMA +3.3%) and Prosperity Bancshares (PB +4.5%) as oil soars above $34 per barrel on chatter of production cuts.
- Also at work, BMO Capital pulls its Underperform rating on Comerica, and Evercore pulls its Sell rating on Prosperity. Alongside that is DA Davidson upgrading Prosperity to Buy from Neutral.
- Previously: Comerica beats by $0.02, beats on revenue (Jan. 19)
- Previously: Prosperity Bancshares launches buyback (Jan. 27)
- Previously: Prosperity Bancshares beats by $0.01, misses on revenue (Jan. 27)
- Other energy-exposed lenders: Cullen/Front (CFR +3.9%), Texas Capital (TCBI +2.5%), Independent Bank Group (IBTX +11.6%), Zions Bancorp (ZION +2.8%)
Wed, Jan. 27, 10:33 AM
- Comerica's Texas Economic Activity Index fell 60 basis points in November to 94.1. This stands against an index average of 105.2 for all of 2014. The gauge has now fallen for 12 of the last 13 months.
- The index is comprised of eight variables: nonfarm payrolls, exports, hotel occupancy, continue jobless claims, housing starts, sales taxes, home prices, and Baker Hughes rig count.
- Four of the eight fell during November, but payrolls were higher, though the growth has "stepped down" from 2013 and 2014.
- Banks of interest: Comerica (CMA +0.9%), Prosperity (PB +4.1%), Cullen/Frost (CFR -1.3%), Texas Capital (TCBI +3.2%), Independent Bank Group (IBTX -1.6%).
Thu, Jan. 21, 10:05 AM
- Q4 net income of $32.3M fell 9% from one year ago, with EPS of $0.70 falling 10%. ROA of 0.72% down 31 basis points; ROE of 8.82% down 259 bps. Tangible book value per share of $31.69 up 10%.
- Non-performing asset ratio of 1.08% in Q4 jumps from 0.69% in Q3 and 0.31% a year ago. Net charge-offs of $2M slipped from $2.3M in Q3, and rose from $1.1M a year ago. None of the charge-offs were related to energy loans.
- TCBI -6.9% today and nearly 30% YTD.
- Previously: Texas Capital Bancshares misses by $0.02, misses on revenue (Jan. 20)
Wed, Jan. 20, 4:06 PM
Tue, Jan. 19, 5:35 PM
Mon, Jan. 11, 11:58 AM
- Associated Banc-Corp (ASB +0.5%) after the close on Friday announced a Q4 increase of $13M in the loan loss allowance for its energy portfolio. The move brings the loss ratio up to 5.6% at year-end vs. 3.8% a quarter earlier, and will cut EPS by about $0.03. Full results are due on Jan. 21.
- The warning is notable, says Evercore ISI's Stephen Moss, in that the bank's $752M energy portfolio (4% of total loans) consists entirely of 1st-lien E&P credits on oil and gas reserves. Previously, Evercore had seen the greatest near-term risk to earnings as coming from oilfield services loans, but the ASB move suggests rapidly growing stresses for E&P borrowers.
- Lenders on watch include: Cullen/Frost (CFR -0.6%), where energy makes up 16% of total loans, Zions (ZION -0.8%) (8%), Comerica (CMA -0.1%) (7%), Texas Capital Bancshares (TCBI +0.1%) (7%), Independent Bank Group (IBTX +0.9%) (7%), and Prosperity Bancshares (PB -0.9%) (4%). Cullen/Frost and Prosperity are reiterated at Sell.
Dec. 8, 2015, 1:35 PM
- The selloff in financial names is a broad one, but those seen as especially reliant on energy deals and lending are suffering worst as oil and natural gas make new multi-year lows.
- Among the movers: Comerica (CMA -2.9%), Zions (ZION -3.3%), Prosperity (PB -3.3%), Cullen/Frost (CFR -2.6%), MidSouth Bancorp (MSL -1.4%), BOK Financial (BOKF -3.2%), Hancock Holding (HBHC -3.8%), Green Bancorp (GNBC -0.1%), Iberiabank (IBKC -3%), National Bank Holdings (NBHC -0.5%), Texas Capital (TCBI -4.6%), Independent Bank Group (IBTX -2.6%), Interstate BancSystem (FIBK -1.1%), First Financial Bankshares (FFIN -3.5%).
- Screening the whole group against the KRE finds only Interstate BancSystem as outperforming over the past month.
Oct. 21, 2015, 4:09 PM
- Texas Capital Bancshares (NASDAQ:TCBI): Q3 EPS of $0.75 beats by $0.01.
- Net interest income of $142.05M (+13.0% Y/Y) misses by $13.96M.
Oct. 20, 2015, 5:35 PM| Oct. 20, 2015, 5:35 PM | 7 Comments
Aug. 17, 2015, 10:17 AM| Aug. 17, 2015, 10:17 AM
Jul. 22, 2015, 4:02 PM
- Texas Capital Bancshares (NASDAQ:TCBI): Q2 EPS of $0.76 in-line.
- Revenue of $155.05M (+23.1% Y/Y) beats by $8.65M.
Jul. 21, 2015, 5:35 PM| Jul. 21, 2015, 5:35 PM | 5 Comments
Jul. 6, 2015, 1:31 PM
- It was a rough start to the year for the financial sector, but at about the mid-point of 2015, the XLF is ahead 9.7%, easily outpacing the S&P 500's 1.8% rise.
- Calling U.S. Treasury yields "considerably more resilient" today than in 2012 thanks to the strength of the economy, Erika Najarian and team don't expect the Greek crisis to impact the 10-year yield or the timing of the first Fed rate hike.
- The bottom line, says Najarian, is to expect continued rotation into the financial names, with solid loan performance in Q2 a catalyst on top of the improved interest rate picture.
- Najarian and team are sticking with their Buy-list of rate-sensitive names: JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Comerica (NYSE:CMA), KeyCorp (NYSE:KEY), Regions Financial (NYSE:RF), SVB Financial (NASDAQ:SIVB), East West Bancorp (NASDAQ:EWBC), and Texas Capital Bancshares (NASDAQ:TCBI).
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Apr. 22, 2015, 4:08 PM
- Texas Capital Bancshares (NASDAQ:TCBI): Q1 EPS of $0.70 in-line.
- Revenue of $142.27M (+19.9% Y/Y) beats by $4.32M.
Apr. 21, 2015, 5:35 PM| Apr. 21, 2015, 5:35 PM | 6 Comments
Feb. 23, 2015, 6:30 PM
- Concerns about loans made to oil companies by energy-friendly regional banks are overblown, Raymond James analysts say, viewing the risk of material credit losses as unlikely given the conservative underwriting process.
- A sustained pullback in energy prices is certain to impact the Texas economy, although the benefits of lower oil prices on the consumer as well as potential rising interest rates could provide an offset to EPS risk for the banks, Raymond James says.
- The firm says it would selectively look to add to energy lenders such as Buy-rated Zions (NASDAQ:ZION), Texas Capital (NASDAQ:TCBI) and LegacyTexas Financial (NASDAQ:LTXB), as well as Outperform-rated BB&T (NYSE:BBT), Hancock (NASDAQ:HBHC), MidSouth (NYSE:MSL), Southwest (NASDAQ:OKSB) and Regions Financial (NYSE:RF).
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