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Business Wire (Apr 8, 2014)
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HTH vs. ETF Alternatives
Tuesday, Apr 17:16 AM
Tuesday, Apr 17:16 AM| 8 Comments
- 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
Monday, Mar 35:27 PM|Monday, Mar 35:27 PM| Comment!
Tuesday, Feb 184:29 PM
Tuesday, Feb 184:29 PM| Comment!
- 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.
Thursday, Dec 52013, 3:15 PM
Thursday, Dec 52013, 3:15 PM| Comment!
- 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.
Tuesday, Nov 192013, 12:50 PM
Tuesday, Nov 192013, 12:50 PM| Comment!
- 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
Tuesday, Nov 122013, 6:15 AM
Wednesday, May 92012, 8:15 AM
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