Yesterday, 8:53 AM
Fri, Feb. 6, 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
Tue, Jan. 27, 8:05 AM
- Q4 adjusted EPS of $0.39 in Q4 vs. $0.37 in Q3.
- Net interest income of $207.5M vs. $206.3M in Q3, with NIM of 3.34% down three basis points.
- Noninterest income of $64.5M up 0.9% from Q3. Core banking fees of $33M up 0.6%. Mortgage banking income up 4.9%.
- Adjusted noninterest expense of $172.4M up 3.4% from Q3.
- Total loans up at an annualized pace of 9.8% during quarter. Total average deposits of $21.34B up at an annualized 7.5$ pace.
- Nonperforming loans of $197.8M fell 18.4% from Q3, and 52.5% from a year ago. NPL ratio of 0.94% down from 1.18% in Q3, 2.08% a year ago.
- Tier 1 common equity ratio of 10.28% slips from 10.6% in Q3.
- Earnings call at 8:30 ET
- Previously: Synovus beats by $0.01, revenue in-line (Jan. 27)
- SNV flat premarket
Tue, Jan. 27, 7:18 AM
Tue, Jan. 27, 7:03 AM
Mon, Jan. 26, 5:30 PM
Thu, Jan. 22, 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.
Dec. 3, 2014, 4:40 PM
Oct. 21, 2014, 8:14 AM
- Q3 net income of $44.2M or $0.32 per share vs. $44.3M and $0.32 in Q2. Excluding net litigation-related expenses, restructuring charges, and Visa indemnification charges, net income was $51.3M or $0.37 per share.
- Net interest income of $206.3M vs. $205.1M in Q2, with NIM of 3.37% down four basis points.
- Noninterest income of $64M vs. $63.4M in Q2, with mortgage banking income off 11.7% thanks to lower gains on sale. Mortgage origination volume of $197M vs. $188M.
- Noninterest expense of $193.7M up $11.6M on the quarter thanks to litigation-related expenses. Adjusted out, noninterest expense of $166.8M slipped 1.6%.
- Total credit costs of $15.7M fell 7.2% Q/Q and 29.8% Y/Y. Net charge-offs of $12.3M fell 65.4% from Q2.
- Tier 1 Common Equity ratio of 10.6% up 18 basis points.
- $250M share repurchase program announced, along with an increase in the dividend to $0.10 from $0.07.
- Conference call at 8:30 ET
- Previously: Synovus EPS in-line, misses on revenue
- SNV flat premarket
Oct. 21, 2014, 7:04 AM
Oct. 20, 2014, 5:30 PM
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).
Sep. 3, 2014, 5:13 PM
Jul. 22, 2014, 8:27 AM
Jul. 21, 2014, 5:30 PM
Jun. 17, 2014, 9:37 AM
SNV vs. ETF Alternatives
Synovus Financial Corp. is a financial services company and a registered bank holding company. It provides integrated financial services including commercial and retail banking, financial management, insurance and mortgage services.
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