Fri, Apr. 24, 4:57 PM
- SunTrust (NYSE:STI), Apollo Global Management (NYSE:APO) and Ares Management (NYSE:ARES) are weighing offers for a GE unit in the U.S. that lends to P-E firms, in a deal that could fetch more than $10B, Bloomberg reports.
- The division is among the $200B of assets put up for sale this month at GE Capital as Jeffrey Immelt accelerates efforts to focus on GE’s industrial operations.
- GE also is said to be working on a separate sale process for its European P-E lending arm, which has ~$6B in loans.
Mon, Apr. 20, 8:00 AM
- Q1 net income of $411M or $0.78 per share up 7% one year ago.
- Net interest income of $1.2B with NIM of $2.83% down from 3.19% a year ago.
- Noninterest income of $817M vs. $791M a year ago. Mortgage production income of $83M vs. $43M, with volume higher by 64%. Investment banking income of $97M vs. $88M. Trading income of $55M vs. $49M.
- Noninterest expense of $1.3B slipped 6% from a year ago after stripping out legal provision.
- CET1 ratio f 9.8%. $115M of stock repurchased during quarter. Tangible book value per share of $30.49 up 2% Q/Q.
- Conference call at 8 ET
- Previously: SunTrust Banks beats by $0.06, revenue in-line (April 20)
- STI flat premarket
Mon, Apr. 20, 6:01 AM
Sun, Apr. 19, 5:30 PM
Wed, Apr. 1, 9:03 AM
Mon, Mar. 23, 12:29 PM
- The Regional Bank Coalition is urging D.C. to remove the $50B threshold at which, under current Dodd-Frank rules, lenders are subject to boosted regulatory standards.
- The fight thus far has centered on whether to raise that bar (something even the Fed appears to support) or scrap it altogether.
- "Regional banks do not create systemic exposure through market making or complex networks of interconnected transactions with other financial firms," says the group.
- Regional Bank Coalition website
- The group: SunTrust (NYSE:STI), Regions Financial (NYSE:RF), Huntington Bancshares (NASDAQ:HBAN), Fifth Third (NASDAQ:FITB), Capital One (NYSE:COF), BMO Financial (NYSE:BMO), Compass (NYSE:BBVA), BB&T (NYSE:BBT), Bank of the West, and AmEx (NYSE:AXP).
- ETFs: KRE, KBE, IAT, KBWB, QABA, KRU, KBWR, KRS
Thu, Mar. 12, 8:07 AM
- Citi's (NYSE:C) quarterly dividend of $0.05 and $7.8B in buybacks were somewhat better than expected, and Regions Financial's (NYSE:RF) buybacks of $875M was higher than the $625M estimate (Regions also boosted its dividend by 20%).
- KeyCorp (NYSE:KEY), Morgan Stanley (NYSE:MS), and SunTrust (NYSE:STI) were also winners after announcing larger-than-forecast buybacks.
- Bank of America (NYSE:BAC) is a "slight disappointment," but some investors had feared an outright rejection of the capital plan, so maybe the resubmission request isn't the worst outcome.
- Previously: Corbat likely keeping his job as Citi cruises through CCAR (March 11)
- Previously: Regions Financial boosts payout by 20% after CCAR approval (March 11)
- Previously: KeyCorp declares $0.075 dividend (March 11)
- Previously: Morgan Stanley intends to declare $0.15 dividend (March 11)
- Previously: SunTrust Banks declares $0.24 dividend (March 11)
- C +3.4%, RF +3.8%, KEY +1.7%, MS +2.7%, STI +2.1%, BAC +0.6% premarket
Wed, Mar. 11, 7:59 PM
- DreamWorks Animation's (NASDAQ:DWA) headquarters -- just sold to raise $185M in funds two weeks ago -- is back on the market.
- SunTrust (NYSE:STI), which agreed to buy the property as DreamWorks was seeking cash, has CBRE Group marketing it for resale.
- The 497K-square-foot Glendale, Calif., campus is leased to DreamWorks through march 2035, and has six buildings.
- Previously: DreamWorks 2.3% higher as Verizon orders 200 hours of TV (Mar. 11 2015)
- Previously: DreamWorks to sell campus HQ to SunTrust unit (Feb. 26 2015)
Wed, Mar. 11, 5:14 PM
Thu, Mar. 5, 8:28 PM
- The minimum Tier 1 common capital ratio for banks is 5%, according to the Fed, and here's how the 31 lenders stacked up under the central bank's severely adverse scenario vs. a year ago (h/t: WSJ):
- Deutshce Bank (NYSE:DB): 34.7%, not tested a year ago
- DIscover (NYSE:DFS): 13.9% vs. 13.2% a year ago
- Bank of New York Mellon (NYSE:BK): 12.6% vs. 13.1%
- American Express (NYSE:AXP): 12.5% vs. 12.1%
- Northern Trust (NASDAQ:NTRS): 12.3% vs. 11.7%
- State Street (NYSE:STT): 11.8% vs. 13.3%
- Citizens Financial (NYSE:CFG): 10.7% vs. 10.7%
- KeyCorp (NYSE:KEY): 9.9% vs. 9.2%
- Capital One (NYSE:COF): 9.5% vs. 7.8%
- PNC Financial (NYSE:PNC): 9.5% vs. 9%
- Santander Holdings USA (SAN's U.S. unit): 9.4% vs. 7.3%; shares +0.8% after hours
- BMO Financial (BMO's U.S. unit): 9% vs. 7.6%
- Comerica (NYSE:CMA): 9% vs. 8.6%
- Huntington Bancshares (NASDAQ:HBAN): 9% vs. 7.4%
- HSBC North America (NYSE:HSBC): 8.9% vs. 6.6%
- U.S. Bancorp (NYSE:USB): 8.5% vs. 8.2%
- Regions Financial (NYSE:RF): 8.3% vs. 8.9%
- Citigroup (NYSE:C): 8.2% vs. 7.2%
- SunTrust (NYSE:STI): 8.2% vs. 8.8%
- BB&T (NYSE:BBT): 8.1% vs. 8.4%
- MUFG Americas Holdings (NYSE:MTU): 8% vs. 8.1%
- Ally Financial (NYSE:ALLY): 7.9% vs. 6.3%
- Fifth Third Bancorp (NASDAQ:FITB): 7.9% vs. 8.4%
- Wells Fargo (NYSE:WFC): 7.5% vs. 8.2%
- M&T Bank (NYSE:MTB): 7.3% vs. 6.2%
- Bank of America (NYSE:BAC): 7.1% vs. 5.9%; shares +2.1% after hours
- JPMorgan (NYSE:JPM): 6.5% vs. 6.3%
- BBVA Compass (NYSE:BBVA): 6.3% vs. 8.5%
- Goldman Sachs (NYSE:GS): 6.3% vs. 6.9%
- Morgan Stanley (NYSE:MS): 6.2% vs. 6.1%
- Zions Bancorp (NASDAQ:ZION): 5.1% vs. 3.6%; shares -1.7% after hours
- The lenders were also informed today whether their capital return plans would put them below the Fed's 5% threshold, giving them a 6-day window with which to change those requests, if need be. Last year, both BofA and Goldman scaled back their dividend/buyback requests, allowing them to pass the CCAR. This year's CCAR results will be announced on Wednesday.
- 2015 Stress Test Methodology and Results
Thu, Feb. 26, 8:37 PM
- A unit of SunTrust Equity Funding (NYSE:STI) has agreed to buy DreamWorks Animation's (NASDAQ:DWA) Glendale, Calif., campus for $185M and lease it back to the studio, a move that should inject quick cash into the faltering moviemaker.
- The terms are a 20-year lease for $13.2M, increasing 1.5% per year.
- After losing nearly a quarter-million dollars in Q4, DreamWorks said it was increasing a revolving line of credit and was preparing to sell its HQ in order to gain liquidity.
- Source 8-K
- Previously: DreamWorks pummeled after brutal quarter; rough year ahead (Feb. 24 2015)
Wed, Feb. 18, 2:49 PM
- The financial sector had begun to turn around a dismal start to the year as February brought forth a string of hawkish Fed heads suggesting a June rate hike, but the XLF is lower by 0.8% after just-released FOMC minutes suggest markets and the hawks are getting ahead of themselves. KBE -1.7%, KRE -2%
- The TBTFs: BofA (BAC -2.2%), JPMorgan (JPM -1.4%), Wells Fargo (WFC -1.6%), Ciitgroup (C -0.8%)
- The regionals: Regions Financial (RF -1.6%), KeyCorp (KEY -1.6%), PNC Financial (PNC -1.3%), BB&T (BBT -1.5%), Fifth Third (FITB -1.6%), SunTrust (STI -1.7%), First Niagara (FNFG -2.1%), M&T (MTB -1.9%), U.S. Bancorp (USB -1.3%), First Horizon (FHN -2.7%).
- Online brokerage: Schwab (SCHW -2.3%), E*Trade (ETFC -1.7%), Ameritrade (AMTD -1.1%), Interactive Brokers (IBKR -0.9%).
- Previously: FOMC minutes: June rate hike not a slam dunk yet (Feb. 18)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KCE, KRU, RWW, KBWR, RYF, KBWC, FINZ, KRS
Tue, Feb. 10, 2:46 PM
Tue, Feb. 10, 11:51 AM
- Among the upside catalysts for Citigroup (C +0.4%) - says Deutshce in its upgrade of the stock to Buy from Hold - will be the approval of $4B in share repurchases in this spring's CCAR.
- Citi's plans to buy back stock and boost the dividend have been rejected by the Fed twice in the last three years, and CEO Michael Corbat has staked his job on approval this year.
- Another catalyst, says Deutsche, will be the sale or IPO of OneMain Financial.
- Turning back to the CCAR, Detusche expects the largest increases in capital returns to be at Citi, Bank of America (BAC +0.6%), Regions Financial (RF +0.3%), Morgan Stanley (MS +1.1%), SunTrust (STI +0.1%), and Citizens Financial (CFG +1.9%). Total payout ratios at the larger regional lenders should be 79% this year, up 1000 basis points from 2014.
- Previously: Bank pair trade from Deutsche (Feb. 10)
- Presenting at the Credit Suisse conference, CEO of U.S. Consumer & Commerical Banking and Citi Mortgage Jane Fraser touts the banks laser focus for retail on this country's largest 7 markets.
- Presentation slides
- Previously: Citi looks to boost mortgage business with Zillow tie-up (Feb. 10)
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
Fri, Jan. 16, 8:05 AM
- Q4 net income of $378M includes a $145M legal provision. Excluding that, EPS of $0.88 vs. $0.77 one year ago.
- Net interest income of $1.248B unchanged form a year ago, with NIM of 2.96% down 24 basis points.
- Noninterest income of $795M down from $814M a year ago. Mortgage production of $61M vs. $31M, production volume up 20%. Mortgage servicing income of $53M vs. $38M a year ago. Investment banking income of $109M vs. $96M, with trading income of $40M down from $57M
- Noninterest expense of $1.410B up from $1.361B, after $145M legal charge.
- Book value per share of $41.52 up 2% from last quarter. TBVS up $29.82 up 2%.
- Conference call is just getting underway.
- Previously: SunTrust Banks beats by $0.10, revenue in-line (Jan. 16)
- STI -0.3% premarket
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