Mon, Feb. 23, 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).
Wed, Jan. 21, 4:05 PM| Comment!
Tue, Jan. 20, 5:35 PM
Tue, Jan. 6, 11:19 AM
- Craig Hodges, co-portfolio manager of the Hodges Blue Chip 25 Fund, says he is going bargain hunting in the beaten-down energy sector because he sees oil eventually rebounding toward $80-$90/bbl.
- Hodges particularly likes Continental Resources (NYSE:CLR), which has dropped from $60 to the low $30s because it is a big driller in the relatively higher-priced Bakken Shale, but he expects a significant rebound when the energy sector normalizes; Helmerich & Payne (NYSE:HP) has lost 40%-45% of its value in recent weeks, but it is a very longstanding, high-quality maker of flex rigs for drillers.
- The Hodges fund's top holding is U.S. Steel (NYSE:X), whose cost cuts since 2008 have the company structured so that its stock will surge when it enjoys a resurgence in demand; other stocks he likes for the long term include TRN, TCBI, BA.
Dec. 8, 2014, 1:17 PM
- Dallas-based Comerica (CMA -1.3%) is an outlier to the downside among the regional names as oil tumbles another 3.7% to the lowest level since the summer of 2009.
- Other lenders with sizable Texas-operations and exposure to energy credit: MidSouth Bancorp (MSL +0.9%), BOK Financial (BOKF -0.6%), Cullen/Frost (CFR -1.5%), Hancock Holding (HBHC -0.9%), Green Bancorp (GNBC -0.7%), ViewPoint Financial (VPFG -0.5%), Iberiabank (IBKC +0.1%), National Bank Holdings (NBHC +0.1%), Texas Capital (TCBI -1.3%), Prosperity Bancshares (PB -0.8%), Independent Bank Group (IBTX -1%), Hilltop Holdings (HTH -0.7%), First Interstate BancSystem (FIBK +0.4%), First Financial Bankshares (FFIN -0.8%)
Dec. 3, 2014, 11:51 AM
- Philip van Doorn puts together a list of 15 lenders with sizable Texas operations, ranked by their exposure to energy credit as a percent of total loans:
- MidSouth Bancorp (NYSE:MSL), BOK Financial (NASDAQ:BOKF), Cullen/Frost (NYSE:CFR), Hancock Holding (NASDAQ:HBHC), Green Bancorp (NASDAQ:GNBC), ViewPoint Financial (NASDAQ:VPFG), Iberiabank (NASDAQ:IBKC), National Bank Holdings (NYSE:NBHC), Texas Capital Bancshares (NASDAQ:TCBI), Prosperity Bancshares (NYSE:PB), Comerica (NYSE:CMA), Independent Bank Group (NASDAQ:IBTX), Hilltop Holdings (NYSE:HTH), First Interstate BancSystem (NASDAQ:FIBK), First Financial Bankshares (NASDAQ:FFIN).
- All are lower over the last month, and Sterne Agee's Brett Rabatin calls it an overreaction in at least a few cases. While the decline in oil prices will slow lending growth, it would take oil at $60 or lower for a year before credit issues might arise, giving the banks plenty of time to build reserves. He's got Buy ratings on CMA, HTH, IBTX, MSL, and PB.
Nov. 13, 2014, 10:53 AM| Comment!
Oct. 22, 2014, 4:13 PM| Comment!
Oct. 21, 2014, 5:35 PM
- ACTG, ALB, ALGT, AWH, BCR, BDN, CA, CAKE, CLB, CLGX, CLW, CTXS, CVA, EEFT, EFX, EGHT, FTK, FTNT, GGG, IBKC, INFN, LEG, LHO, LOGI, LRCX, MKSI, MKTO, MLNX, MSA, NOW, NXPI, ORLY, OTEX, PLCM, PLXS, RE, RJF, SCSS, SFG, SGMO, SHLM, SKX, SLG, SLM, SUSQ, T, TAL, TCBI, TER, TILE, TMK, TSCO, TYL, USTR, VAR, WFT, YELP
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).
Jul. 23, 2014, 4:27 PM| Comment!
May. 8, 2014, 2:40 PM
- Trustmark (TRMK) started at Hold.
- Texas Capital Bancshares (TCBI) started at Buy.
- Renasant (RNST) started at Buy.
- Provident Financial Services (PFS) started at Buy.
- National Penn Bancshares (NPBC) started at Hold.
- Independent Bank (INDB) started at Buy.
- Home Bancshares (HOMB) started at Hold.
- Hancock Holding (HBHC) started at Buy.
- Fulton Financial (FULT) started at Hold.
- Commerce Bancshares (CBSH) started at Buy.
- BankUnited (BKU) started at Buy.
- BancorpSouth (BXS) started at Hold.
Apr. 30, 2014, 10:28 AM
- Bridge Bancorp (BDGE +1.1%) is upgraded to Buy by Guggenheim.
- First Financial Bankshares (FFIN +0.2%) has its Sell rating pulled at Macquarie.
- MidSouth Bancorp (MSL +1.6%) is upgraded to Outperform by FIG Partners.
- S&T Bancorp (STBA +0.6%) is upgraded to Outperform by KBW after posting Q1 results yesterday.
- Deustche Bank boosts Texas Capital Bancshares (TCBI +0.6%) to Buy.
- Sterne Agee upgrades The Bancorp (TBBK +0.5%) to Buy with an $18 PT.
- In other financial sector moves, Main Street (MAIN -0.5%) is upgraded to Outperform by Raymond James with a $34 PT, and Waddell & Reed Financial (WDR +0.6%) has been upgraded to Outperform by KBW.
Apr. 24, 2014, 3:18 PM
- Net income of $28.3M fell 15% from a year ago, and EPS of $0.60 fell 25% after January's capital raise.
- Q1 saw non-performing assets rise, primarily attributable to one borrower. Non-accrual loans of $43.6M, or 0.48% of loans ticked up 10 basis points from Q4.
- Raymond James downgrades the stock to Market Perform from Outperform.
- Source: Press Release
- Previously: Texas Capital Bancshares misses by $0.13
- TCBI -12.3%
Apr. 24, 2014, 12:46 PM
Apr. 23, 2014, 4:22 PM
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