SA News • Oct. 30, 2014
Oct. 30, 2014, 6:37 PM| Comment!
Oct. 23, 2014, 10:50 AM
- It's a second day of losses post-earnings for Union Bankshares (UBSH -2.2%) as both Raymond James and Baird pull their buy recommendations on the stock.
- Speaking on the earnings call (transcript), CEO Billy Beale described the quarter as a noisy one. Earnings of $16M or $0.35 per share ($0.08 shy of estimates) would have been $20M and $0.44 with an after-tax OREO valuation adjustment, he notes. "We took a hard look at some of our long standing OREO properties ... Given the lack of movement on some of the properties for over five years, we elected to reappraise our OREO properties."
Oct. 22, 2014, 7:48 AM| Comment!
Aug. 6, 2014, 10:13 AM
- Union First Market Bankshares (UBSH +3%) currently trades at 1.7x book and 12x estimates 2015 earnings, a discount to peers, says analyst Laurie Hunsicke, upgrading to Buy with $29 price target.
- Further, the upside from the StellarOne acquisition has not yet been priced into the stock and Q3 results should provide the first clean look.
- "We believe that UBSH offers investors a unique opportunity to invest in the 2nd largest publicly-traded VA-based bank; UBSH is a well-capitalized, 100+ year old, clean, $7 billion-asset sized bank, with a board/management team that has a proven track record of being good stewards of capital."
Jul. 24, 2014, 2:51 PM
Jul. 22, 2014, 7:24 AM
Apr. 23, 2014, 9:06 AM| Comment!
Apr. 22, 2014, 8:31 AM
Mar. 4, 2014, 10:47 AM
- The fast pace of smaller bank roll-ups looks set to take a pause as acquirers shy away from higher prices and instead focus on integrating recent purchases. Deal prices this year have climbed to an average of 136.8% of TBV vs. 128.7% in 2013 and 120.3% in 2012, according to SNL Financial.
- Of course, higher stock prices make it easier to pay, with SNL's Bank & Thrift Index now trading near 170% of TBV from 145% about a year earlier.
- Speaking at a recent conference, BankUnited (BKU +1.9%)CEO John Kanas says a strong currency is of little use if the target bank can't grow its business at the same multiple as his bank. Further, any buyer should be prepared to spend a year distracted with regulators.
- Still on the hunt, Home BancShares (HOMB +3.3%) CEO Randy Sims takes note of frothy seller expectations, noting a number of deals where the seller has baked in 50% growth into its asking price.
- Hancock Holdings (HBHC +3.1%) chief Carl Chaney agrees prices are rising, but so too is the quality of the books he's looking at.
- Trustmark (TRMK +3.7%) CEO Gerard Host says growth is necessary now that the bank's passed $10B in assets and faces a whole host of new regulations and costs. "We're going to have to pay to do the deals we want to do ... It's not just about money."
- Old National Bancorp (ONB +2.5%) CEO Bob Jones says he spends nearly 20% of his time talking to CEOs and boards of potential targets and these things take time. The recently closed purchase of Tower Financial, he says, was 10 years in the making.
- Also presenting: BXS, FFCH, UBSH, PB
Jan. 31, 2014, 9:03 AM| Comment!
Jan. 28, 2014, 8:22 AM| Comment!
Jan. 27, 2014, 10:42 AM
Nov. 14, 2013, 10:28 AM
- Markel's (MKL) Tom Gayner added five new stocks to the company portfolio in the last quarter, and he likes fertilizers and private equity, buying 150K shares of Mosaic (MOS) and 70K shares of Potash (POT), 100K shares of Apollo Global (APO), 105K shares of Apollo Group (APOL), and 10K shares of Copart (CPRT). In addition to the Apollo Global purchase, he greatly boosted stakes in KKR, Blackstone (BX), and Carlyle Group (CG).
- He completely sold out of positions in Quaterra Resources (QMM) and Union First Market Bankshares (UBSH).
- CarMax (KMX) remains his portfolio's top holding at 8.4%, but Gayner did cut his stake by 1.46%.
Nov. 1, 2013, 9:38 AM| 1 Comment
Oct. 23, 2013, 6:46 PM
Jul. 25, 2013, 6:07 PM
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