Money Center Banks
(BAC) Underwhelming Earnings Backdrop
Wednesday, April 17, 2013 Unlike Tuesday when earnings reports were on the reassuring side, the tone of this morning’s releases is on the negative side. And it’s not just this morning’s Bank of America (BAC)...2May2013 | vitalstocks | Comments Off | Continued
(C) Citigroup Posts Encouraging Earnings
After reporting disappointing results in the prior quarter, Citigroup Inc. (C) reported an impressive first-quarter 2013. Earnings per share came in at $1.29 for the quarter, beating the Zacks Consensus Estimate by 11 cents. Moreover,...21Apr2013 | vitalstocks | Comments Off | Continued
(PNC) The PNC Financial Services Group Beats First Quarter Estimates
The PNC Financial Services Group, Inc.’s (PNC) first-quarter 2013 earnings per share of $1.76 significantly exceeded the Zacks Consensus Estimate of $1.57. Moreover, results beat the earnings per share of $1.44 recorded in the prior-year...18Apr2013 | vitalstocks | Comments Off | Continued
(JPM) U.S. Banks Stock Outlook – April 2013 – Zacks Analyst Interviews
U.S. banks entered 2013 with uninterrupted expense control, sound balance sheets, an uptick in mortgage activity and lesser credit loss provisions. Moreover, a favorable equity and asset market backdrop, falling unemployment, a progressive housing sector and a flexible monetary policy have been making...18Apr2013 | vitalstocks | Comments Off | Continued
(JPM) Foreclosure Activity Declines in First Quarter
Indicating the marginal revival of the housing market, the foreclosure market report – released by RealtyTrac – revealed that the overall foreclosure activity in Mar 2013 continued to show a downward trend. As per this leading online marketplace of foreclosure properties, foreclosure filings plunged...18Apr2013 | vitalstocks | Comments Off | Continued
(JPM) JPMorgan Chase’s First Quarter Earnings on Track
Maintaining its track record, JPMorgan Chase & Co. (JPM) came out with a positive earnings surprise of about 16% for the first quarter. The banking giant reported record earnings per share of $1.59, surpassing the Zacks Consensus...18Apr2013 | vitalstocks | Comments Off | Continued
(BAC) Bank of America Gets Approval for Settlement
Bank of America Corporation (BAC) received approval from the U.S. District Court of the Southern District of Manhattan to settle a $2.43 billion class-action lawsuit filed by irate shareholders over the acquisition of Merrill Lynch....18Apr2013 | vitalstocks | Comments Off | Continued
(BAC) Time to Play Rising Natural Gas Prices
A recent Barron’s article was very positive about banks in 2013. They expect healthy growth from capital markets, corporate lending and deposits. And the existing catalysts of housing and the labor market to continue to push earnings higher. The article listed the EU and the...13Apr2013 | InvestmentU | Comments Off | Continued
(C) BankUnited Initiated at Neutral
On Apr 3, 2013, we initiated our coverage on BankUnited, Inc. (BKU) with a Neutral recommendation. The recommendation is based on its organic and inorganic growth prospects, robust liquidity and meaningful capital deployment actions. However,...8Apr2013 | vitalstocks | Comments Off | Continued
(BK) The Bank of New York Mellon Earns Federal Reserve Capital Plan Approval
The Bank of New York Mellon Corporation (BK) announced that its capital deployment plan, submitted under the 2013 Comprehensive Capital Analysis and Review (CCAR) or the stress test, has received approval from the Federal Reserve. Consequently,...23Mar2013 | vitalstocks | Comments Off | Continued
(WFC) Federal Reserve Approves 2013 Bank Stress Tests
After the release of the Dodd-Frank Act supervisory stress test 2013 (DFAST 2013) results last week, the Federal Reserve came up with the approval of capital plans of 14 financial institutions out of 18 in the Comprehensive Capital Analysis and Review (CCAR). Two banks have received approval subject...18Mar2013 | vitalstocks | Comments Off | Continued
(BAC) Bank of America Launches BankAmericard Better Balance Rewards Card
Bank of America Corporation (BAC) launched a new credit card – BankAmericard Better Balance Rewards card. The card offers customers a reward of up to $100 yearly for efficient management of their credit card payments per month. The...5Mar2013 | Shawn | Comments Off | Continued
(JPM) JPMorgan Chase & Company to Cut 19,000 Jobs Overall
JPMorgan Chase & Co. (JPM) became the latest global bank to announce job cuts to improve profitability. The company will be eliminating overall 19,000 jobs (about 7.3% of the total workforce as of Dec 31, 2012) by the end of 2014....27Feb2013 | Shawn | Comments Off | Continued
(BAC) Stock Market News for February 14, 2013 – Market News
Benchmarks finished mixed following a small increase in retail sales and marginally upbeat earnings reports. The State of the Union speech from U.S. President Barack Obama focused on infrastructure spending, economic growth and employment. Industrial stocks were the major gainer among the top 10 S&P...14Feb2013 | Shawn | Comments Off | Continued
(JPM) Should Too-Big-to-Fail Banks Be Carved Up?
Richard Fisher has once again sounded a familiar clarion call: “Too big to fail” cannot be a principle the US financial system continues to abide by. Speaking at the National Press Club in Washington on Wednesday, the Federal Reserve Bank of Dallas President said the Dodd-Frank legislation...1Feb2013 | Shawn | Comments Off | Continued
(JPM) Fourth Quarter Earnings Largely Uneventful Thus Far – Earnings Trends
The fourth quarter earnings season hasn’t been that eventful thus far even though we have results from 67 S&P 500 companies already (as of Friday, January 18th). The reason is that expectations for this earnings season were set by the very weak third quarter reporting season. Given those low...22Jan2013 | Shawn | Comments Off | Continued
(BAC) Bank of America Beats by a Penny – Revenues Down
Bank of America Corporation (BAC) reported fourth-quarter 2012 earnings of 3 cents per share, which managed to beat the Zacks Consensus Estimate by a cent. However, this compares unfavorably with the earnings of 15 cents in the prior-year...18Jan2013 | Shawn | Comments Off | Continued
(BAC) Housing Starts, Jobs Data May Boost Sentiment – Economic Highlights
Strong housing and labor market readings this morning should add to optimism about the overall economic picture and offset the weak earnings reports from Bank of America (BAC) and Citigroup (C)....17Jan2013 | Shawn | Comments Off | Continued
(C) Banks Continue Battling Legal Issues
Last week, DZ Bank AG, a German lender, filed a lawsuit against Citigroup Inc. (C) and The Royal Bank of Scotland Group plc (RBS), for misrepresentation of documents...2Jan2013 | Shawn | Comments Off | Continued
(KEY) BankUnited in Expansion Mode
In an effort to further enhance its growth, Miami Lakes-based BankUnited, Inc. (BKU) opened four new branches in Florida during the month of December. With these branch openings, the bank’s total number of branches – operating...1Jan2013 | Shawn | Comments Off | Continued
(JPM) U.S. Banks Stock Outlook – December 2012 – Industry Outlook
What’s in Store for U.S. Banks in 2013? U.S. banks look ready for 2013 with uninterrupted expense control, sound balance sheets, an uptick in mortgage activity and lesser credit loss provisions. Moreover, a favorable equity and asset market backdrop, progressive housing sector...19Dec2012 | Shawn | Comments Off | Continued
(JPM) U.S. Banks Stock Outlook – December 2012 – Zacks Analyst Interviews
What’s in Store for U.S. Banks in 2013? U.S. banks look ready for 2013 with uninterrupted expense control, sound balance sheets, an uptick in mortgage activity and lesser credit loss provisions. Moreover, a favorable equity and asset market backdrop, progressive housing sector...19Dec2012 | Shawn | Comments Off | Continued
(JPM) JPMorgan Chase Sees No End to Legal Woes
JPMorgan Chase & Co. (JPM) continues to be in sticky waters as litigation issues arising from the sale of mortgage backed securities (MBS) by Bear Stearns & Co. – acquired in 2008 – seem to be never ending. Now, the U.S....18Dec2012 | Shawn | Comments Off | Continued
(BAC) Bank of America in New Legal Tussle
Last week, DZ Bank AG, a German lender, filed a lawsuit against Bank of America Corporation (BAC), for misrepresentation of documents while selling mortgage-backed securities (MBS). The lodged complaint indicts BofA of presenting modified...17Dec2012 | Shawn | Comments Off | Continued
(BAC) Bank of America Neutral Maintained
We are maintaining our long-term ‘Neutral’ recommendation on Bank of America Corporation (BAC) to reflect the company’s improving credit quality and various restructuring measures undertaken. Yet, we expect revenue headwinds,...10Dec2012 | Shawn | Comments Off | Continued
(TD) The Toronto-Dominion Bank to Redeem Securities
TD Capital Trust II – a subsidiary of The Toronto-Dominion Bank (TD) – announced that it will redeem all the outstanding TD Capital Trust II Securities – Series 2012-1 (TD CaTS II). The redemption...7Dec2012 | vitalstocks | Comments Off | Continued
(C) Citigroup to Slash 11,000 Jobs
Citigroup Inc. (C) has come up with the decision to restructure its operations, which will ultimately result in over 11,000 layoffs. The decision comes as Citi counters the fall in its revenue via certain...7Dec2012 | vitalstocks | Comments Off | Continued
(JPM) Risk and Reward Balance JPMorgan Chase
We have reiterated our long-term Neutral recommendation on JPMorgan Chase & Co. (JPM), based on strong fundamentals and steady performance by all its business segments. Further, maintaining its track...3Dec2012 | vitalstocks | Comments Off | Continued
(JPM) JPMorgan Chase & Company and Credit Suisse Group to Pay $400M in Settlement
Banking behemoths JPMorgan Chase & Co. (JPM) and Credit Suisse Group (CS) have agreed to resolve the allegations leveled by the Securities and Exchange Commission...30Nov2012 | vitalstocks | Comments Off | Continued
(C) Banks to Face Tougher Stress Test
Major American banks will have to undergo yet another round of stress tests early next year to prove their financial mettle for confronting another recession. The three stress test scenarios – baseline (based on expectations of private economists), adverse and severely adverse – were revealed...30Nov2012 | vitalstocks | Comments Off | Continued