Money Center Banks

(JPM) Will Better Weather Improve Profits for U.S. Banks?

It’s the weather.

Whenever a weaker-than-expected economic report is released for a cold month, pundits always blame the weather. It’s become a cliché.

So when the Department of Labor released its disappointing January jobs report earlier this month, market observers quickly pointed...

14Mar2014 | | Comments Off on (JPM) Will Better Weather Improve Profits for U.S. Banks? | Continued

(JPM) JPMorgan Chase to Face Dexia Lawsuit Again

The U.S. District Judge Jed Rakoff has revoked his earlier order to dismiss a major portion of the lawsuit filed by Brussels based Dexia N.V./S.A against JPMorgan Chase & Co. (JPM). The lawsuit accused JPMorgan of deliberately...

2Jul2013 | | Comments Off on (JPM) JPMorgan Chase to Face Dexia Lawsuit Again | Continued

(C) Citigroup to Redeem Preferred Stock

Citigroup Inc. (C) announced the redemption of its preferred securities worth about $94.3 million. The redemption includes 8.5% Series F Non-cumulative Preferred Stock and 6.5% Series T Convertible Non-cumulative Preferred Stock.

The...

14Jun2013 | | Comments Off on (C) Citigroup to Redeem Preferred Stock | Continued

(WFC) Wells Fargo Hits New 52-Week High

Shares of Wells Fargo & Company (WFC) achieved a new 52-week high, touching $38.67 on May 8. The closing price of this well-known asset manager reflects a solid year-to-date return of 11.4%. The trading volume for the session was...

23May2013 | | Comments Off on (WFC) Wells Fargo Hits New 52-Week High | Continued

(BAC) Bank of America Corporation’s Ratings Affirmed by Fitch

In conjunction with the periodic review of 12 Global Trading and Universal Banks (GTUBs), Fitch Ratings reiterated its long and short- term Issuer Default Rating (IDRs) on Bank of America Corporation (BAC). The rating agency re-affirmed...

23May2013 | | Comments Off on (BAC) Bank of America Corporation’s Ratings Affirmed by Fitch | Continued

(WFC) Wells Fargo in $105 Million Settlement

Wells Fargo & Company (WFC) agreed to shell out a sum of $105 million to settle a lawsuit filed against it by Medical Capital Holdings Inc. The lawsuit alleged that Wells Fargo, acting as a trustee for debt issued by Medical Capital...

16May2013 | | Comments Off on (WFC) Wells Fargo in $105 Million Settlement | Continued

(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 | | Comments Off on (BAC) Underwhelming Earnings Backdrop | 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 | | Comments Off on (C) Citigroup Posts Encouraging Earnings | 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 | | Comments Off on (PNC) The PNC Financial Services Group Beats First Quarter Estimates | 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 | | Comments Off on (JPM) U.S. Banks Stock Outlook – April 2013 – Zacks Analyst Interviews | 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 | | Comments Off on (JPM) Foreclosure Activity Declines in First Quarter | 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 | | Comments Off on (JPM) JPMorgan Chase’s First Quarter Earnings on Track | 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 | | Comments Off on (BAC) Bank of America Gets Approval for Settlement | 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 | | Comments Off on (C) BankUnited Initiated at Neutral | 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 | | Comments Off on (BK) The Bank of New York Mellon Earns Federal Reserve Capital Plan Approval | 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 | | Comments Off on (WFC) Federal Reserve Approves 2013 Bank Stress Tests | 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 | | Comments Off on (BAC) Bank of America Launches BankAmericard Better Balance Rewards Card | 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 | | Comments Off on (JPM) JPMorgan Chase & Company to Cut 19,000 Jobs Overall | 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 | | Comments Off on (BAC) Stock Market News for February 14, 2013 – Market News | 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 | | Comments Off on (JPM) Should Too-Big-to-Fail Banks Be Carved Up? | 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 | | Comments Off on (JPM) Fourth Quarter Earnings Largely Uneventful Thus Far – Earnings Trends | 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 | | Comments Off on (BAC) Bank of America Beats by a Penny – Revenues Down | 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 | | Comments Off on (BAC) Housing Starts, Jobs Data May Boost Sentiment – Economic Highlights | 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 | | Comments Off on (C) Banks Continue Battling Legal Issues | 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 | | Comments Off on (KEY) BankUnited in Expansion Mode | 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 | | Comments Off on (JPM) U.S. Banks Stock Outlook – December 2012 – Industry Outlook | 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 | | Comments Off on (JPM) U.S. Banks Stock Outlook – December 2012 – Zacks Analyst Interviews | 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 | | Comments Off on (JPM) JPMorgan Chase Sees No End to Legal Woes | 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 | | Comments Off on (BAC) Bank of America in New Legal Tussle | 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 | | Comments Off on (BAC) Bank of America Neutral Maintained | Continued