SunTrust analyst Jennifer Demba is raising her price targets on select regional bank stocks heading into 2020, reflecting the expectations of a benign interest rate environment with maintained interest rates along with a "slightly better" forecast for net interest margins and continued strong asset quality, in spite of the slower loan growth and lower refinancing related mortgage fees. The analyst raises her price target forecast on Zions (ZION) to $60 from $52, United Community Bank (UCBI) to $35 from $32, South State Corp (SSB) to $97 from $90, Synovus Financial (SNV) to $48 from $40, SVB Financial (SIVB) to $285 from $250, Pinnacle Financial Corp (PNFP) to $74 from $65; Bank OZK (OZK) to $32 from $29, Hancock Holding (HWC) to $47 from $42, FB Financial (FBK) to $46 from $43, Comerica (CMA) to $75 from $67, Cadence Bancorp (CADE) to $19 from $16, BOK Financial (BOKF) to $90 from $82, and Ameris (ABCB) to $50 from $47.

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Reports Q1 CET1 capital ratio 12.01%. Reports Q1 net charge-offs .1%. "Today we reported first quarter earnings per share of $0.98," said Curtis Farmer, Comerica chairman and CEO. "Strategic rationalization efforts from 2023 and favorable pipeline trends position us for growth. Deposits outperformed normal seasonal patterns as we added new customers and expanded existing relationships while maintaining pricing discipline. Our liquidity strategy remained a highlight as we normalized our cash position, significantly reduced wholesale funding and successfully executed a record $1.0 billion debt issuance. We experienced ongoing, expected credit normalization, while net charge-offs of 10 basis points continued to be historically low. We are committed to running an efficient organization as we navigate expense pressures and execute on the action plans announced last quarter. Conservative capital management and lower loan balances further enhanced our capital position and drove our estimated CET1 ratio to 11.47, well above our 10% target."

Reports Q1 revenue $537.73M, consensus $547.63M. An incremental $12.8M FDIC special assessment reduced first quarter reported and adjusted EPS by 7c. A $51M FDIC special assessment impacted fourth quarter 2023 reported and adjusted EPS by 26c. "Our first quarter results demonstrate tangible progress on our strategic priorities, including key commercial category loan and core deposit growth, client non-interest revenue growth and excellent operating expense control. We remain focused on raising the bar on service and deepening client relationships, all while building a more risk-resilient bank, which was evidenced by our highest common equity tier 1 capital ratios in several years and an over 30% decline in wholesale funding versus last year," said Synovus Chairman, CEO and President Kevin Blair.

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Reports Q1 book value per common share was $43.44 at March 31, a 13.0% increase from $38.43 at March 31, 2023. Tangible book value per common share was $37.62 at March 31, , a 15.1% increase from $32.68 at March 31, 2023..George Gleason, Chairman and Chief Executive Officer, stated, "Our record net income and record diluted earnings per share in the quarter just ended are an excellent start to 2024. We feel that we are well positioned for the year, and we look forward to capitalizing on new opportunities

Truist lowered the firm's price target on Hancock Whitney to $46 from $50 and keeps a Hold rating on the shares. Despite the core Q1 earnings beat, the firm sees limited upside to estimates considering below average loan growth over the next few quarters, the analyst tells investors in a research note. Truist adds that while it is not surprised by the unchanged 2024 outlook from Hancock Whitney there could be downside risk to estimates if second-half loan growth fails to accelerate and deposit costs move incrementally higher if Fed rate cuts are pushed into 2025.

Citi analyst Benjamin Gerlinger upgraded Hancock Whitney to Buy from Neutral with a price target of $50, up from $48. The analyst says the market is "unfairly pricing in a dour credit outlook" across the regional bank space. Hancock's outsized capital base and solid deposit pricing trends "check the boxes investors need to see before valuation multiples can start to normalize," the analyst tells investors in a research note. The firm believes the bank's "healthy" reserve levels and thorough explanation of credit trends will likely assuage most fears.

JPMorgan analyst Steven Alexopoulos raised the firm's price target on FB Financial to $43 from $41 and keeps an Underweight rating on the shares after its Q1 results. The earnings beat was driven by net interest income declining less than expected, mortgage banking contributing favorably, strong expense management, and lower provision expenses, the analyst tells investors in a research note. FB Financial also reiterated its mid-single-digit percent loan growth outlook in 2024, implying a catch-up in loan growth in the quarters ahead, the firm added.