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CAB

Cabela's

$53.44

0.79 (1.50%)

, SNV

Synovus

$41.17

0.09 (0.22%)

17:12
09/06/17
09/06
17:12
09/06/17
17:12

Fed approves Synovus' acquisition of Cabela's credit-card bank subsidiary

The Federal Reserve said in a statement: "Synovus Bank (SNV), the state member bank subsidiary of Synovus Financial, both of Columbus, Georgia, has requested the board's approval under section 18c of the Federal Deposit Insurance Act to acquire substantially all the assets of, and assume the deposit liabilities of, World's Foremost Bank, a state nonmember credit-card bank subsidiary of Cabela's (CAB), both of Sidney, Nebraska. Under the proposal, Synovus Bank would assume all of the deposits of World's Foremost Bank, totaling approximately $1.2B, as well as approximately $4.1B in nondeposit liabilities. Synovus Bank also would acquire substantially all of the assets of World's Foremost Bank, equaling approximately $5.7B, including credit-card loans and related assets. Synovus Financial, with consolidated assets of approximately $30.7B,is the 59th largest depository organization in the United States by assets.Synovus Financial is the 50th largest insured depository organization in the United States by deposits, controlling deposits through Synovus Bank of approximately $25.1B, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States. Synovus Bank has offices in Alabama, Florida, Georgia, South Carolina, and Tennessee. World's Foremost Bank, with total assets of approximately $5.7B, operates a single banking office in Sidney, Nebraska. The bank is a credit-card bank and, as such, engages only in a limited set of lending and deposit-taking activities. World's Foremost Bank is the 11th largest depository organization in Nebraska, controlling deposits of approximately $1.2B, which represent 1.9% of the total amount of deposits of insured depository institutions in Nebraska. On consummation of the proposal, Synovus Financial would control approximately $26.3B in deposits through Synovus Bank. Synovus Financial would become the 53rd largest insured depository organization in the United States by assets and would become the 49th largest insured depository organization in the United States by deposits." Reference Link

CAB

Cabela's

$53.44

0.79 (1.50%)

SNV

Synovus

$41.17

0.09 (0.22%)

COF

Capital One

$79.47

0.81 (1.03%)

  • 06

    Sep

CAB Cabela's
$53.44

0.79 (1.50%)

08/03/17
08/03/17
NO CHANGE

Cabela's NY Post commentary unfounded, deal closure likely, says Elevation
Elevation Securities said NY Post commentary that the Federal Reserve might wait to vote on the the deal until a new Fed Vice Chair is approved is unfounded. The firm said the Fed has been voting on bank applications all year, including transactions much larger than the sale of the credit card business from Synovus Financial Corp, as part of the deal with Bass Pro shops tie up. Elevation also completed recent checks investigating activity and sales and has increased confidence the deal will close.
03/30/17
SPHN
03/30/17
NO CHANGE
Target $64
SPHN
Overweight
TSYS could see 'a small benefit' from Cabela's sale, says Stephens
Stephens analyst Brett Huff thinks TSYS (TSS) could see "a small benefit" from the sale of Cabela's (CAB). After being delayed by regulatory approvals, The Wall Street Journal is reporting that Bass Pro would buy the retail ops, Synovus (SNV) would buy bank/co-branded credit card portfolio, and in turn selling the portfolio to Capital One (COF), he notes. The analyst points out that TSYS is Capital One's card issuing processor, and says he thinks the about 2M active cards would move to TSYS' platform. Huff reiterates an Overweight rating and $64 price target on TSYS's shares.
07/05/17
NRCS
07/05/17
DOWNGRADE
NRCS
Neutral
Cabela's downgraded to Neutral from Buy at Northcoast
08/15/17
08/15/17
NO CHANGE

Cabela's deal progressing, says Elevation Securities
Elevation Securities recently conducted a new round of channel checks with Cabela's store Club Card departments since its last update two weeks ago. The most current round of calls revealed letters headlined Cabela Bass Pro Merger Update have recently went out to stores and are posted at Club booths in multiple states, and were mailed in the most current billing cycle for Cab cardholders The firm views this a sign that the companies expect to close the deal in the very near term.
SNV Synovus
$41.17

0.09 (0.22%)

05/11/17
BOFA
05/11/17
UPGRADE
BOFA
Buy
Synovus upgraded to Buy from Neutral at BofA/Merrill
05/11/17
05/11/17
UPGRADE

Buy
Synovus upgraded to Buy at BofA/Merrill
As previously reported, BofA/Merrill upgraded Synovus to Buy from Neutral and raised its price target to $50. The firm views risk/reward as attractive given outlook for above average earnings growth and views it as an attractive M&A target for a larger bank given the attractiveness of its Southeast footprint.
07/17/17
RBCM
07/17/17
INITIATION
RBCM
Outperform
Synovus initiated with an Outperform at RBC Capital
RBC Capital analyst Jake Civiello expects Synovus to benefit from accelerating topline growth into 2018, increased focus on loan profitability maximization and improving operating efficiency. Target $51.
COF Capital One
$79.47

0.81 (1.03%)

07/21/17
OPCO
07/21/17
UPGRADE
OPCO
Perform
Capital One upgraded to Perform on credit stabilization at Oppenheimer
Oppenheimer analyst Ben Chittenden upgraded Capital One to Perform from Underperform saying the Q2 results point to signs of credit stabilization. The bank has been tightening its underwriting standards since the first half of 2016 and it's becoming apparent in the numbers, the analyst tells investors in a research note.
08/10/17
08/10/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Delta Air Lines (DAL) initiated with an Overweight at Barclays. 2. AAC Holdings (AAC) initiated with an Overweight at Cantor. 3. Capital One (COF) initiated with a Neutral at Compass Point. 4. Great Panther Silver (GPL) initiated with a Buy at Roth Capital. 5. Intelsat (I) reinstated with a Neutral at Goldman Sachs. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/10/17
COMP
08/10/17
INITIATION
Target $90
COMP
Neutral
Capital One initiated with a Neutral at Compass Point
Compass Point analyst William Ryan initiated Capital One with a Neutral and a $90 price target.
07/21/17
07/21/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Capital One (COF) upgraded to Perform from Underperform at Oppenheimer with analyst Ben Chittenden saying the second quarter results point to signs of credit stabilization. 2. Juniper (JNPR) upgraded to Outperform from Market Perform at Raymond James with analyst Simon Leopold citing favorable risk/reward and an underappreciated "pivot" in the business. 3. CalAtlantic (CAA) upgraded to Outperform from Market Perform at JMP Securities with analyst Peter Martin saying he is increasingly optimistic that the stock can rise in 2018. 4. Total (TOT) upgraded to Buy from Hold at Canaccord. 5. SK Telecom (SKM) upgraded to Buy from Neutral at Goldman Sachs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

TSLA

Tesla

$315.05

2.55 (0.82%)

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GT

Goodyear Tire

$29.94

0.63 (2.15%)

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HMC

Honda

$32.62

0.02 (0.06%)

10:05
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PG

Procter & Gamble

$88.43

-0.82 (-0.92%)

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Activist investors Nelson Peltz still in P&G picture, Barron's says »

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BHGE

Baker Hughes

$30.91

0.76 (2.52%)

, GE

General Electric

$18.21

-0.04 (-0.22%)

09:39
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Buy Baker Hughes, Barron's says »

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BHGE

Baker Hughes

$30.91

0.76 (2.52%)

GE

General Electric

$18.21

-0.04 (-0.22%)

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  • 14

    Dec

CSCO

Cisco

$35.90

0.02 (0.06%)

09:19
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    Jan

IBM

IBM

$148.97

-0.15 (-0.10%)

09:10
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IBM could be next to fetch higher valuation, Barron's says »

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  • 27

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GE

General Electric

$18.21

-0.04 (-0.22%)

09:05
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11/18
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Option play offer some help given GE dividend, depressed stock, Barron's says »

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GE

General Electric

$18.21

-0.04 (-0.22%)

09:00
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Periodicals
Risk remains after GE dividend cut, Barron's says »

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TWX

Time Warner

$88.72

0.71 (0.81%)

, T

AT&T

$34.51

-0.01 (-0.03%)

08:21
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TWX

Time Warner

$88.72

0.71 (0.81%)

T

AT&T

$34.51

-0.01 (-0.03%)

NYT

New York Times

$17.65

0.05 (0.28%)

TEX

Terex

$44.82

0.8 (1.82%)

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  • 28

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TPIC

TPI Composites

$19.06

-0.97 (-4.84%)

07:25
11/18/17
11/18
07:25
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07:25
Conference/Events
TPI Composites to host investor day »

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  • 05

    Dec

SYNA

Synaptics

$38.21

0.57 (1.51%)

04:55
11/18/17
11/18
04:55
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04:55
Conference/Events
Synaptics management to meet with KeyBanc »

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  • 18

    Nov

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

18:01
11/17/17
11/17
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Hot Stocks
S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

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  • 28

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  • 06

    Dec

WGL

WGL Holdings

$84.32

-0.14 (-0.17%)

18:01
11/17/17
11/17
18:01
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Earnings
WGL Holdings reports Q4 adjusted EPS (17c), consensus (19c) »

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TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

, LMOS

Lumos Networks

17:58
11/17/17
11/17
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Tactile Systems to replace Lumos Networks in S&P 600 at open on 11/22 »

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TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

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  • 28

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IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

, MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

17:56
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Breaking Hot Stocks news story on Invesco Mortgage, MKS Instruments »

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IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

17:55
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MKS Instruments to replace Brocade in S&P 400 at open on 11/22 »

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

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  • 06

    Dec

UQM

UQM Technologies

$1.18

0.015 (1.29%)

17:24
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Syndicate
Breaking Syndicate news story on UQM Technologies »

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GS

Goldman Sachs

$238.02

-1.35 (-0.56%)

17:23
11/17/17
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Goldman Sachs has $510M lawsuit dismissed, Reuters reports »

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VICL

Vical

$1.94

-0.02 (-1.02%)

17:18
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Breaking Hot Stocks news story on Vical »

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:18
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11/17
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Hot Stocks
Ligand director sells 5,000 common shares »

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
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11/17
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Hot Stocks
Ligand CFO sells 6,559 common shares »

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
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Ligand CEO sells 5,269 common shares »

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MBI

MBIA

$9.01

0.13 (1.46%)

17:15
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17:15
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Breaking Hot Stocks news story on MBIA »

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RBCN

Rubicon

$8.07

0.1218 (1.53%)

17:03
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Breaking Hot Stocks news story on Rubicon »

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