| Over a week ago | ||||
Reports Q4 revenue… Reports Q4 revenue $194.81M, consensus $191.31M. Q4 provision was $27.1M or 0.80% annualized of average loans vs. $8.4M or 0.34% annualized of average loans for 4Q18 and $43.8M or 1.27% annualized of average loans for 3Q19. The current quarter's provision was driven primarily by higher charge-offs and specific reserves. Q4 net charge-offs were $35.3M or 1.04% annualized of average loans vs.$0.2M or 0.01% annualized and $31.3M or 0.91% annualized for the quarters ended December 31, 2018 and September 30, 2019, respectively. Tangible book value per share was $14.65 as of December 31, 2019, an increase of $1.03 from $13.62 as of December 31, 2018 and a decrease of $0.01 from $14.66 as of September 30, 2019. | ||||
| Over a month ago | ||||
SunTrust raises price targets on select regional banks on improved margins »
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SunTrust analyst Jennifer… 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. | ||||
Atlanta Bank Field Trip… Atlanta Bank Field Trip travels throughout Atlanta, GA on December 12-13. | ||||
| Over a quarter ago | ||||
Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ford (F) downgraded to Hold from Buy at Deutsche Bank with analyst Emmanuel Rosner saying he sees "continued earnings outlook deterioration" following Ford (F)'s Q3 results. 2. eBay (EBAY) downgraded to Market Perform from Outperform at Raymond James and to Hold from Buy at Aegis. 3. Cadence Bancorp (CADE) downgraded to Neutral from Overweight at JPMorgan and Piper Jaffray. 4. Ormat Technologies (ORA) downgraded to Market Perform from Outperform at Cowen. 5. iRobot (IRBT) downgraded to Neutral from Buy at BofA/Merrill with analyst John Babcock saying he reduced his estimates following iRobot's Q3 results and preliminary 2020 guidance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
JPMorgan analyst Steven… JPMorgan analyst Steven Alexopoulos downgraded Cadence Bancorp to Neutral from Overweight with a price target of $16.50, down from $20. Rather than Cadence's Q3 confirming that pressure on credit quality was largely contained to the prior quarter, the results were worse than expected on several fronts, Alexopoulos tells investors in a research note. The analyst highlights the "much sharper" write-down being taken on problem loans that were previously identified and the bank's continued negative credit migration into potential problem loans. With Cadence's credit risk profile elevated while its growth profile has moderated, the stock's discount valuation will remain intact over the intermediate term, contends Alexopoulos. | ||||
Piper Jaffray analyst… Piper Jaffray analyst Brett Rabatin downgraded Cadence Bancorp to Neutral from Overweight with a price target of $16.50, down from $20. The analyst has lower confidence in the company's quarterly earning power due to provisioning risk. It is tough to recommend the shares when valuation expansion is unlikely, provisioning is difficult to predict, and growth expectations are at risk, Rabatin tells investors in a research note. | |
JPMorgan analyst Steven… JPMorgan analyst Steven Alexopoulos downgraded Cadence Bancorp to Neutral from Overweight with a $16.50 price target. | |
Cadence Bancorp is down… Cadence Bancorp is down -12.3%, or -$2.21 to $15.76. | |
Reports Q3 revenue… Reports Q3 revenue $194.8M, consensus $191.78M. Q3 net interest margin was 3.94%, down 3 basis points or 0.8%. Reports Q3 provision for credit losses of $43.8M, up $14.8M, and net charge-offs of $31.3M, up $12.7M. Tangible book value per share was $14.66 as of September 30, 2019, an increase of $1.51 from $13.15 as of September 30, 2018, and an increase of $0.45 from $14.21 as of June 30, 2019. | |
Raymond James analyst… Raymond James analyst David Long downgraded Cadence Bancorp to Market Perform from Outperform without a price target. The analyst cites the stock's outperformance over the past month as well as his expectations for decelerating loan growth and continued credit migration within Cadence's energy and restaurant franchise segments near-term for the downgrade. Continued credit deterioration will overshadow the positives in the short term, Long tells investors in a re research note. |