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SNV spun off TSYS and paid a one time dividend of $13.61 on 1-02-08. The forward div has not been adjusted. Citizens Republic Cuts Dividend PRNewswire 2-22 CRBC reduced its quarterly cash dividend to $0.14 per share. This quarterly dividend represents a 52% reduction from the previous rate of $0.29 per share that was most recently paid on February 14, 2008. More banks likely to cut dividends Jonathan Stempel, Reuters 2-06 More U.S. banks are likely to reduce their dividends in 2008 to shore up capital, as they boost reserves for a growing number of soured loans, a Sanford C. Bernstein & Co banking analyst said. The analyst, Kevin St. Pierre, wrote that the Tier-1 capital ratio, which measures the ability to cover losses, declined at nearly 90 percent of large U.S. banks in the second half of 2007. Many banks also temporarily stopped share buybacks to boost capital. "After freezing share repurchases, the next step for banks with higher than desired payout ratios would be to supplement Tier-1 capital with preferred stock issuances," he wrote. "Beyond that, dividend cuts are likely." St. Pierre wrote that among banks with "the potential for high payout ratios and thin capital cushions," those at higher risk for dividend cuts include Bank of America, Fifth Third Bancorp, First Horizon (FHN) Huntington Bancshares (HBAN), National City (NCC), Regions Financial (RF), SunTrust (STI) and Wachovia. Each had a dividend yield above 4 percent on Tuesday, compared with a roughly 3.57 percent yield on a 10-year U.S. Treasury note. First Horizon and National City cut their dividends last month. St. Pierre said Bank of America, SunTrust and Wachovia also have sizable preferred issues outstanding. Banks appearing at low risk of dividend cuts, the analyst wrote, include Bank of Hawaii (BOH), Capital One (COF), Commerce Bancshares (CBSH), Cullen/Frost (CFR) and JPMorgan Chase. Each had a dividend yield below 4%. St. Pierre said it was likely too early for investors to increase their exposure to mid-cap banks, adding the stock prices are not low enough, especially as bad loans increase. He said investors seeking exposure might focus on Capital One, Marshall & Ilsley (MI), M&T Bank (MTB), Synovus Financial (SNV) and U.S. Bancorp (USB). The analyst also said SunTrust was an attractive takeover target. Bear Stearns Analyst Says Banks Will Recoup Costs of Amex Settlement AP 2-26 The banks that own Visa Inc. will more than recoup the costs of the credit card network's settlement with American Express when the company sells shares of itself to the public, a Bear Stearns analyst said Tuesday. Visa provides a network allowing banks to lend money to people using credit cards. The company processed 44 billion transactions totaling $3.23 trillion in 2006. Visa is owned by the banks that lend through its network, such as JPMorgan Chase and Bank of America. In November, Visa agreed to pay American Express $2.1 billion to settle a lawsuit. American Express alleged Visa's policy of not allowing its member banks to lend through other credit card networks squelched competition. The costs of this $2.1 billion settlement were borne by the banks that own Visa. All the major banks that reported their share of the settlement said they expected to recoup the costs when Visa went public. Bear Stearns analyst David Hilder wrote in a client note Tuesday if Visa's stock fetches the price the company expects, the banks will recoup the costs of the settlement and then some. Visa expects to command $37 to $42 for a share of its stock. The banks currently carry their ownership of Visa on their books based on the value of the company's assets. When Visa's stock trades publicly, the banks will adjust that value to the company's market value. This will lead the banks to book gains on their ownership of Visa. The gains will outpace the $2.1 billion settlement, Hilder said. Ratings & Dividend Changes On 2-04 Stifel Nicolaus Downgraded MI from Buy to Hold and Downgraded USB from Hold to Sell. On 2-04 Sterne Agee Downgraded SNV from Buy to Hold. On 2-04 Robert W. Baird Downgraded CMA from Outperform to Neutral. On 2-04 Janney Mntgmy Scott Downgraded UCBI from Buy to Neutral. On 2-05 Robert W. Baird Downgraded ASBC from Outperform to Neutral. On 2-11 Oppenheimer Downgraded FMER from Market Perform to Underperform. On 2-25 JP Morgan Upgraded CRBC from Underweight to Neutral. On 2-21 FMER declared a dividend of $0.29/share payable March 17, 2008, to shareholders of record on March 3, 2008. On 2-26 BBT declared a dividend of $0.46/share to be paid May 1 to shareholders of record as of April 1. On 2-27 CHCO declared an increased dividend of $0.34/share payable on April 30, 2008 to shareholders of record as of April 15, 2008. On 1-02 Janney Mntgmy Scott Downgraded NTRS from Buy to Neutral. On 1-08 Robert W. Baird Initiated coverage of BBT, MI and USB at Neutral. On 1-08 Robert W. Baird Initiated coverage of CMA and MTB at Outperform. On 1-15 Citigroup Upgraded MTB from Sell to Hold. On 1-16 Citigroup Initiated coverage of BBT at Hold. On 1-18 Keefe Bruyette Upgraded BBT from Underperform to Market Perform. On 1-16 SUSQ declared a dividend of $0.26/share payable on 2-20-08 to shareholders of record 2-01-08. On 1-16 HBAN declared a dividend of $0.265/share payable April 1, 2008, to shareholders of record on March 14, 2008. On 1-17 CRBC declared a dividend of $0.29/share payable on February 14, 2008 to shareholders of record on January 31, 2008. On 1-17 WL declared a dividend of $0.335/share to be paid 2-15-08 to stockholders of 2-01-08. On 1-29 NAL declared a dividend of $0.065/share to be paid on February 19, 2008 to shareholders of record on February 8, 2008. On 1-23 CMA declared an increased dividend of $0.66/share payable April 1 to shareholders of record March 15. On 1-22 UCBI declared a dividend of $.09/share payable 4-01-08 to shareholders of record at the close of business March 14, 2008. On 1-23 ASBC declared a dividend of $0.31/share payable Feb. 15 to shareholders of record at the close of business on 2-07. Home Page Factoids Previous Update |