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Yields posted below are based on the Q1-09 dividend - and CMA and HBAN have reductions in their Q2-09 div Bernstein sees higher 2008-10 loan losses at US banks Reuters 1-08 The deepening of the financial crisis with increased credit costs dampen the investment case for U.S. banks, as severe losses will reduce future book value, and further delay normalized returns, analysts at Sanford C. Bernstein said. Analysts led by Kevin St. Pierre raised their 2008-2010 total loss estimate for the industry by 11 percent to $420 billion, and said they remain "cautious" on the sector. "Driven by the more negative macro assumptions, we are increasing our industry loan loss estimates by loan type. The net result is a higher, later, more prolonged peak in charge-offs," the analysts wrote in a note to clients. The banks that will be "most dramatically impacted" by the brokerage's higher credit loss estimate are Citigroup, Synovus Financial, Marshall & Ilsley and KeyCorp, the analysts said. These banks will see a cumulative 2009-2010 earnings per share decline of more than 75 percent to 125 percent, the analysts, who also cut their price target and changed their 2008 profit/loss estimates on 15 U.S. banks. Ratings & Dividend Changes - February On 2-18 MTB declared a dividend of $.70 /share payable March 31, 2009 to stockholders of record at the close of business on February 27, 2009. On 2-19 MI declared a dividend of $0.01/share payable on March 13, 2009, to common stock shareholders of record at the close of business on March 2, 2009. Ratings & Dividend Changes - January On 1-15 MI announced that the dividend has been reduced to $0.01 per share. The next regular dividend declaration date is in February 2009. On 1-27 CMA declared a reduced dividend of $0.05/share payable April 1, 2009, to common stock shareholders of record on March 15, 2009. On 1-29 WL declared a reduced dividend of $0.1725/share payable on February 16, 2009, to shareholders of record on February 9, 2009. This was 50% lower than the Q3-08 dividend of $0.345/share. On 1-22 HBAN declared a decreased dividend of $0.01/share payable April 1, 2009, to shareholders of record on March 13, 2009. On 1-30 MBFI declared a reduced dividend of $0.12/share to shareholders of record as of February 13, to be paid on February 27. On 1-16 FMER declared a dividend of $0.29/share payable March 16, 2009 to shareholders of record on March 2, 2009. On 1-21 SUSQ declared a dividend of $0.26/share payable on February 20, 2009 to shareholders of record February 2, 2009. On 1-22 ONB declared a dividend of $.23/share payable March 16, 2009, to shareholders of record March 2, 2009. On 1-26 NTBT declared a dividend of $0.20/share to be paid on March 15, 2009, to shareholders of record as of March 1, 2009. On 1-27 NAL declared a dividend of $0.07/share on February 18, 2009 to shareholders of record on February 6. On 1-28 ASBC declared a dividend of $0.32/share payable on February 17, 2009, to shareholders of record on February 6, 2009. On 1-14 Friedman Billings Initiated HBAN at Market Perform. On 1-15 Friedman Billings Initiated NTB at Outperform. On 1-22 Argus Downgraded FITB from Hold to Sell. On 1-22 Keefe Bruyette Downgraded FULT from Market Perform to Underperform. On 1-23 Keefe Bruyette Upgraded BBT from Underperform to Market Perform. On 1-23 Boenning & Scattergood Downgraded CRBC from Outperform to Neutral. On 1-23 Morgan Keegan Downgraded FITB from Outperform to Market Perform. On 1-26 Barclays Capital Initiated NAL at Equal Weight. On 1-26 Keefe Bruyette Downgraded CRBC from Outperform to Market Perform. On 1-26 US Bancorp cut to Sell from Neutral by Goldman Sachs. On 1-27 Argus Downgraded USB from Buy to Hold. On 1-29 Wunderlich Initiated SNV at Hold. On 1-30 Bernstein Downgraded FITB from Outperform to Market Perform. Home Page Factoids Previous Update |