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The Q4-09 div is used for yield calculations. CATY, CYN, UCBH & WTNY have lowered their Q2-09 divs - CATY, RF and ZION have reduced their Q3-09 divs and PCBC and UBCH have eliminated their divs. Negative EPS estimates will crash this javascript. The lowest EPS estimate that I use is $0.10. So the Div/EPS ratios are inaccurate for banks with negative EPS estimates [CNB, EWBC, FHN, PCBC, RF, UCBH, ZION]. Book values are the Q3-09 ending values. I believe CATY may have discontinued their dividend in Q4 due to lack of announcements, but the data below does not show that cancelation. Using the Forecaster Model In 2006, geography was destiny - and the metrics were misleading. It was a winning strategy to 'avoid' California and Oregon and 'buy' Texas and Oklahoma. The stocks that the analyst liked did not out-'total return' the stocks the analysts did not like. The low yielders failed to out-return the high yielders. Nor was buying the high P/E stocks or high Price/Book stocks a winning strategy. In a sector where the dividend payout ratio varies from 21% to 80%, it is not a surprise that the dividend discount model fails to be predictive. This sector sells at a fairly consistent P/E ratios despite wide variations in CAGRs. That is not logical. And the CAGRs also fail to be predictive of the stocks with high price to book ratios. That is not logical. I am not giving up hope that this sector can be forecasted. But my readers should be pessimestic about the predictions in the forecaster spreadsheet until it shows more signs of some success. This is the link to the 2006 stats for this sector, showing the projections based on 2006 begining of the year stats - along with the 2006 returns in the 'forecasting' spreadsheet which is the last of five spreadsheet posted - or roughly in the middle of the long page. This is the link to the 2007 stats page. Westamerica Bancorporation Redeems Preferred Stock Business Wire 11-18 Westamerica (WABC) previously issued 83,726 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A to the United States Department of the Treasury on February 13, 2009. On September 2, 2009, Westamerica redeemed 41,863 shares of the Preferred Stock from the Treasury. Today, Westamerica redeemed the remaining 41,863 shares Preferred Stock from the Treasury at $1,000 per share. This redemption will require a one-time after-tax charge of $517 thousand, equivalent to approximately $0.02 diluted earnings per common share (EPS), to accelerate the accretion of the Preferred Stock discount. Quarterly Preferred Stock dividends and discount accretion will decline $553 thousand following the redemption, increasing quarterly EPS by approximately $0.02. East West Bancorp Acquires UCBH AP 11-09 East West Bancorp acquired $10.4 billion in assets and $9.2 billion in liabilities from United Commercial Bank on Friday [11-06-09]. The deal was arranged by the FDIC, which will share any losses on $7.7 billion worth of loans acquired. The acquisition came as government regulators pressured United Commercial Bank to improve capital by as much as $600 million, which BMO Capital Markets analyst Lana Chan said was unlikely because of credit quality and other financial issues. UCB became the first commercial bank to receive federal TARP money to fail, Chan said. It had received $298.7 million from the government. With the acquisition, East West Bancorp expands its business into the Chinese market in both the United States and China since UCB was one of the three largest bank in the Chinese-American niche, Chan said. In a note to investors, she said the deal is positive for East West Bancorp because it removes one major competitor, will improve earnings and is a low-risk transaction. She maintained the "Outperform" rating on the stock and increased the price target to $15 from $12. She adjusted the 2009 estimate to a profit of $3.54/share from a loss of $3.69 and the 2010 estimate was increased to a profit of $1.00/share from a loss of $0.05/share and the 2011 estimate to profit of $1.50/share from a previous loss of $1.20. SunTrust Robinson Humphrey analyst Jennifer Demba said the acquisition makes East West Bancorp California's second largest bank. With 63 additional offices, the company will have $19 billion in assets and 133 branches in the United States. It also will have four branches in China. She said East West Bancorp continues to be a "very credit-challenged bank due to its large California focused real estate portfolio." The merger, however, will give the company more earnings power to absorb credit loses. Regions Financial sells $700 million in 5-yr notes Reuters 11-05 On 11-05 RF sold $700 million of five-year notes at a coupon rate if 7.75% at an issue price of $98.986 resulting in a yield of 8.00%. these bonds carry a Moody's rating of Baa3; an S&P rating of Triple-B; and a Fitch rating of A-minus. Ratings & Dividend Changes - November On 11-18 FNB declared a dividend of $0.12/share payable on December 15, 2009, to shareholders of record as of the close of business on December 1, 2009. On 11-18 WTNY declared a dividend of $0.01/share payable on January 4, 2010 to shareholders of record as of December 15, 2009. On 11-17 HBHC declared a dividend of $0.24/share payable December 15, 2009, to shareholders of record as of December 4, 2009. On 11-17 CATY declared a dividend of $0.01/share payable on December 8, 2009, to stockholders of record at the close of business on November 27, 2009. Hancock Holding Company's recent public offering of common stock, which raised approximately $175.5 million in gross proceeds for general corporate purposes and potential growth, was the lowest discount-to-last-sale of any public bank equity raise in the country year to date. Additionally, the discount on Hancock's offering relative to the price of the stock prior to filing was only 2.7% in a year where the average discount has been more than 12%. S&P downgrades ratings on Regions Financial MarketWatch 11-04 Standard & Poor's downgraded its counterparty credit ratings on Regions Financial to BBB/A-3 from BBB+/A-2. The outlook is negative. S&P also lowered the counterparty credit ratings on Regions Bank to BBB+/A-2 from A-/A-2. "The rating action follows our full review of Regions' asset quality, operating performance, capital position, liquidity, and business profile, among other factors," said Robert Hansen, an S&P credit analyst, in a statement. On 11-09 FBR Capital Upgraded CATY from Underperform to Market Perform. On 11-09 Morgan Keegan Downgraded ZION from Outperform to Market Perform. On 11-11 FBR Capital Upgraded CATY from Underperform to Market Perform and Morgan Keegan Downgraded ZION from Outperform to Market Perform. On 11-18 Wunderlich Upgraded BXS and HBHC from Hold to Buy. Ratings & Dividend Changes - October On 9-30 GBCI declared a dividend of $0.13/share payable on October 15, 2009, to owners of record on October 6, 2009. On 10-15 RF declared a dividend of dividend of $0.01/share, payable January 4, 2010, to stockholders of record as of December 16, 2009. On 10-19 EWBC declared a dividend of $0.01/share payable on or about November 24, 2009 to shareholders of record as of November 10, 2009. On 10-21 EWBC declared a dividend of $0.01/share payable on or about November 24, 2009 to shareholders of record on November 10, 2009. On 10-22 CFR declared a dividend of $0.43/share payable December 15, 2009 to shareholders of record on December 1, 2009. On 10-22 WABC declared a dividend of $0.35/share payable November 13, 2009 to shareholders of record at the close of business on November 2, 2009. On 10-26 BOH declared a dividend of $0.45/share payable on December 14, 2009 to shareholders of record at the close of business on November 30, 2009. On 10-26 PRSP declared an increased dividend of $0.155 [up 12.7%] payable on January 4, 2010 to all shareholders of record as of December 18, 2009. On 10-27 BOKF declared a dividend of $0.24/share payable on or about December 2, 2009 to shareholders of record as of November 16, 2009. On 10-27 UMBF declared an increased dividend of $0.185/share payable on January 4, 2010 to shareholders of record at the close of business on December 11, 2009. On 10-27 TRMK declared a dividend of $0.23/share payable December 15, 2009, to shareholders of record on December 1, 2009. On 10-20 FHN declared a stock dividend of 1.4971%. The dividend will be distributed on Jan. 1, 2010, to holders of record on Dec. 11, 2009. The dividend rate means that 14.971 new dividend shares will be distributed for every 1,000 shares held on the record date. The dividend rate was determined to provide shareholders with new shares having a value of 20 cents for each share held on the record date, based on First Horizon's volume-weighted average stock price on Oct. 15 of $13.3592 per share. On 10-01 Keefe Bruyette Upgraded EWBC from Market Perform to Outperform. On 10-08 UBS Initiated coverage of RF at Neutral. On 10-09 B. Riley Upgraded CATY from Neutral to Buy. Home Page Factoids Previous Update |