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Wall Street scales back expectations on bank earnings
Published Jan 07, 2019 12:39PM ET
© Reuters. Wall Street scales back expectations on bank earnings
- A bunch of banks get downgrades Monday as analysts warn that interest rates won't help Q4 earnings and loan loss provisions may accelerate.
- Raymond James cuts ratings on 13 banks as analysts David Long and Michael Rose lower earnings estimates for most banks across its coverage.
- They expect plenty of downward revisions to net interest margin "with rates no longer providing such a benefit to asset yields, and deposit betas continuing to rise" as well as slowing loan growth and increasing loan loss provisions.
- The firm cut ratings on: Business First (BFST -0.5%), Hancock Whitney (HWC +0.3%), and Independent Bank (IBTX -0.8%) to outperform from strong; First Horizon (FHN +0.9%), First Midwest (FMBI -0.1%), First Republic (FRC +0.1%), Hanmi Financial (HAFC -0.5%), LegacyTexas Financial (LTXB -0.1%), Towne Bank (TOWN -0.4%), United Community Banks (UCBI +0.2%), and UMB Financial (UMBF +0.3%) to market perform from outperform; Associated Banc-Corp (ASB -0.1%) and Trustmark (TRMK -0.6%) to underperform from market perform.
- Macquarie analyst David Konrad cut Bank of America (BAC +0.2%) to neutral; he upgraded Citigroup (C +1.4%) to outperform.
- Goldman's Richard Ramsden downgrades PNC Financial Services Group (PNC +0.3%) to neutral and Evercore (EVR -0.8%) to sell.
- ETFs: XLF, FAS, FAZ, KRE, VFH, KBE, UYG, FNCL, IYF, BTO, IAT, IYG, KBWB, RYF, QABA, KBWR, FXO, SEF-OLD, FINU, DPST, RWW-OLD, FINZ, WDRW, JHMF, FTXO
- Now read: Bank Of America Has A Story To Tell
Original article
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