Business Banking – Game Towne http://gametowne.com/ Fri, 14 Jan 2022 14:14:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://gametowne.com/wp-content/uploads/2021/06/icon-6-150x150.png Business Banking – Game Towne http://gametowne.com/ 32 32 JPMorgan beats earnings estimates as deal boom dampens trade decline https://gametowne.com/jpmorgan-beats-earnings-estimates-as-deal-boom-dampens-trade-decline/ Fri, 14 Jan 2022 13:45:00 +0000 https://gametowne.com/jpmorgan-beats-earnings-estimates-as-deal-boom-dampens-trade-decline/ A view of the exterior of the JP Morgan Chase & Co. headquarters in New York May 20, 2015. REUTERS/Mike Segar Join now for FREE unlimited access to Reuters.com Register Jan 14 (Reuters) – JPMorgan Chase & Co (JPM.N) on Friday reported a 14% drop in fourth-quarter profit due to a slowdown in its trading […]]]>

A view of the exterior of the JP Morgan Chase & Co. headquarters in New York May 20, 2015. REUTERS/Mike Segar

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Jan 14 (Reuters) – JPMorgan Chase & Co (JPM.N) on Friday reported a 14% drop in fourth-quarter profit due to a slowdown in its trading arm, but a stellar performance from its financial banking unit investment helped the lender pass analysts’ estimates.

The nation’s largest bank, whose fortunes are often seen as a barometer of the health of the US economy, saw trading revenue – a major profit driver in 2020 – fall 13%, while revenue from investment banking jumped 28% on a bumper year for deals.

Loan growth, the bank’s core business, also increased by 6% amid an economic recovery, while net interest income on loans and investments in Treasury securities increased by 3%.

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Shares of JPMorgan, up 6% this year, slipped 3% in trading before the opening bell on Friday as investors worried about rising spending. During the quarter, non-interest expense jumped 11% to nearly $18 billion, largely due to higher employee compensation.

Over the past year, major U.S. lenders have benefited from higher consumer spending and increased transactions thanks to accommodative monetary policy, while their trading arms have benefited from exceptional financial market volatility. .

However, soaring inflation, a potential Omicron-induced economic slowdown and a return to normal levels of trading income are expected to challenge growth in the banking sector in the months ahead.

“The economy continues to do well despite headwinds from the Omicron variant, inflation and supply chain bottlenecks,” JPMorgan chief executive Jamie Dimon said.

“We remain bullish on U.S. economic growth as the business climate is upbeat and consumers are benefiting from job and wage growth.”

The trade deficit in the fourth quarter was cushioned by another strong performance from its investment bank, as global M&A activity hit all-time highs in 2021 and pushed investment banking fees to an all-time high in the first semester.

Much of the boom was driven by big financial sponsors and cash-strapped companies that went on a trading spree amid record highs in their stocks.

During the quarter, JPMorgan maintained its position as the world’s second-largest M&A advisory provider after Goldman Sachs, according to Refinitiv. The league tables rank financial services firms by the amount of merger and acquisition fees they generate.

RECORD BENEFITS

Overall, the lender posted a profit of $10.4 billion, or $3.33 per share, in the quarter ended Dec. 31. Analysts had estimated earnings of $3.01 per share, according to Refinitiv data.

Revenue was nearly flat at $30.3 billion. The bank’s earnings were also supported by reserve releases of $1.8 billion.

For the year as a whole, it posted record profits and revenues, largely helped by reserve drawdowns.

During the quarter, JPMorgan withdrew more funds than it had set aside at the height of the pandemic in anticipation of an expected wave of defaults.

But that didn’t happen, thanks to consumer-friendly monetary policy and government stimulus that boosted consumer spending, allowing banks to release billions from their loan loss reserve.

Fixed income trading revenue fell 16% to $3.3 billion, while equity market revenue fell 2% to $2 billion.

Its personal and commercial banking unit reported revenue growth of 7%, driven by higher asset management fees and growth in the number of customer transactions. Like other major lenders, JPMorgan should benefit from further interest rate hikes over the next few quarters.

Citigroup (CN) will release its results later Friday. Wells Fargo & Co on Friday reported an 86% increase in fourth-quarter profit, buoyed by gains from the sale of its trust and asset management businesses. Read more

Goldman Sachs (GS.N), Wall Street’s premier investment bank, will report results on Tuesday, while Morgan Stanley and Bank of America will close the earnings season on Wednesday.

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Reporting by Anirban Sen in Bengaluru and Matt Scuffham in New York; Editing by Saumyadeb Chakrabarty

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Credit Suisse is recruiting investment banking advisory directors in Great Britain and France https://gametowne.com/credit-suisse-is-recruiting-investment-banking-advisory-directors-in-great-britain-and-france/ Wed, 12 Jan 2022 17:05:00 +0000 https://gametowne.com/credit-suisse-is-recruiting-investment-banking-advisory-directors-in-great-britain-and-france/ A man walks into the Credit Suisse offices in the Manhattan neighborhood of New York, United States on July 5, 2016. REUTERS / Brendan McDermid Register now for FREE and unlimited access to Reuters.com Register ZURICH, Jan. 12 (Reuters) – Credit Suisse (CSGN.S) has appointed the heads of its new investment banking advisory in Britain […]]]>

A man walks into the Credit Suisse offices in the Manhattan neighborhood of New York, United States on July 5, 2016. REUTERS / Brendan McDermid

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ZURICH, Jan. 12 (Reuters) – Credit Suisse (CSGN.S) has appointed the heads of its new investment banking advisory in Britain and France, the bank said on Tuesday, an activity the lender aims to boost as part of a broader restructuring announced in November.

Oliver Tucker will join the bank as head of its investment banking advisory in Britain from Thursday, a spokesperson told Reuters, while Philippe Guez took the equivalent post in France earlier in January .

Switzerland’s second-largest lender in November announced a restructuring that involved cutting its investment bank and shutting down its blue-chip brokerage business – part of the division accused of racking up $ 5.5 billion in losses when one customer defaulted in March.

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As part of the overhaul, the group said it would focus more resources within the investment bank on advisory services to entrepreneurs and ultra-wealthy clients of its flagship wealth management business.

The investment banking advisory business (IBA) was launched in summer 2020 to strengthen these services, with a focus on advising and executing smaller transactions than those typically handled by a bank. investment.

Tucker and Guez will report to IBA European co-directors Stefan Gratzer and Vincenzo De Falco.

Tucker will join Credit Suisse from Nomura, where he was managing director of the UK investment banking team, the bank said, while Guez joined Atlas Financial Solutions, where he was an advisory partner. independent in mergers and acquisitions.

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Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan

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Texas Capital Launches Broker, Hopes To Double Team In 12-18 Months https://gametowne.com/texas-capital-launches-broker-hopes-to-double-team-in-12-18-months/ Mon, 10 Jan 2022 22:17:25 +0000 https://gametowne.com/texas-capital-launches-broker-hopes-to-double-team-in-12-18-months/ Texas Capital Bancshares takes another step forward in its journey to become the largest full-service financial company in Texas. The parent company of Texas Capital Bank on Monday launched Texas Capital Securities, its affiliate brokerage, which will help it generate commission-based income and profits. TCS will provide M&A advisory, capital raising, underwriting, sales and trading […]]]>

Texas Capital Bancshares takes another step forward in its journey to become the largest full-service financial company in Texas.

The parent company of Texas Capital Bank on Monday launched Texas Capital Securities, its affiliate brokerage, which will help it generate commission-based income and profits. TCS will provide M&A advisory, capital raising, underwriting, sales and trading and hedging services to its clients.

Daniel Hoverman was appointed head of investment banking at Texas Capital Bank on September 1.

The Dallas-based bank first announced plans to form an investment banking division and appoint Daniel Hoverman as managing partner and chairman of Texas Capital Securities in a strategic update call on September 1st. At the time, Texas Capital’s application was on hold with the Financial Sector Regulatory Authority.

As part of its updated strategic plan, Texas Capital said Commissions from investment banking, treasury management and wealth management are expected to increase from 11% of revenue in 2020 to 15-20% of revenue in 2025.

The investment banking team now consists of around 40 people, Hoverman said. It hopes to double its size over the next 12-18 months and sees TCS as laying the foundation for a full-service investment banking platform.

“This growth will come from an extension of products and services to sales and commerce and to more market oriented capabilities,” he said. “We are building a trading room [at the office]. “

Hoverman, who holds a bachelor’s degree from Yale University and degrees in law and commerce from Columbia University, has over 20 years of experience in investment banking, corporate advisory and capital markets. capital. Most recently, he was Managing Director, responsible for business advice and sponsor coverage at Regions Bank in Dallas.

Hoverman said he has noticed that a number of the bank’s clients need advice on topics such as the trading market, even if they don’t sell their business next year. He wants the bank to have the insight and ability to meet a client’s needs at all times, he said.

“It is clear that there has been a very active environment for [mergers and acquisitions] and capital market activity, but the past two years have been largely unpredictable, ”he said. “But products aside, what we see all the time is the desire for high quality, sound advice. “

Texas Capital has more than $ 36 billion in assets and more than 1,800 employees.

Former JPMorgan Chase senior executive Rob Holmes joined the bank in January 2021 as the new CEO and changed a number of senior positions as he works to grow the bank into a full-service business.

Holmes has recruited several former executives from JPMorgan, most recently Jay Clingman, who heads TCB’s commercial banking division after more than 30 years at JPMorgan, most recently leading an intermediary banking team in North Texas and the United States. Oklahoma.

Nearly 500 Texas banks are vying for their territory in the business-friendly state that is attracting record numbers of people and businesses.  (Illustration by artist Michael Hogue)
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Westpac Banking (NYSE: WBK) stock rating improved by Zacks Investment Research https://gametowne.com/westpac-banking-nyse-wbk-stock-rating-improved-by-zacks-investment-research/ Sat, 08 Jan 2022 20:07:44 +0000 https://gametowne.com/westpac-banking-nyse-wbk-stock-rating-improved-by-zacks-investment-research/ Westpac Bank (NYSE: WBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “conservation” rating in a research note issued to investors on Friday, Zacks.com reports. According to Zacks, “Westpac Banking Corp. provides a wide range of banking and financial services. The company provides general banking services to retail, commercial and […]]]>

Westpac Bank (NYSE: WBK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “conservation” rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Westpac Banking Corp. provides a wide range of banking and financial services. The company provides general banking services to retail, commercial and institutional clients and provides investment and insurance management. For institutional and international clients, Westpac provides working capital loans, trade finance, foreign exchange loans, leveraged leasing, project finance loans, and interest rate and foreign exchange products. “

Several other analysts have also weighed on the company recently. The Goldman Sachs group upgraded Westpac Banking from a “buy” rating to a “neutral” rating in a report released on Monday, November 1. Credit Suisse Group downgraded Westpac Banking from an “outperforming” rating to a “neutral” rating in a report published on Monday 1 November. Five research analysts rated the stock with a conservation rating. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $ 23.00.

NYSE: WBK lost $ 0.02 at midday Friday, hitting $ 15.52. 4,140 shares were traded, for an average volume of 420,216. The company’s 50-day simple moving average is $ 15.70 and its 200-day simple moving average is $ 17.76. The company has a debt to equity ratio of 2.19, a quick ratio of 1.16, and a current ratio of 1.16. Westpac Banking has a fifty-two week minimum of $ 14.09 and a fifty-two week maximum of $ 20.82.

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A number of hedge funds and other institutional investors have recently changed their positions in WBK. OLD Mission Capital LLC increased its stake in the shares of Westpac Banking by 158.2% in the 3rd quarter. OLD Mission Capital LLC now owns 176,595 shares of the bank valued at $ 2,126,000 after purchasing an additional 108,200 shares in the last quarter. The New York State Common Retirement Fund purchased a new stake in Westpac Banking during the second quarter for a value of $ 155,000. Envestnet Asset Management Inc. increased its position in Westpac Banking shares by 46.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 59,909 shares of the bank valued at $ 1,157,000 after purchasing an additional 19,059 shares in the last quarter. American Century Companies Inc. increased its position in Westpac Banking shares by 40.6% in the second quarter. American Century Companies Inc. now owns 123,311 shares of the bank valued at $ 2,382,000 after purchasing an additional 35,633 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Westpac Banking shares by 1.4% in the second quarter. PNC Financial Services Group Inc. now owns 68,704 shares of the bank valued at $ 1,327,000 after purchasing an additional 921 shares during the last quarter. 0.52% of the shares are held by hedge funds and other institutional investors.

About Westpac Banking

Westpac Banking Corp. provides banking and financial services. It operates through the following segments: Consumer Bank, Business Bank, BT Financial Group (Australia), Westpac Institutional Bank, Westpac New Zealand and Group Businesses. The Consumer Bank segment covers consumer banking products and services under Westpac, St.

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McCord retires to Siloam Springs after 40 years in banking https://gametowne.com/mccord-retires-to-siloam-springs-after-40-years-in-banking/ Fri, 07 Jan 2022 07:03:29 +0000 https://gametowne.com/mccord-retires-to-siloam-springs-after-40-years-in-banking/ SILOAM SPRINGS – Tim McCord began his career in banking on January 4, 1982, and he ended his career exactly 40 years later. McCord’s last day at Generations Bank was Tuesday, he said. A retirement party was held on Monday at the Torres family barn. McCord said he grew up in Blackwell, Oklahoma. He studied […]]]>

SILOAM SPRINGS – Tim McCord began his career in banking on January 4, 1982, and he ended his career exactly 40 years later.

McCord’s last day at Generations Bank was Tuesday, he said. A retirement party was held on Monday at the Torres family barn.

McCord said he grew up in Blackwell, Oklahoma. He studied at Central State University (now the University of Central Oklahoma). He first majored in computer science and math, but changed his focus to business.

While at Central State University, McCord served in the Student Senate. McCord said it was this service that helped him land his first job at First National Bank in Oklahoma City.

David Jones, who hired McCord, was also part of the student government at Oklahoma State University. Jones was in graduate school at Central State University where he read about McCord in the student newspaper and remembered him when McCord applied for a job at First National.

McCord was the first person hired at First National who did not have a degree from the University of Oklahoma or OSU.

Bank failures and new position

The two best offers McCord received came from First National and The Western Co., an oil company, he said. McCord said he tried the bank because the hours were better.

McCord was hired as a financial systems analyst for a new department made up of financial analysts and computer programmers.

“It was a precursor to data mining,” McCord said. “This is where I learned financial modeling. We used a program called VisiCalc on an Apple 2C.”

The VisiCalc program was a precursor to Excel and was the first such computer in banking, McCord said.

It was a fortuitous move because six months after McCord began working at First National, the oil crisis occurred on July 4, 1982, he said.

Moving to Siloam Springs

In 1986, Oklahoma City’s First National Bank went bankrupt, McCord said. Shortly before the bank failed, McCord embarked on commercial lending, he said.

“Since the problem was regional and all of the lenders jumped ship and left town,” McCord said. “They were advocating for hot bodies. I was able to make the switch. I wanted to have a loan experience.”

After a year, the McCords wanted to return to the community and leave the Oklahoma City area, he said.

McCord said he made a list of the perfect place to live with amenities like a university, a diverse economy, a lake and it was pretty. Siloam Springs offered everything McCord was looking for except a lake, but there were lakes around, so the family decided to move, he said.

Another reason for the move was that McCord wanted a community that would give him the opportunity to volunteer.

“When you’re in a big city market and working in a bank, local chambers and organizations only attract high-level agents to the bank,” McCord said. “You come to Siloam Springs, and they invite everyone to contribute and make a difference in the community.”

McCord started at Arkansas State Bank in 1987, he said.

McCord remembers that when Fridays rolled around and Allen Canning Co. and Simmons Foods employees walked in over lunch to cash or deposit checks, everyone, including McCord and the president of the bank, would organize lines. counter to process these payments.

Around 2004, the Arkansas State Bank was sold to Liberty Bank, McCord said. He worked there for about a year as a branch manager at Siloam Springs before deciding to move on.

“At one point, the bank owner wanted to look young and pretty on the front desk,” McCord said. “So the person who had the most impact was someone who was not young. This requirement made me decide it was time to make a change.”

At that time, Signature Bank wanted to establish a branch in Siloam Springs, so McCord went to work there with Steve Wilmott and Beverly Lesgarde.

During the Great Recession, Signature Bank had to shrink and sell branches of Rogers and Siloam Springs to Generations Bank, which held shares of Signature Bank, McCord said.

Generations Bank has focused more on family businesses than publicly traded companies, he said.

Memoirs of a Banker

Asked about some of his most memorable moments in his career, McCord spoke of ups and downs. When First National failed, McCord recalled spending sleepless nights offering packages to attract capital.

“On the financial systems side, we generated scenarios about the bank’s survival,” McCord said.

McCord said he remembers people in costume from the Federal Deposit Insurance Corp. coming to examine the bank’s documents.

Another momentous moment in McCord’s career was the year 2000, he said. McCord was one of the few who owned a computer, so he was appointed IT director.

As part of a committee where the community was assessing the risks, McCord met in the house of city and utility representatives and discussed the situation. Everyone compared the ratings and came to the conclusion that everything would be fine, McCord said.

The year 2000 was supposed to cause serious computer problems, and some experts said it could cause problems for the economy when January 1, 2000 arrived. McCord said any upgrades made to computer systems around this time were enough to ensure there wouldn’t be any issues.

One of the things McCord struggled with was government regulations, he said. McCord spent some time as a compliance officer and said government regulations made the job difficult.

“It’s got to the point where the government wants to tell you who to lend and who not to lend,” McCord said. “What was meant to protect the consumer now takes forever to go through the process. “

Volunteering

McCord is a long-time volunteer for a number of different organizations.

McCord currently volunteers on the boards of the Choices Pregnancy Center, the Siloam Springs Regional Hospital Board of Directors, the Siloam Springs Public Schools Foundation, the Roy Chesney Fund and the Siloam Springs Public Facilities Board. , did he declare.

McCord is currently chairman of the board of the Choices Pregnancy Center, the hospital board of directors and the Roy Chesney Fund, he said.

Asked about the future, McCord said he was not sure but had some ideas. One of the things McCord said he wants to do is write a blog on business loans.

He also intends to continue volunteering, but perhaps not as strongly as before.

“It’s good when you can choose what you want to spend time with and not have to come to the office,” McCord said.

Marc Hayot / Herald-Leader Tim McCord stands proudly on the eve of his retirement from banking after 40 years. McCord started his career in Oklahoma City and eventually moved to Siloam Springs where he helped Generations Bank as well as the city itself grow.


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Cadence Bancorporation (NYSE: CADE) Given the consensus recommendation of “Buy” by brokerage firms https://gametowne.com/cadence-bancorporation-nyse-cade-given-the-consensus-recommendation-of-buy-by-brokerage-firms/ Wed, 05 Jan 2022 14:14:57 +0000 https://gametowne.com/cadence-bancorporation-nyse-cade-given-the-consensus-recommendation-of-buy-by-brokerage-firms/ Shares of Cadence Bancorporation (NYSE: CADE) have received a consensus recommendation to “Buy” by the ten analysts who cover the stock, reports Marketbeat. Four investment analysts rated the stock with a hold recommendation, four gave the company a buy recommendation and one gave the company a strong buy recommendation. The 1-year average target price among […]]]>

Shares of Cadence Bancorporation (NYSE: CADE) have received a consensus recommendation to “Buy” by the ten analysts who cover the stock, reports Marketbeat. Four investment analysts rated the stock with a hold recommendation, four gave the company a buy recommendation and one gave the company a strong buy recommendation. The 1-year average target price among brokerage firms that hedged the security in the past year is $ 30.25.

Several research firms have recently published reports on CADE. Piper Sandler downgraded Cadence Bancorporation shares from a “neutral” to an “overweight” rating and raised the target share price from $ 34.00 to $ 40.00 in a research note on Thursday November 4. Janney Montgomery Scott upgraded Cadence Bancorporation shares from a “neutral” to a “buy” rating and set a price target of $ 35 for the company in a research report released on Thursday, December 9. Truist began covering the shares of Cadence Bancorporation in a research report on Monday, November 1. They set a “buy” rating and a price target of $ 35 for the company. Finally, Zacks Investment Research upgraded Cadence Bancorporation shares from a “hold” rating to a “buy” rating and set a price target of $ 33.00 for the company in a research report released on Wednesday, December 29. .

Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. American Century Companies Inc. increased its stake in Cadence Bancorporation by 104.4% during the second quarter. American Century Companies Inc. now owns 160,707 shares of the company valued at $ 3,356,000 after purchasing an additional 82,081 shares during the last quarter. Credit Suisse AG increased its stake in Cadence Bancorporation by 58.4% in the second quarter. Credit Suisse AG now owns 260,057 shares of the company valued at $ 5,414,000 after purchasing an additional 95,925 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Cadence Bancorporation shares in the second quarter valued at $ 42,000. Squarepoint Ops LLC acquired a new position in Cadence Bancorporation shares in the 2nd quarter valued at $ 597,000. Finally, Clearbridge Investments LLC increased its stake in Cadence Bancorporation by 296.9% in the 2nd quarter. Clearbridge Investments LLC now owns 794,522 shares of the company valued at $ 16,590,000 after purchasing an additional 594,342 shares in the last quarter. 91.97% of the shares are currently held by institutional investors.

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NYSE: CADE opened at $ 31.31 on Wednesday. Cadence Bancorporation has a one-year minimum of $ 27.25 and a one-year maximum of $ 32.12. The company has a debt to equity ratio of 0.11, a quick ratio of 0.63, and a current ratio of 0.64. The company has a market cap of $ 3.40 billion, a price-to-earnings ratio of 11.34 and a beta of 1.12. The company’s fifty-day moving average is $ 29.78 and its two-hundred-day moving average is $ 23.99.

Cadence Bancorporation (NYSE: CADE) last released its results on Sunday, October 24. The company reported earnings per share (EPS) of $ 0.67 for the quarter, beating the consensus estimate of $ 0.50 by $ 0.17. Cadence Bancorporation had a net margin of 26.11% and a return on equity of 11.45%. The company posted revenue of $ 182.48 million for the quarter, compared to analysts’ estimates of $ 180.26 million. During the same period of the previous year, the company posted EPS of $ 0.40. The company’s revenue for the quarter was down 2.5% year-on-year. As a group, equity research analysts expect Cadence Bancorporation to post earnings per share of 2.48 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 3. Shareholders of record on Wednesday, December 15 received a dividend of $ 0.20 per share. The ex-dividend date was Tuesday, December 14. This represents a dividend of $ 0.80 on an annualized basis and a return of 2.56%. This is a positive change from Cadence Bancorporation’s previous quarterly dividend of $ 0.16. Cadence Bancorporation’s payout ratio is 28.99%.

Cadence Bancorporation Company Profile

Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and commercial banking, cash management, loans, asset loans, commercial real estate, equipment financing, related banking services, SBA loans, foreign exchange, wealth management, investment and trust services, financial planning, pension management and personal insurance and commercial.

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Analyst Recommendations for Cadence Bancorporation (NYSE: CADE)

This instant news alert was powered by storytelling technology and financial data from MarketBeat to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team before publication. Please send any questions or comments about this story to [email protected]

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Three digital trends that will shake up the bank in 2022 https://gametowne.com/three-digital-trends-that-will-shake-up-the-bank-in-2022/ Mon, 03 Jan 2022 15:53:56 +0000 https://gametowne.com/three-digital-trends-that-will-shake-up-the-bank-in-2022/ Our banking trends to watch report describes three digital transformations this will upset the bank. Here’s a look at three big trends that will rock the banking industry in the New Year. Insider Intelligence publishes hundreds of banking industry research reports, charts, and forecasts. Learn more about how to become a customer. What we noticed: […]]]>
  • Our banking trends to watch report describes three digital transformations this will upset the bank.
  • Here’s a look at three big trends that will rock the banking industry in the New Year.
  • Insider Intelligence publishes hundreds of banking industry research reports, charts, and forecasts. Learn more about how to become a customer.

What we noticed: Insider Intelligence Banking Trends To Watch 2022 Report identifiesthree key areas of digital transformation that will further disrupt the


banking industry

in the new year.

providers that U.S. bank users would trust


Insider Information


What 2021 developments portend 2022 changes? The incumbent operators and digital challengers have focused on improving personalized offers for their customers.

Meanwhile, big tech companies have gained a foothold in integrated finance through payments and could potentially venture into banking.

Finally, Western financial institutions are poised to offer consumers super apps like those popularized in the Asia-Pacific region, which will offer a wider product line than was previously available.

What does this mean for 2022? Here’s a look at three big trends that will rock the banking industry in the New Year:

Big tech companies have used integrated finance, via payments, as an “access” to financial services. This gateway allows non-financial companies to offer financial products and services to their own clients.

  • Tech companies are now well established in payments: Apple Pay and Google Pay have respective market shares of 43.4% and 25.0% in proximity mobile payments, a market of nearly $ 247 billion.
  • Venture capital firms invested nearly three times as much in embedded finance companies in 2021 than in 2020, per PitchBook.
  • Big tech companies are also expected to show continued interest in banking services, despite Google’s decision to unplug Plex. However, they will likely attempt to do so by partnering with established financial institutions (FIs).

Meanwhile, hyper-personalization is gaining ground in banking and wealth management. This includes:

  • The emergence of niche FIs like Daylight, which caters to LGBT clients.
  • Incumbents operating AI-based services to deliver tailored experiences to their customers. Examples include Erica from Bank of America and digital assistant from Chase.
  • Unmet demand among aspiring affluent consumers. They are at an impasse: their financial needs must be met, but they have not accumulated enough funds to work with advisers.

Finally, Western consumers are getting closer to the accumulation of super apps, which are digital platforms that conveniently bundle a wide range of services.

  • This operating model is already available in the Asia-Pacific region through the companies Ant Group and Tencent.
  • Super apps allow users to avoid decision-making overhead from separately available services. A Deloitte study for the United States found that about a third of consumers feel overwhelmed by the amount of options available to them.
  • PayPal and Revolut are among the most likely to roll out super apps in 2022 that will break through with consumers, but they’ll need to add even more functionality if they want their products to reach as far as their Asian counterparts. Another great potential app to watch out for is Block’s Cash App Pay.

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Analysts expect Canadian Imperial Bank of Commerce (NYSE: CM) to post earnings of $ 2.78 per share https://gametowne.com/analysts-expect-canadian-imperial-bank-of-commerce-nyse-cm-to-post-earnings-of-2-78-per-share/ Sat, 01 Jan 2022 19:15:14 +0000 https://gametowne.com/analysts-expect-canadian-imperial-bank-of-commerce-nyse-cm-to-post-earnings-of-2-78-per-share/ Analysts expect the Canadian Imperial Bank of Commerce (NYSE: CM) (TSE: CM) to report earnings per share (EPS) of $ 2.78 for the current quarter, according to Zacks Investment Research. Zero analysts have provided earnings estimates for the Canadian Imperial Bank of Commerce. The lowest EPS estimate is $ 2.65 and the highest is $ […]]]>

Analysts expect the Canadian Imperial Bank of Commerce (NYSE: CM) (TSE: CM) to report earnings per share (EPS) of $ 2.78 for the current quarter, according to Zacks Investment Research. Zero analysts have provided earnings estimates for the Canadian Imperial Bank of Commerce. The lowest EPS estimate is $ 2.65 and the highest is $ 2.88. The Canadian Imperial Bank of Commerce also reported earnings of $ 2.78 per share for the same quarter last year. The company is expected to announce its next quarterly earnings report on Thursday, February 24.

According to Zacks, analysts expect the Canadian Imperial Bank of Commerce to report annual earnings of $ 11.28 per share for the current year, with EPS estimates ranging from $ 10.64 to $ 11.93. For the next fiscal year, analysts predict the company will post earnings of $ 11.63 per share, with EPS estimates ranging from $ 11.30 to $ 12.06. Zacks Investment Research’s earnings per share calculations are an average based on a survey of seller-side research companies that provide coverage to the Canadian Imperial Bank of Commerce.

The Canadian Imperial Bank of Commerce (NYSE: CM) (TSE: CM) last reported its results on Thursday, December 2. The bank reported earnings of $ 3.37 per share for the quarter, beating the Thomson Reuters consensus estimate of $ 2.80 per $ 0.57. The Canadian Imperial Bank of Commerce had a return on equity of 16.57% and a net margin of 27.61%. The company posted revenue of $ 5.06 billion in the quarter, compared to $ 5.10 billion expected by analysts. In the same quarter of last year, the company posted earnings per share of $ 2.79. The company’s quarterly revenue grew 10.1% year-over-year.

(A d)

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CM has been the subject of a number of recent analyst reports. CIBC lowered its price target on Canadian Imperial Bank of Commerce from C $ 168.00 to C $ 165 and established an “outperformance” rating for the company in a research report released on Friday, December 3. Zacks Investment Research downgraded the Canadian Imperial Bank of Commerce from a “custody” rating to a “buy” rating and set a price target of $ 122.00 for the company in a research note on Monday. December 6. Royal Bank of Canada increased its price target on Canadian Imperial Bank of Commerce from $ 158.00 to $ 169.00 and assigned the stock an “outperformance” rating in a research note on Friday, December 3. . Finally, Canaccord Genuity lowered its price target on Canadian Imperial Bank of Commerce from $ 163.00 to $ 161.00 and established a “buy” rating for the company in a research note on Friday, December 3. Two analysts rated the stock with a conservation rating and nine issued a buy rating for the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $ 157.70.

A number of institutional investors and hedge funds have recently increased or reduced their holdings in CM. Natixis Advisors LP increased its holdings of Canadian Imperial Bank of Commerce shares by 6.6% during the second quarter. Natixis Advisors LP now owns 18,725 shares of the bank valued at $ 2,132,000 after purchasing 1,153 additional shares during the last quarter. JPMorgan Chase & Co. increased its holdings of Canadian Imperial Bank of Commerce shares by 3.3% in the second quarter. JPMorgan Chase & Co. now owns 2,089,237 shares of the bank valued at $ 237,881,000 after purchasing an additional 67,502 shares in the last quarter. Cidel Asset Management Inc. increased its holdings of Canadian Imperial Bank of Commerce shares by 15.4% during the second quarter. Cidel Asset Management Inc. now owns 565,107 shares of the bank valued at $ 64,396,000 after purchasing an additional 75,492 shares during the last quarter. Advisory Services Network LLC increased its holdings of Canadian Imperial Bank of Commerce shares by 9.1% in the second quarter. Advisory Services Network LLC now owns 11,278 shares of the bank valued at $ 1,284,000 after purchasing an additional 945 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings of Canadian Imperial Bank of Commerce shares by 6.8% during the second quarter. Quadrant Capital Group LLC now owns 2,014 shares of the bank valued at $ 229,000 after purchasing 128 additional shares in the last quarter. 42.89% of the shares are currently held by hedge funds and other institutional investors.

NYSE: CM shares traded up $ 0.85 on Friday at noon, reaching $ 116.56. The company had a trading volume of 306,205 shares, compared to its average volume of 490,243. The company has a leverage ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.03. . The Canadian Imperial Bank of Commerce has a one-year minimum at $ 83.93 and a one-year maximum at $ 123.13. The company has a market cap of $ 52.55 billion, a price / earnings ratio of 10.52, a price / earnings-growth ratio of 2.66, and a beta of 1.12. The company has a fifty-day simple moving average of $ 116.15 and a two-hundred-day simple moving average of $ 115.92.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 28. Shareholders of record on Wednesday, December 29 will receive a dividend of $ 1.26. The ex-dividend date is Tuesday, December 28. This represents a dividend of $ 5.04 on an annualized basis and a return of 4.32%. This is a positive change from the previous quarterly dividend of $ 1.16 from the Canadian Imperial Bank of Commerce. The dividend payout ratio (DPR) of the Canadian Imperial Bank of Commerce is 45.49%.

Canadian Imperial Bank of Commerce Corporate Profile

The Canadian Imperial Bank of Commerce is a financial institution that provides banking and wealth management services. It operates in the following segments: Personal and Small Business Banking in Canada, Commercial Banking in Canada and Wealth Management, Commercial Banking and Wealth Management in the United States, Capital Markets and Corporate and Others.

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Canadian Imperial Bank of Commerce (NYSE: CM) Profit History and Estimates

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JPMorgan and Citi employees to start 2022 with remote working as Covid-19 cases increase https://gametowne.com/jpmorgan-and-citi-employees-to-start-2022-with-remote-working-as-covid-19-cases-increase/ Fri, 31 Dec 2021 00:32:02 +0000 https://gametowne.com/jpmorgan-and-citi-employees-to-start-2022-with-remote-working-as-covid-19-cases-increase/ NEW YORK (BLOOMBERG) – JPMorgan Chase & Co, one of Wall Street’s strongest advocates of the return to Manhattan skyscrapers, is offering employees the opportunity to work from home in the first weeks of 2022, and Citigroup is encouraging staff to connect remotely, as more financial firms grapple with the latest wave of Covid-19 infections. […]]]>

NEW YORK (BLOOMBERG) – JPMorgan Chase & Co, one of Wall Street’s strongest advocates of the return to Manhattan skyscrapers, is offering employees the opportunity to work from home in the first weeks of 2022, and Citigroup is encouraging staff to connect remotely, as more financial firms grapple with the latest wave of Covid-19 infections.

“We are not changing our long-term office work plans,” JPMorgan told staff in a note Thursday (Dec. 30). “However, with the increase in vacation travel and gatherings, we are allowing more flexibility during the first two weeks of January to work from home (if your role permits) at the discretion of your manager.”

Employees are expected to return to work schedules by Feb. 1, JPMorgan said.

Citigroup was already among other major U.S. banks that have relaxed their workplace policies in recent weeks, urging staff in the New York metro area to work remotely during the holidays.

Now, “we ask that you work from home during the first few weeks of the New Year if you are able to do so,” the bank wrote in a note to employees on Thursday. “We will continue to monitor the data and provide an update in January on when we expect to be back in the office.”

The New York City area has been hit hard by the increase in infections this winter, raising concerns about what will happen in office towers and schools after families return from gatherings or vacations in the coming days. . This has forced a number of banks to revise their staffing strategies in recent weeks, most of them relaxing mandates to visit buildings.

Jefferies Financial Group asked staff earlier this month to work remotely and get a vaccine booster by the end of January. Morgan Stanley has told employees who have to be in the office for the first two weeks of January to limit large in-person meetings and wear face covers when not at their desks.

And earlier this week, the Goldman Sachs group – which like JPMorgan had demanded that U.S. employees return to their offices in mid-2021 – told staff it would impose booster vaccinations and double tests, even if he stuck to his office work. plans.


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Standard Chartered launches bank branch https://gametowne.com/standard-chartered-launches-bank-branch/ Wed, 29 Dec 2021 13:48:14 +0000 https://gametowne.com/standard-chartered-launches-bank-branch/ Standard Chartered launched its agent banking service as part of its digital banking proposition to customers. Speaking at the signing ceremony in Lagos, Standard Chartered Bank Nigeria Limited’s Head of Personal, Personal and Business Banking Services, David Idoro, said: Our presence in retail banking in Nigeria. “We believe that one of the main means of […]]]>

Standard Chartered launched its agent banking service as part of its digital banking proposition to customers.

Speaking at the signing ceremony in Lagos, Standard Chartered Bank Nigeria Limited’s Head of Personal, Personal and Business Banking Services, David Idoro, said: Our presence in retail banking in Nigeria.

“We believe that one of the main means of achieving financial inclusion, in line with the National Strategic Goals of the Central Bank of Nigeria (CBN), is to provide basic banking services in locations as close as possible to our customers and the general public. Our branch banking service is designed to improve livelihoods while providing convenient and reliable services to clients.

Adeyinka Shorungbe, Head of Digital Banking, added that at all Standard Chartered Bank Agent locations, its customers and the general public will be able to perform basic banking services such as cash withdrawals, deposits, transfers and also open a Standard Chartered bank account in a safe deposit box. and secure environment.

Emphasizing that this is why the bank is partnering with companies and organizations with a distribution network to provide world-class branch banking services directly to customers in their neighborhood, he added. , one of these partnerships is with Petrocam Trading Nigeria Limited.

In the future, you will be able to perform basic banking services at all Petrocam gas stations, he said.

Petrocam Chief Executive Officer Patrick Ilo noted that Petrocam has built a brand and reputation that values ​​the communities in which it operates and forms a synergy with them.

He added that his gas stations not only sell petroleum products, but also provide a range of services and support to our host communities, adding that this was the reason he was thrilled with the partnership with Standard Chartered Bank. to provide community agency banking services to its clients. , this will still have a positive impact on their lives.


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