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August 6, 2014
06:24 EDTAF, WTFC, OFG, FBP, BKU, WBS, NYCB, CYN, ALLY, VLY, ISBC, BPOPDeutsche Bank to hold a conference
Summer Bank 1:1 Conference to be held in Boston on August 6.
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January 22, 2015
10:01 EDTWBSWebster Financial upgraded to Buy from Hold at Sandler O'Neill
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09:16 EDTCYNOn The Fly: Pre-market Movers
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08:14 EDTBPOPPopular reports Q4 EPS 50c, consensus 58c
Reports Q4 EPS for continuing operations of 41c and from discontinued operations of 9c. Reports Q4 adjusted net income of $80.8M. Reports Q4 adjusted net interest margin of 4.70% vs. 4.64% in Q3. Reports Common Equity Tier 1 ratio of 15.92% and tangible book value per share of $35.93 at December 31, 2014. Reports Q4 provision for loan losses on non-covered loans of $51.64M and a reversal of provision for loan losses on covered loans of $3.65M.
08:03 EDTCYNRoyal Bank of Canada to host conference call
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07:37 EDTWBSWebster Financial reports Q4 EPS 53c, consensus 53c
Reports Q4 revenue core revenue up 4.3% to $214.2M. Reports efficiency ratio of 58.65%, an improvement of 65 basis points. Book value and tangible book value per common share were $23.99 and $18.10, respectively, at December 31, 2014 compared to $22.77 and $16.85, respectively, at December 31, 2013.
07:32 EDTBKUBankUnited reports Q4 EPS 45c, consensus 44c
For the quarters ended December 31, 2014 and 2013, the company recorded provisions for loan losses of $20.5M and $12.5M, respectively. Of these amounts, provisions of $21.6M and $13.3M, respectively, related to new loans, and recoveries of $(1.0M) and $(0.8M), respectively, related to covered loans. Book value and tangible book value per common share grew to $20.19 and $19.52, respectively, at December 31, 2014.
07:20 EDTCYNCity National raises dividend to 35c from 33c
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07:19 EDTCYNCity National reports Q4 EPS $1.10, consensus $1.12
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07:14 EDTCYNCity National volatility elevated into Royal Bank of Canada acquiring for $5.4B
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07:05 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
City National Corporation (CYN) and Royal Bank of Canada (RY) announced a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp. Total consideration is valued at approximately $5.4B at announcement, or approximately $93.80 per City National share, comprised of a mix of cash and common stock, based on RBC's closing stock price on January 21. The agreement has been approved by the boards of both companies. Following completion of this transaction, Russell Goldsmith will remain Chairman and CEO of City National, and he also will be responsible for RBC's U.S. Wealth Management unit. Goldsmith has served as City National's CEO since 1995. RBC will pay, on average, approximately $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock. City National stockholders will be entitled to elect to receive the merger consideration in RBC common shares or cash, subject to certain adjustments and limitations. The aggregate consideration will be paid with approximately $2.7B in cash and approximately 44M RBC common shares. This represents approximately a 50% cash and 50% share mix as of announcement. The total number of RBC common shares to be issued and the amount of cash to be paid in the transaction are both fixed. As part of the transaction, the Goldsmith family stockholders have agreed to vote their City National holdings in favor of the transaction and to hold at least 50% of the RBC common shares received by them in the transaction until the third anniversary of closing. The transaction is expected to be accretive to RBC's earnings per share in the latter part of year three and accretive to earnings in year two. Given RBC's strong capital position and internal capital generation, the company expects to maintain its ongoing capital management program, and to maintain a Common Equity Tier 1 ratio at closing broadly in line with its current level. RBC's CET 1 ratio was 9.9% as of October 31, 2014. Closing is expected before the end of calendar 2015 subject to customary closing conditions, including receipt of required regulatory approvals and the approval of City National's stockholders.
07:02 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
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January 21, 2015
15:27 EDTWBS, BKU, BPOPNotable companies reporting before tomorrow's open
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January 16, 2015
13:34 EDTBPOPManning & Napier Advisors reports 5.76% passive stake in Popular
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January 15, 2015
16:37 EDTISBCInvestors Bancorp say Sean Burke will join as CFO
Investors Bancorp announced that Sean Burke will join Investors Bancorp, and Investors Bank as senior VP and CFO effective January 26. Sean Burke has worked in investment banking since 2000, most recently as Managing Director and Head of U.S. Depository Institutions for RBC Capital Markets in New York. As part of the expansion of Investors Bancorp's finance and accounting group, Tom Splaine will become senior VP of Financial Planning and Analysis and Investor Relations.
16:05 EDTWTFCWintrust Financial reports Q4 EPS 75c, consensus 77c
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15:14 EDTWTFCNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Intel (INTC), consensus 66c; Schlumberger (SLB), consensus $1.46; Bank of the Ozarks (OZRK), consensus 41c; People's United (PBCT), consensus 21c; Wintrust Financial (WTFC), consensus 77c.
06:28 EDTALLYAlly Financial shares overreacted to GM news, says Citigroup
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January 13, 2015
11:09 EDTCYNEaton Vance reports 5.37% passive stake in City National
January 12, 2015
11:58 EDTALLYAlly Financial could see 20% of originations hit by GM changes, says Jefferies
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06:24 EDTALLYGM plans to use lending arm for subsized leases in the U.S., WSJ reports
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