The third-largest bank in Nashville (Ticker: STI) says it will raise more than $1 billion in equity by selling common stock and another $300 million by dumping some investments. Throw in the buyback of some hybrid securities and the company says it's on track to wrap up the plan that was born from the government's stress tests.
Jun 1, 2009 7:54 AM
Analyst Jeff Davis at Howe Barnes has raised his rating on the shares of Pinnacle Financial (Ticker: PNFP) to 'neutral' after their slide from $25 to $14 in two months. Davis expects the bank to raise anywhere between $75 million and $125 million before the end of the year, which likely won't help the stock in the coming weeks.
Near-term, the pending common raise will act as a governor on the shares unless 2Q09 results materially surprise to the upside in conjunction with a drop in NPAs; that seems unlikely.
Jun 1, 2009 6:50 AM
Many lenders continue to backpedal as bad loans climb further
Jun 1, 2009 12:24 AM
Analyst Brian Nagel at Oppenheimer has launched coverage of a number of retailers, including Tractor Supply, which he rates 'perform.' Nagel, who joined Oppenheimer a month ago, has a price target of $39 on the shares of the Brentwood-based retailer (Ticker: TSCO), which are trading at $38 and change this morning. Deutsche analysts, meanwhile, say the recent selling spree by Regions Financial investors has been overdone. They have raised their rating on the regional bank from 'hold' to 'buy' and upped their price target on the stock (Ticker: RF) to $5.
We estimate gross securities gains totaled more than $400m — some of which we expect to be monetized in 2Q and 3Q. While this lowers run rate earnings in the near term, it should address any remaining capital shortfall (if there is any) and protects book value.
May 27, 2009 9:53 AM
From a release:
CapStar Bank announced Wednesday at its first annual shareholder meeting that it has grown assets to more than $200 million since the bank opened less than 10 months ago. CapStar attributes this growth to the personal relationships its experienced bankers have with customers and the bank’s strong capital base. “From getting fully staffed to meet our customers’ needs at three offices to achieving significant deposit growth to fund our strong demand for loans, we have had a tremendously successful year,” said Claire W. Tucker, bank president and chief executive officer. “Furthermore, in today’s economic climate the bank’s asset growth is a strong testament to the diversity of the Nashville economy.”
May 20, 2009 12:52 PM
The biggest bank in Middle Tennessee will sell $1 billion in common stock and $250 million in preferred shares that will convert to common by the end of 2010 at the latest. The move comes two weeks after the government's stress test called on Regions (Ticker: RF) to find $2.5 billion in new capital and two days after Moody's cut the bank's credit rating with the following commentary.
Although Regions entered this period with relatively sound capital ratios -- at March 31, 2009, Tier 1 risk-based was 10.41% and Moody's adjusted tangible common equity (TCE) ratio was 7.77% - Moody's believes Regions' capital position is likely to be increasingly challenged by the substantial credit costs it faces. Moody's negative outlook on Regions considers the possibility that in a more pronounced economic downturn than is currently expected, the company's performance might be negatively impacted, not only from asset quality deterioration, but also from pressure on businesses dependent on the level of asset prices, such as trust and investment management. That could weaken earnings and add to the downward pressure on Regions' capital base.SEE ALSO: If the capital-raising plan doesn't work, there's always the 'For sale' sign option.
May 20, 2009 8:33 AM
POSTDATA: WARRANTY DEEDS
- TIPTON, JOHN H JR; TIPTON, FRANCES ADAMS
- HARRIS, JUDY C
- BIRDWELL, MARIAN ESTELLE TRUSTEE; BIRDWELL CHARLES EDWARD AND MARIAN ESTELLE BIRDWELL REVOCABLE TRUST; BIRDWELL MARIAN ESTELLE REVOCABLE TRUST; CHARLES EDWARD BIRDWELL AND MARIAN ESTELLE BIRDWELL REVOCABLE TRUST; MARIAN ESTELLE BIRDWELL REVOCABLE TRUST
- SIMPKINS, W L JR; SIMPKINS, NANCY H