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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional banks may be underpriced due to fear, says Commerce Street Holdings CEO Dory WileyDory Wiley, president and CEO of Commerce Street Holdings, and Christopher Marinac, director of research at Janney Montgomery Scott, join CNBC's 'The Exchange' to share their outlooks on bank trades, Tesla, and more.
Persons: Dory Wiley Dory Wiley, Christopher Marinac, Janney Montgomery Scott, CNBC's Organizations: Street Holdings, Commerce Street Holdings
New York Community Bancorp woes: What you need to know
  + stars: | 2024-03-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York Community Bancorp woes: What you need to knowChristopher Marinac, Janney Montgomery Scott director of research, and CNBC’s Hugh Son join 'The Exchange' to discuss New York Community Bancorp as trading on the bank’s stock was halted after declining more than 42% on the news that the company is seeking cash infusion.
Persons: Christopher Marinac, Janney Montgomery Scott, CNBC’s Hugh Son Organizations: New York, Bancorp, New, Community Bancorp
Shares of New York Community Bank slid more than 25 percent on Friday, a day after the lender said its loss in the fourth quarter was $2.4 billion more than it had previously reported, and also announced the departure of its chief executive and a board member. Shares of other regional banks were also lower: Valley National Bank and Columbia Banking System both fell more than 2 percent. The KBW Regional Bank Index, which tracks performance of U.S. regional banks, fell more than 1 percent. The drop in shares of other banks is a sign investors are still nervous about the potential for wider trouble in the banking sector — nearly a year after several small banks failed. But the fact that the declines in other regional banks were small suggested that NYCB’s problems are seen as unique to it.
Persons: , Christopher Marinac, Janney Montgomery Scott Organizations: New York Community Bank, National Bank and Columbia Banking System, Regional
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe banking sector is moving forward despite interest rate pressures: Janney's Christopher MarinacChristopher Marinac, Janney Montgomery Scott director of research, joins 'The Exchange' to discuss high rates adding pressure to regional banks, increasing loan rates and scarcity of credit helping banks do business at higher yields, and upcoming regional bank earnings to look out for.
Persons: Janney's Christopher Marinac Christopher Marinac, Janney Montgomery Scott
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email​​Reserve building more important for banks than eps beats in q3: Janney’s Christopher MarinacChris Marinac, Janney Montgomery Scott, joins the ‘Fast Money’ traders to discuss banks ahead of earnings.
Persons: Christopher Marinac Chris Marinac, Janney Montgomery Scott
What does Moody’s downgrade mean for markets?
  + stars: | 2023-08-09 | by ( Krystal Hur | ) edition.cnn.com   time to read: +5 min
CNN —Moody’s on Monday evening downgraded 10 US banks and put the credit ratings of six others on review, an indication that the agency could also eventually downgrade those institutions. Some investors say that while the Moody’s downgrade isn’t groundbreaking, it’s a reminder that the economy, and markets, still have challenges ahead. Moody’s downgraded Commerce Bank, BOK Financial, M&T Bank, Old National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial and Associated Bank. Wall Street firms fined $549 million for using WhatsApp and other channelsWells Fargo is among a number of Wall Street firms that admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million, reports my colleague Matt Egan.
Persons: CNN — Moody’s, JPMorgan Chase, Wells, Goldman Sachs, BNY, Cullen, Frost, ” Moody’s, , Kara Murphy, Fitch, Christopher Marinac, Janney Montgomery Scott, Price, Matt Egan, Houlihan Lokey, Alicia Wallace Organizations: CNN Business, Bell, CNN, Bank, Dow Jones, Nasdaq, JPMorgan, Banking, BNY Mellon, Northern Trust, Frost Bankers, Truist Financial, US Bank, Moody’s, Commerce Bank, BOK, T Bank, National Bank, Prosperity Bank, Amarillo National Bank, Webster Financial, Fulton Financial, Pinnacle Financial, Associated Bank, PNC Financial Services, Financial, Citizens Financial, Fifth Third Bank, Huntington Bank, Regions Financial, Cadence Bank, FNB Corp, Simmons, Ally Financial, Bank OZK, Valley Bank, Signature Bank, Federal Reserve, Kestra Investment Management, Consumer, Wall Street, Securities, Exchange Commission, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Federal Reserve Bank of New Locations: Wells Fargo, Amarillo, Marinac, Wells, SMBC Nikko Securities America, WhatsApp, Federal Reserve Bank of New York, York
(Reuters) -Comerica and Huntington Bancshares on Friday sharply cut their interest income growth forecasts for 2023, the latest U.S. banks to sound the alarm over faltering loan demand and spike in deposit costs. NII - the difference between what banks make on loans and pay out on deposits - rose for nearly all banks reporting earnings for the April-June quarter, with Comerica and Huntington also topping profit estimates. Mid-sized lender Regions Financial, which also reported results on Friday, said its deposit costs had risen in the second quarter. Comerica slashed its 2023 NII growth forecast to a range of 1% to 2% from 6% to 7% estimated earlier, and its shares fell 3.8%. Its shares slipped 1.3% in late-morning tradeRegions Financial kept its 2023 NII forecast unchanged but its stock declined 3.4%.
Persons: Huntington Bancshares, Mike Segar, Huntington, , Christopher Marinac, Janney Montgomery Scott, James Herzog Organizations: Reuters, Comerica, Huntington, Wall, New York Stock Exchange, REUTERS, Federal, Financial, ” Comerica Locations: Manhattan, New York City , New York, U.S
The worst of the US banking turmoil is behind us, says analyst
  + stars: | 2023-07-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe worst of the US banking turmoil is behind us, says analystChristopher Marinac of Janney Montgomery Scott shares his views on U.S. bank earnings and explains why he is bullish on the sector.
Persons: Christopher Marinac, Janney Montgomery Scott
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBetter valuations are ahead for bank stocks following stress test results: Christopher MarinacChristopher Marinac, Janney Montgomery Scott director of research, joins 'Fast Money' to discuss the results of the Federal Reserve's banking stress test and what that means for bank stocks moving forward.
Persons: Christopher Marinac Christopher Marinac, Janney Montgomery Scott Organizations: Federal
Asset managers big and small, from Carlyle and Apollo to Serengeti and Shamrock, are pushing into the space. The entertainment industry's love affair with private credit is one of the hottest storylines in Hollywood right now. Credit lenders are saying "lights, camera, action" to the idea of deploying dollars into movies, TV, and live sports. Insider previously reported that analysts were warning of the risks that could mount across private credit as rates rise. Insider gathered details on asset managers' lending strategies in Hollywood, media, and sports.
Persons: Carlyle, Christopher Marinac, Janney Montgomery Scott, Blackstone, Moody's, Marinac, JPMorgan Chase Organizations: Bank of America, Citigroup, JPMorgan Locations: Shamrock, Hollywood, Republic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks are being used as weapons of destruction, says Janney's Christopher MarinacChristopher Marinac, Janney Montgomery Scott director of research, joins 'Power Lunch' to discuss regional banking stocks and what bank earnings are saying about the sector.
The latest drop for regional bank shares is causing some Wall Street analysts to back away from their recommendations on the stocks, even if they still believe in the underlying fundamentals for the companies. Other regional banks also sold off, including a 19% drop for Western Alliance. The deposit update was not enough to reassure all Wall Street analysts about the health of regional banks, and there is concern that the drops in the stocks could reignite deposit flight. Meanwhile, RBC Capital Markets' analyst Jon Arfstrom stuck with his outperform rating on PacWest, but said only investors with strong stomachs should stick around. Western Alliance Another bank stock that has taken heavy loses in recent weeks is Western Alliance .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWestern Alliance is de-risking on the credit side to help earnings, says Janney's Chris MarinacChristopher Marinac, Janney Montgomery Scott director of research, joins 'The Exchange' to discuss Western Alliance deposit numbers stabilizing, recovery in the bank sector, and the health of regional banking.
A bull and a bear on U.S. regional banks faced off on CNBC's " Street Signs Asia " on Thursday and shared their stock picks. 'Not the environment' for regional banks It's "not the environment" for regional banks right now, said Brian Stutland, portfolio manager at Equity Armor Investments. Stock picks For investors still keen on regional bank stocks, Marinac said his top two picks are Fifth Third Bancorp and First Citizens . First Citizens announced in late March that it will buy over Silicon Valley Bank's deposits and loans. He highlighted "the fact that [regional bank] stocks are down 40% when you've had earnings down about 5%.
The ETF has slumped nearly 26% since March 8, when SVB's troubles became known, while the S&P Regional Banks Select Industry Index (.SPSIRBK) is down around 23%. Concerns over deposit flight are still swirling around some regional banks. He owns shares of large regional banks including Citizens Financial Group Inc (CFG.N), which have fallen about 22% so far this year, and US Bancorp (USB.N), which are down some 18%. Margie Patel, a senior portfolio manager at Allspring Global Investments, has been adding new positions in regional banks over the last few weeks, citing "value." Regional banks "need positive news that shows their deposits are holding firm or growing," said Rick Meckler, a partner at family office Cherry Lane Investments.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRegional bank weakness is a 'solvable problem,' says Janney's Christopher MarinacChristopher Marinac, Janney Montgomery Scott director of research, on what to do about regional banks after the collapse of SVB. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Bonawyn Eison, Karen Finerman and Steve Grasso.
The dramatic drop in regional bank stocks is a key entry point for investors, according to analyst Christopher Marinac. The SPDR S&P Regional Banking ETF dropped by more than 12% on Monday after regulators shuttered Silicon Valley Bank and Signature Bank. When asked which regional banks look most attractive, Marinac recommends Fifth Third Bank . Marinac also named Truist as a top sector pick, saying the company has a competitive advantage among regional banks after selling a portion of its insurance unit. Truist stock has dropped 30% over the past five sessions.
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