What's up with Rochdale Securities analyst Dick Bove?
Approximately a month after recommending investors sell the banking sector he had turned around and recommended a basket of banks to buy, including Bank of America (NYSE:BAC), Bank of New York Mellon (NYSE:BK), Flagstar Bancorp (NYSE:FBC), PNC Financial (NYSE:PNC), Capital One Financial (NYSE:COF), State Street(NYSE:STT), SunTrust(NYSE:STI), Northern Trust (NYSE:NTRS) and Synovus (NYSE:SNV).
Bove's thinking in his turnaround for some banks in the sector is a number of banks are selling below their franchise and liquidation values.
"At this moment liquidity and values are more compelling than the next disaster," Bove wrote in a note to clients. The banks listed above are those identified by Bove as such.
Bove's operating definition of cash liquidation value is cash holdings (cash plus net Federal Reserve funds and repurchase agreements) in excess of tangible common equity.
Still, Bove confirms the issues banks face are still in place, and in that regard nothing has changed. They've apparently fallen quicker than Bove had anticipated.
Either that, or someone got hold of Bove and told him not to be so negative on the sector.
Showing posts with label Capital One Financial. Show all posts
Showing posts with label Capital One Financial. Show all posts
Wednesday, August 24, 2011
Monday, April 4, 2011
JPMorgan (JPM) (BBY) (TIV) (KR) (WAG) Victims of Email Theft
A number of bank and businesses have had their emails and names of customers stolen by hackers, including JPMorgan (NYSE:JPM), Best Buy (NYSE:BBY), TIVO (NASDAQ:TIV)), Kroger (NYSE:KR), Walgreen (NYSE:WAG), Citigroup (NYSE:C), U.S. Bancorp (NYSE:USB), Barclays (NYSE:BCS and Capital One Financial (NYSE:COF).
Epsilon, a division of Alliance Data Systems Corp., was the company which has been apparently hacked, with the probable theft of million in emails of the companies mentioned above, and others.
Other private information wasn't attained, according to Epsilon, but companies have been sending out warnings to their customers to be wary from emails claiming to be from them which ask for personal information which could be used to extract money from their accounts; a tactic called "phishing."
Normally this scheme involves the hackers to set up a site made to look like the site of a bank and then get them to log in using their user name and password, which they then can use to access the account itself.
Epsilon, a division of Alliance Data Systems Corp., was the company which has been apparently hacked, with the probable theft of million in emails of the companies mentioned above, and others.
Other private information wasn't attained, according to Epsilon, but companies have been sending out warnings to their customers to be wary from emails claiming to be from them which ask for personal information which could be used to extract money from their accounts; a tactic called "phishing."
Normally this scheme involves the hackers to set up a site made to look like the site of a bank and then get them to log in using their user name and password, which they then can use to access the account itself.
Tuesday, February 22, 2011
American Express (AXP), Bank of America (BAC), Capital One Financial (COF), JPMorgan (JPM) and Credit Card Risks
Consumers still have difficulty understanding the costs and risks of credit cards, despite some improvements made by issuers, a top regulator said Tuesday
“Our next challenge will be about further clarifying price and risk and making it easier for consumers to make direct product comparisons,” said Elizabeth Warren, Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau, at the beginning of a credit card conference bringing together regulators, bankers, academics and market research groups.
The conference takes place roughly one year after many provisions of a new credit card law, the Credit Card Accountability Responsibility and Disclosure Act took effect.The consumer bureau will take responsibility for administering the statute later this summer.
In addition to raising concerns, Warren praised credit card companies for going above and beyond requirements of the statute. She cited data assembled by the consumer bureau and bank regulators that said card issuers have done better than the law requires of them when it comes to curbing opaque interest rate re-pricing and cutting over-limit fees. Read about the findings of credit card studies.
“A number of [credit card] issuers have eliminated some of the practices that can confuse customers and cost them money they reasonably did not expect to pay,” she said.
Research firm Nilson Report lists the top nine credit card issuers as American Express (NYSE:AXP), Bank of America Corp. (NYSE:BAC), Capital One Financial Corp. (NYSE:COF), J.P. Morgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Discover Financial Services (NYSE:DFS), HSBC (NYSE:HBC), U.S. Bancorp. (NYSE:USB) and Wells Fargo & Co. (NYSE:WFC).
Rest of Story...
“Our next challenge will be about further clarifying price and risk and making it easier for consumers to make direct product comparisons,” said Elizabeth Warren, Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau, at the beginning of a credit card conference bringing together regulators, bankers, academics and market research groups.
The conference takes place roughly one year after many provisions of a new credit card law, the Credit Card Accountability Responsibility and Disclosure Act took effect.The consumer bureau will take responsibility for administering the statute later this summer.
In addition to raising concerns, Warren praised credit card companies for going above and beyond requirements of the statute. She cited data assembled by the consumer bureau and bank regulators that said card issuers have done better than the law requires of them when it comes to curbing opaque interest rate re-pricing and cutting over-limit fees. Read about the findings of credit card studies.
“A number of [credit card] issuers have eliminated some of the practices that can confuse customers and cost them money they reasonably did not expect to pay,” she said.
Research firm Nilson Report lists the top nine credit card issuers as American Express (NYSE:AXP), Bank of America Corp. (NYSE:BAC), Capital One Financial Corp. (NYSE:COF), J.P. Morgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Discover Financial Services (NYSE:DFS), HSBC (NYSE:HBC), U.S. Bancorp. (NYSE:USB) and Wells Fargo & Co. (NYSE:WFC).
Rest of Story...
Tuesday, February 8, 2011
JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), US Bancorp [NYSE:USB) Among Banks Likely to Raise Dividends
Among U.S. banks, RBC Capital says JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), US Bancorp (NYSE:USB), Bank of New York Mellon (NYSE:BK), Capital One Financial (NYSE:COF), PNC Financial Services Group (NYSE:PNC), State Street (NYSE:STT) are among those with the highest probability to raise their dividends.
Much of this is based upon the requirement of the U.S. government which said only banks that were well-capitalized would be allowed to boost their dividends, something RBC Capital Markets analyst Gerard Cassidy believes the banks listed above qualify for.
Not only that, Cassidy thinks they banks could raise dividends quicker than investors think they will.
So far there hasn't been much activity in that regard, but if one or two raise dividends, there's no doubt those who qualify will respond quickly with dividend increased of their own.
Much of this is based upon the requirement of the U.S. government which said only banks that were well-capitalized would be allowed to boost their dividends, something RBC Capital Markets analyst Gerard Cassidy believes the banks listed above qualify for.
Not only that, Cassidy thinks they banks could raise dividends quicker than investors think they will.
So far there hasn't been much activity in that regard, but if one or two raise dividends, there's no doubt those who qualify will respond quickly with dividend increased of their own.
Monday, January 24, 2011
Capital One Financial (NYSE:COF) Has Lots of Upside Says Barclays
Capital One Financial (NYSE:COF) performed in their last quarter like Barclays believed they should, confirming their estimates which were far above consensus.
Barclays says, "COF May Be the Cheapest Stock in our Universe: COF reported 4Q10 results that made us feel much better about our well-above consensus view that normalized EPS should be at least $6, which we believe will become clearer to investors within the next year as credit costs fully normalize. Still trading at less than 8x that number and -7x our new 2012 estimate of $6.70/shr, we believe the shares still have considerable upside and reiterate our rating."
Barclays maintains an 'Overweight' on Capital One Financial (COF), which closed Friday at $49.17, gaining $1.92, or 4.06 percent. Barclays has a price target of $55 on Capital One.
Barclays says, "COF May Be the Cheapest Stock in our Universe: COF reported 4Q10 results that made us feel much better about our well-above consensus view that normalized EPS should be at least $6, which we believe will become clearer to investors within the next year as credit costs fully normalize. Still trading at less than 8x that number and -7x our new 2012 estimate of $6.70/shr, we believe the shares still have considerable upside and reiterate our rating."
Barclays maintains an 'Overweight' on Capital One Financial (COF), which closed Friday at $49.17, gaining $1.92, or 4.06 percent. Barclays has a price target of $55 on Capital One.
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