Company Reports

US Big Regionals 3Q17: BB&T, SunTrust, Regions


The Southern based lending banks posted adj. EPS in-line with consensus. BB&T strongest at generating high margin loan growth and higher NII. SunTrust & Regions are weaker at loan generation and translating into NII growth. But higher Fed rates helping the NIMs. RF RF RF RF RF RF STI STI STI STI STI STI BBT BBT BBT BBT BBT BBT

Big US Regionals 3Q17: US Bancorp & PNC Financial


USB & PNC have among the best loan drivers of the regional bank group. Combined with improving NIMs, their results were strong. Fee side a little less so. Capital returns drive stock as well. USB USB USB USB USB PNC PNC PNC PNC PNC

MS 3Q17: Transformed, Less Reinvention Risk than GS


MS has transitioned to the lead pure broker role model as GS is seeking its new lending mission. Smith Barney purchase has been a magical revenues driver for MS as it has been streamlined. Buy Stock & Bonds. MS MS MS MS MS MS

GS 3Q17: Declares War on Itself, Can it Win?


GS did it again as it beat the street, but still disappointed. New Marshall Plan for revenues renewal is a big wish list that only a Goldman Sachs can accomplish.  Buy Stock and Buy Bonds. GS GS GS GS GS

WFC 3Q17: 4 O’clock Scandals Shadow


WFC still can't shave away the sales practice scandal and continues to deal with residual effects. But core strategic, balance sheet, income statement foundations run deep. Strong Buys on Stock & Bonds. 

BAC 3Q17: Back in the Game after All These Years?


BAC has turned it around on the performance side as it now is in command of its growth drivers. Good progress across consumer, wealth management and C&I lending. Buy Stock, Sell 10Y bonds on tighter spreads. 

JPM 3Q17: 2017 Money-Making Champion, MVB-ank?


JPM continues to muscle earnings out of the ball-park as its best combination of strategy, business coverage, management beats the global competition. IMF agrees with our Viola Risk view that profits matter. Buy Stock, Sell 10Y bonds on tight spreads. JPM JPM JPM JPM JPM JPM

C 3Q17: More Card Mailings, More NCOs, More Buybacks


Citi stock has been on fire in the group, but how far can buybacks rocket fuel it forward? Still needs to prove disciplined growth especially in its credit card rebirth. Buy Stock, Sell 10Y bonds on tight spreads. Citi Citi Citi Citi Citi Citi Citi

TD 3Q17: New Earnings Format & Tearsheet


TD has successfully diversified into US retail banking, online brokerage and auto finance. Still it has sizeable Canadian mortgage exposures like the rest of the Big 5. Find more value in equity than 3Y benchmark bond. TD TD TD TD

BMO 3Q17: New Earnings Format & Tearsheet


BMO has the weakest combination of overvalued debt and equity. Sell on both.

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