Company Reports

WFC 10K Take: CLOs Still a Concern


Wells Fargo's 10K shows the most securities shrinkage of the big banks as it had the asset cap and less lending opportunities in the Covid environment. CLOs still high relative to pack and indicative of its higher risk appetite. 

MTB & PBCT: Physical Density Matters & Better Economic Earnings


Merger Monday strikes again as M&T follows through on its intentions and agrees to acquire Peoples Bank of CT. More community banking with scale in the Northeastern states from Boston to Buffalo to NYC metro to Baltimore region. CRE concentrations fall a bit, and M&T's higer FCF helps both. Sell on M&T benchmark bonds, Hold on Stock. Regulatory and counterparty risk Very Low and Low, respectively.

MTB 4Q20: CRE Holding Up Well, Hedges Rolling Off


MTB holding up well in CRE as government stimulus helps out for it and the banking industry. Hedges rolling off and no clear message on stock buybacks. Turn to Buy on Stock and maintain Sell on benchmark bonds. Systemic and counterparty risk at Very Low and Low, respectively. 

COF 4Q20: Misses But Hoping to Return Capital


COF had much lower provisions, but still missed on a adjusted basis. Still expected stock buybacks should boost Stock as we move to a Buy. Still Sell on benchmark bonds. Systemic risk moves to Very Low and counterparty risk to Low.

RF 4Q20 : Relies on Reserve Releases, Not Much Else


Regions beat estimates, but had very unimpressive results relying on reserve releases as a non-core boost.. Remain a Sell on Stock & benchmark Bonds. Very Low systemic risk and Medium counterparty risk. 

TFC 4Q20: Wrestling with Integration, Covid, Low Rates


Truist beats consensus but is challenged to complete its merger integration given Covid constraints. Investment banking and insurance were the drivers. Sell on Stock & benchmark Bonds. Systemic risk Very Low. Counterparty risk Low.

USB 4Q20: Conservative Reserve Stance, Looking to Stock Buybacks


USB takes a more conservative reserve stance as only regional not to reslease. Looking for gradual economic pickup for earnings growth and to lift its payments business. On the stock buyback trail as well. Buy Stock, Sell benchmark bonds. Systemic risk is Very Low and counterparty risk Low.

KEY 4Q20: Strength in I-Banking & Mortgage, Can it Continue?


Key had a record revenues year driven by investment banking and consumer mortgage and fintech generated consumer loans. With attractive financial metrics we move to a Buy on the Stock. Still a Sell on rich benchmark bonds. Sytemic risk Low. Counterparty risk Low-to-Medium. 

FITB 4Q20: Lacking Growth Drivers Except Economic Lift


Fifth Third seems to have run out of gas as it lacks growth drivers and is reliant on macro forces for potetential revenues lift. Remain a Sell on the stock and Sell on benchmark bonds. Sytemic and counterparty risks are Low. 

MS 4Q20: Plans for Accelerated Growth with Acquisitions & Market Share Gains


Morgan Stanley enjoyed the 4Q20 windfall in equity underwriting and trading as it further integrates its major acquisitions: E*TRADE (closed) and Eaton Vance (closing in 2Q21). Much more sustainability of earnings given external and internal moves. Buy Stock, Sell on benchmark bonds. Systemic risk Very Low, Counterparty risk Low. 

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