Company Reports

Launch BNY Mellon 1Q15: FX and Servicing Revenues Lead Growth


Reported 1Q15 EPS of $0.67, blasting pass street consensus of $0.60.  Profitability was not enhanced by any 1x items, although above-trend strong earnings from FX trading due to high levels of FX volatility contributed to the beat. 

Launch Regions: 1Q Miss, Needs a New Region?


Reported 1Q15 EPS of $0.16, missing the Street consensus of $0.18.  The difference was related to an extinguishment of higher cost debt charge - redemption of $250 million ($43 million or $0.03) and a charge for office space optimization ($9 million or $0.01).

SunTrust 1Q15: Chipping Away the Costs


Reported 1Q15 EPS of $0.78, beating street consensus of $0.72.  Net income growth coming from greater operational efficiency and credit cost savings as loan portfolio continued to improve.

Launch Fifth Third 1Q15: Ho-Hum, Where is the Pizazz?


Reported 1Q15 EPS of $0.44, but $0.37 on an adjusted basis which was a penny short of street consensus of $0.38. Fifth Third fully disclosed the significant pre-tax items that led to the $0.07 difference including: 1) a positive valuation adjustment on Vantiv warrants ($70 million),...

Launch Morgan Stanley: 1Q15 Beat, 6-Point Spot On!


Reported 1Q15 EPS of $1.18, but $1.14 excluding DVA. Backing out the non-recurring net discrete tax benefit of  $0.29, adjusted EPS was 0.85 that beat street consensus of $0.77, by eight cents.

Launch Goldman Sachs: 1Q15 Soars, Private Equity Turnover Titan


Reported 1Q15 EPS of $5.94 versus Street consensus of $4.19 for a gargantuan beat of $1.75.  While we know that macro market factors contributed to this beat and that Goldman Sachs also concurs to an extent...

Citigroup 1Q15: LatAm & Asia, New Credit Checks


Reported 1Q15 EPS of $1.51, which significantly surpassed the street consensus of $1.39, as net income jumped 21% primarily from lower legal and repositioning costs.  

Launch U.S. Bancorp 1Q15: Quality Lender Waiting For More Growth


We launch on US Bancorp with a Buy on its debt, but Hold on its stock Risk & Regulatory Stack has low risk.



KeyCorp 1Q15: LeBron Back, Loans Talking Smack


Reported 1Q15 EPS of $0.26, a penny short of street consensus of $0.27. Despite stronger loan growth in the mid-single digits, KeyCorp disappointed on financial advisory and loan syndication fees which could have led to the slight miss.  Key Keycorp

Launch WFC: 1Q15 Beats; Buy Bonds, Buy Stock, Maintain CRM


Reported 1Q15 EPS of $1.04 which exceeded street consensus of $0.98 as a result of strong loan growth, higher trust & investment fees, credit and debit card fees, and gains on debt securities sales.  $122 million above-trend debt securities gains added about 1 cent.  Earnings of $5.8 billion compared...

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