FINANCIAL

Our approach toward analyzing bank stocks is from the top down. Movement in the economy, money supply, and interest rates as well as changes in government regulation and technology all have a significant part in shaping the fortunes of individual banks. Therefore, it is important to keep a focus on these broader issues.

The analysis of banks themselves assumes that these companies are no different than manufacturing companies. They acquire raw material – money; they add value to it – risk assessment and technology; they sell specific products – loans, securities, trading, investment banking and investment management. This approach requires being very focused on product sales as the key to earnings and stock price performance.


Keyword
Ticker Symbol
Research Notes Date
SunTrust (STI/$70.52/Buy) What’s Business Like, Now? Mar 12, 2018
U.S. Bancorp (USB/$54.45/Hold) Seasonal Issues and More Mar 12, 2018
First Republic (FRC/$98.37/Buy) Service Mar 9, 2018
Question: What will Donald Trump’s Biggest Contribution to Banking Be? Mar 8, 2018
PNC Financial (PNC/$157.43/Buy) It’s All About Selling Mar 6, 2018
JPMorgan Chase (JPM/$117.38/Buy) Moderating Expectations Mar 5, 2018
Citigroup (C/$75.18/Hold) Latin America Mar 1, 2018
Bank of America (BAC/$31.27/Buy) Using the Franchise’s Power Feb 16, 2018
Goldman Sachs (GS/$251.54/Buy) Defined Outlook Feb 15, 2018
Wells Fargo (WFC/$57.16/Buy) Franchise Value Feb 14, 2018
Capital One (COF/$92.02/Hold) Key Challenges Feb 13, 2018
Goldman Sachs (GS/$246.35/Buy) Feb 12, 2018
The Bear Case – This Is 1987 Feb 9, 2018
Wells Fargo (WFC/$53.69/Buy) Consent Order Feb 8, 2018
The Federal Funds Rate and Bank Net Interest Margins Feb 7, 2018
Interest Rate Up Cycles They Hurt in The Beginning But Then the Market Adjusts Feb 6, 2018
BB&T Corporation (BBT/$55.11/Hold) Reaping the Reward Feb 6, 2018
I Am Not a Janet Yellen Fan and Never Have Been The Valuation Issue Feb 2, 2018
JPMorgan Chase (JPM/$115.74/Buy) Management Changes Not Overly Significant Feb 1, 2018
Expect Real Interest Rates to Be Biggest Change When Yellen Leaves and Powell Takes Over Jan 31, 2018
Lesson Learned It Is Crucial for the United States to Support the Dollar Jan 30, 2018
First Republic Bank (FRC/$90.51/Buy) New Initiatives Jan 30, 2018
JPMorgan Chase (JPM/$112.67/Buy) Long Range Thinking Jan 29, 2018
SunTrust (STI/$70.36/Buy) High Expectations Jan 26, 2018
U.S. Bancorp (USB/$56.46/Hold) Marking Time Jan 25, 2018
Morgan Stanley (MS/$57.64/Buy) Wrong Strategy? Jan 24, 2018
Regions Financial (RF/$18.81/Hold) Unclear About Outlook Jan 23, 2018
Bank of America (BAC/$31.52/Buy) Excellent Results Jan 23, 2018
PNC Financial (PNC/$151.84/Buy) Expectations Remain High Jan 22, 2018
Goldman Sachs (GS/$256.00/Buy) Jan 22, 2018
Citigroup (C/$77.11/Hold) Rating Cut to Hold Jan 19, 2018
Wells Fargo (WFC/$53.69/Buy) Restructuring the Business Jan 18, 2018
JPMorgan Chase (JPM/$112.67/Buy) The Future; Not The Past Jan 17, 2018
SunTrust (STI/$67.70/Buy) Introducing Risk Jan 12, 2018
Flood of Excess Deposits Could be Driving Markets Higher Jan 10, 2018
The Financial Results in 2017 Shift in Fund Flows in 2018 Could Cause Problems Jan 5, 2018
Morgan Stanley (MS/$52.47/Buy) The Opportunities Jan 4, 2018
Goldman Sachs (GS/$256.00/Buy) Jan 3, 2018
U.S. Bancorp (USB/$54.07/Hold) Update Jan 2, 2018
Regions Financial (RF/$17.35/Hold) Dec 29, 2017
Fannie Mae Resolution Moves Closer Company Likely to Survive Dec 28, 2017
PNC Financial (PNC/$146.12/Buy) Valuation Expanded Dec 27, 2017
Wells Fargo (WFC/$53.69/Buy) Moving Faster To Rebuild Image Dec 26, 2017
Bank of America (BAC/$25.83/Buy) Estimates Adjusted Dec 21, 2017
JPMorgan Chase (JPM/$105.51/Buy) Valuation Issues Dec 20, 2017
Citigroup (C/$72.28/Buy) Defining the Concept Dec 14, 2017
Goldman Sachs (GS/$239.37/Hold) Lunch with Goldman Sachs Dec 13, 2017
The Fannie Mae Crisis Can No Longer Be Held Off The Company is Insolvent and the World Will See This Soon Dec 11, 2017
Wells Fargo (WFC/$53.69/Buy) Comprehensive Approach Dec 8, 2017
Regions Financial (RF/$16.95/Hold) Meaningful Change Dec 7, 2017
A Second Look at Money Supply Will Fed Shrinkage Actually Kill Economic Growth? Dec 5, 2017
Clashing Forces Deregulation and Potential Fiscal Stimulus vs Tightening Monetary Policy Nov 29, 2017
Bank of America (BAC/$25.83/Buy) Target $61.50 per Share in 2023 Nov 27, 2017
Large Supplies of Low Cost Money Creates Large Amounts of Debt Nov 21, 2017
Goldman Sachs (GS/$239.37/Sell) Weakness Continues Nov 20, 2017
PNC Financial (PNC/$132.48/Hold) The Issue is Valuation Nov 14, 2017
Bank of America (BAC/$25.83/Buy) Shift in Wealth Management Nov 10, 2017
Wells Fargo (WFC/$53.69/Sell) Comprehensive Approach Nov 9, 2017
JPMorgan Chase (JPM/$100.78/Buy) Solving the Asset Management Problem Nov 8, 2017
The Housing Issue Once Again There Is A Threat of Meaningful Price Declines Nov 7, 2017
Goldman Sachs (GS/$236.63/Sell) Rating Cut Nov 7, 2017
U.S. Bancorp (USB/$54.38/Hold) Charting the Core Issues Nov 6, 2017
“Blind Money” Is Driving Significant Changes in Investing Change That Is Impacting Markets and the Financial Industry, Itself Oct 30, 2017
Federal Reserve Balance Sheet Not Shrinking Yet; Causing Declines in Fed Earnings Oct 25, 2017
Answering a Question The Fed’s Balance Sheet Oct 24, 2017
Morgan Stanley (MS/$49.79/Buy) The Challenges Oct 23, 2017
Who Owns the Federal Debt? Will They Buy More? Oct 20, 2017
Bank Stocks Need Catch-Up Rally PE Multiple Gap to S&P 500 Larger Than Normal Oct 19, 2017
Goldman Sachs (GS/$236.63/Hold) Sustainability / Reduce Target Oct 18, 2017
Wells Fargo (WFC/$53.69/Sell) Difficult Period Continues; Reduce Target Oct 17, 2017
Bank of America (BAC/$25.83/Buy) Steady Progress; Raise Target Oct 16, 2017
Citigroup (C/$72.28/Buy) No, No, No; Reduce Target Oct 16, 2017
JPMorgan Chase (JPM/$96.04/Buy) Momentum Decreasing / Adjust Target Oct 13, 2017
The Fannie Mae Wars (FNMA/$3.05/NR) They May Be Nearing a Denouement Oct 12, 2017
JPMorgan Chase (JPM/$97.13/Buy) The Next Step / Raise Price Target Oct 11, 2017
Equifax and the Banks Potential Loss is Meaningful Oct 10, 2017
Wells Fargo (WFC/$54.96/Sell) Caution Merited Oct 9, 2017
Citigroup (C/$72.28/Buy) Financial Construct Oct 2, 2017
Banks, Tax Reform, & Interest Rates Are They What They Seem? Sep 28, 2017
The Praise of Folly Finding An Unassailable Valuation Technique for Bank Stocks Sep 26, 2017
Bank of America (BAC/$25.02/Buy) Financial Powerhouse Sep 25, 2017
You Must Look at the Federal Reserve Balance Sheet Sep 22, 2017
Goldman Sachs (GS/$225.22/Hold) Need to Adjust to Change Sep 22, 2017
The Fed Does What Is Expected – Very Gradual Approach Announced for Shrinking Its Balance Sheet Sep 21, 2017