Posts tagged pnc financial services group inc
CDTV.net Stock Market News and Dividend Report for Wed Jul 7, 2010
Jul 7th
Family Dollar Stores, Inc. (NYSE: FDO) reported that net income per diluted share for the third quarter of fiscal 2010 ended May 29, 2010, increased 24.2% to $0.77 compared with $0.62 for the third quarter of fiscal 2009 ended May 30, 2009. analysts average $0.76. FDO beats by $0.01
Net income for the quarter increased 19.0% to $104.4 million compared with net income of $87.7 million for the third quarter of fiscal 2009.
Family Dollar Stores, Inc. operates a chain of self-service retail discount stores for low to lower-middle income consumers in the United States.
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The PNC Financial Services Group, Inc. (NYSE: PNC) board of directors declared a quarterly cash dividend of 10 cents per share on the common stock. The dividend is payable July 24, 2010 to shareholders of record at the close of business July 14, 2010.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organization.
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MSC Industrial Direct Co., Inc. (NYSE: MSM) Board of Directors has declared a cash dividend of $0.22 per share, representing an increase of $0.02 per share in the regular quarterly dividend. The $0.22 dividend is payable on July 27, 2010 to shareholders of record at the close of business on July 13, 2010.
MSC Industrial Direct Co., Inc. is one of the largest direct marketers and premier distributors of Metalworking and Maintenance, Repair and Operations (“MRO”) supplies to industrial customers throughout the United States.
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Senior Housing Properties Trust (NYSE: SNH) declared its regular quarterly common share dividend of $0.36 per common share ($1.44 per share per year). This regular quarterly dividend will be paid to common shareholders of record as of the close of share trading on July 15, 2010 and distributed on or about August 13, 2010.
Senior Housing Properties Trust is a real estate investment trust
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Disclosure: No positions
Production in U.S. Probably Climbed in May at Fastest Pace in Four Months
Jun 16th
By Timothy R. Homan
June 16 (Bloomberg) — Production increased in May by the
most in four months, showing U.S. manufacturers are overcoming
the fallout from the European debt crisis, economists said
before reports today.
Output at factories, mines and utilities increased 0.9
percent in May, the biggest increase since January and the 10th
gain in the past 11 months, according to the median estimate of
82 economists surveyed by Bloomberg News. Other reports may show
wholesale prices and home construction declined last month.
The need to replenish depleted inventories, growing sales
overseas, and business investment in new equipment are putting
American factories at the forefront of the rebound from the
worst recession since the 1930s. A lack of inflation means the
Federal Reserve has scope to keep the target interest rate near
zero in coming months to help broaden the recovery.
“Manufacturing is a leading component of the recovery,”
said Robert Dye, a senior economist at PNC Financial Services
Group Inc. in Pittsburgh. “The risk of a double-dip recession
in Europe and the low value of the euro both present risks to
U.S. manufacturing, but so far they are not significant drags.”
The Fed’s industrial production report is due at 9:15 a.m.
in Washington. Estimates in the Bloomberg survey ranged from
gains of 0.5 percent to 1.6 percent.
The figures will also show capacity utilization, or the
proportion of plants in use, climbed to 74.5 percent, the
highest level since October 2008, according to the survey
median. The measure averaged 80 percent over the past two
decades, indicating there is still slack in the economy.
Global Demand
Deere & Co., the world’s largest farm-equipment maker, said
on its website last week that sales of utility tractors rose in
the “double digits” in May, compared with a 6 percent increase
for the industry overall.
Growing global demand for agricultural commodities, housing
and infrastructure are driving sales, Samuel Allen, chief
executive officer of the Moline, Illinois-based company, said
last month in a statement. Deere last month raised earnings and
sales forecasts for a second time this year after second-quarter
profit top analysts’ estimates.
Manufacturing shares are outperforming the broader market.
The Standard & Poor’s Supercomposite Machinery Index, which
includes Deere and Peoria, Illinois-based Caterpillar Inc., is
up 11 percent so far this year. The broader S&P 500 Index is
little changed on concern that the European debt crisis will
slow global growth.
Less Inflation
Figures from the Labor Department will show the plunge in
fuel prices precipitated by the turmoil in financial markets
tamped inflation in May.
The producer-price index, due at 8:30 a.m., declined 0.5
percent after a 0.1 percent decrease in April, according to the
survey median.
Yesterday, a Labor Department report showed prices of goods
imported into the U.S. fell 0.6 percent, led by the biggest drop
in petroleum costs since December 2008.
The lack of inflation validates the Fed’s strategy to
maintain the benchmark lending rates on overnight loans between
banks near zero to spur growth. Their next decision on interest
rates is due June 23.
One area that may not fare well in coming months is
housing. Work began on 648,000 houses at an annual pace last
month, down from a 672,000 rate in April, according to the
median forecast of economists surveyed before an 8:30 a.m.
report from the Commerce Department in Washington.
The end of a government tax credit on June 30 will cool
sales and construction in the second half of the year,
economists said. The incentive for first-time homebuyers worth
as much as $8,000, which was extended in November and expanded
to include some current owners, required contracts be signed by
April 30 and settled by the end of this month.
To contact the reporter on this story:
Timothy R. Homan in Washington at
thoman1@bloomberg.net
CDTV.net Stock Market News and Dividend Report for Thu April 8, 2010
Apr 9th
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) reported diluted earnings per share of $0.62 compared with a diluted loss per share of ($0.25) last year. analysts average $0.48. SCHN beats by $0.14
Revenues of $564 million compared to $407 million a year ago.
Schnitzer Steel Industries, Inc. engages in recycling ferrous and nonferrous scrap metals, and used and salvaged vehicles; and manufacturing finished steel products in the United States and Canada.
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Zenith National Insurance Corp. (NYSE:ZNT) declared a regular quarterly cash dividend of $0.50 per share on its outstanding shares of common stock. The dividend is payable May 14, 2010 to stockholders of record at the close of business on April 30, 2010.
Zenith National Insurance Corp., through its subsidiaries, provides workers’ compensation insurance in the United States.
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The PNC Financial Services Group, Inc. (NYSE: PNC) board of directors declared a quarterly cash dividend of 10 cents per share on the common stock. The dividend is payable April 24, 2010 to shareholders of record at the close of business April 13, 2010.
The PNC Financial Services Group, Inc. operates as a diversified financial services company.
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CVS Caremark Corporation (NYSE: CVS) Board of Directors has approved a quarterly dividend of $0.0875 per share on the Common Stock of the Corporation, payable May 4, 2010 to holders of record on April 23, 2010.
CVS Caremark Corporation operates as a pharmacy services company in the United States.
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Disclosure: No positions
Barclays Buyout Bingo Buoys Regional Banks
Mar 10th
Dow Jones’ David Benoit reports:
Regional bank stocks climbed higher Wednesday and were among broader market’s top gainers as speculation spread about a potential move by U.K. banking giant Barclays PLC which has been reported to be in the search of more U.S. assets.
The Wall Street Journal reported Tuesday that Barclays is shopping for a retail bank in the U.S. that would give it more deposits and extend its presence in the country, after a successful purchased of Lehman Brothers Holdings Inc.’s North American operations in the middle of the financial calamity that struck in 2008. People familiar with the matter had said the bank isn’t in talks with any businesses and that no deal is imminent.
But that didn’t stop the market’s trying to guess who would be the target of such a move.
Oriel Securities analysts said in a note that a U.S. retail bank “would make sense” for Barclays and listed as among the possibilities U.S. Bancorp, PNC Financial Services Group Inc. and SunTrust Banks Inc.
Shore Capital, a brokerage, also said a deal could be good at the right price and listed the same three banks as likely targets.
A Barclays spokesperson couldn’t immediately be reached for comment.
SunTrust shares were among the strongest gainers on the day, up 5% to $27.12 in recent trading, hitting their highest point since January 2009. The shares are now up 14% so far this month, and more than doubled from the $10.50 they dropped to a year ago.
PNC Financial and U.S. Bancorp were among the slimmer gainers, up 2% to $57.35 and 1.3% to $24.98, respectively.
The biggest gainers on the day for regional banks were Zions Bancorp adding 8.4% to $20.86; Regions Financial Corp., up 8% to $7.46; and Huntington Bancshares Inc., up 5.8% to $5.32. If not for another surge in insurer American International Group Inc., the three would have been the biggest percentage gainers in the Standard & Poor’s 500 index.
Marshall & Ilsley Corp., KeyCorp and Fifth Third Bancorp were all up as well, as M&I rose 4.7% to $7.80, KeyCorp rose 3.9% from $7.55 and Fifth Third gained 3.4% to $13.05.
The Wall Street Journal story included talk of Fifth Third, as well as SunTrust and Comerica Inc., which was up 1.9%.
Almost all the stocks at the top of the S&P 500 index were banks or financials, as the index rose 0.6% recently and the financial sector gained 1.1%. Meanwhile, the KBW banking index was up 2.3% while the KBW Regional banking index was up 0.8%.
But even as the markets seemed to race into the regional banks, doubt was also flying around that Barclays would actually move on the reports.
President Robert E. Diamond Jr. has said repeatedly over the last couple of years that if Barclay’s were to buy a retail bank, it would have to be a large one, meaning some of the banks shooting higher Wednesday wouldn’t likely be targets. And very few banks are large and health, enough to attract Barclays’ attention.
Credit Suisse analysts said in a note that while it makes sense that Barclays wants more deposits, it wouldn’t expect a U.S. purchase to solve that, particularly since Western Europe and Sub-Sahara Africa might present better opportunities.
“Barclays has shown limited interest in full-service US retail banking and at the full year results presentation, Antony Jenkins [the head of Global Retail Banking] signaled US opportunities would relate to the card book rather than anything else,” the analysts wrote. “We very much doubt that the acquisition of a large US deposit gatherer is high on the banks agenda for now.”
Citigroup’s Shedlin Departs for Morgan Stanley
Mar 9th
Aaron Lucchetti and Randall Smith report:
Citigroup financial-services banker Gary Shedlin is packing up for Morgan Stanley, people familiar with the matter say. The defection, reported earlier by Bloomberg News, raises fresh questions about Citigroup’s ability to maintain top talent while struggling to move out of the U.S. government’s arms.
Mr. Shedlin played a key role in some of Citigroup’s high-profile banking assignments in recent years, including its representation of the New York Stock Exchange under CEO John Thain earlier this decade when the storied company merged with European exchange operator Euronext. Shedlin started his career at Lazard and worked there for 14 years. According to Bloomberg, he advised Chicago’s Bank One Corp. on a merger with JP Morgan Chase in 2004. He joined Citigroup later that year and went on to advise BlackRock on its 2006 purchase of Merrill Lynch & Co.’s investment management business and Barclay’s asset manager last year.
To be sure, Citi has advised on the year’s three largest financial deals, announced sales by American International Group Inc. of insurance units being sold to Prudential PLC and MetLife Inc., as well as a sale of a global investment servicing business by PNC Financial Services Group Inc. to Bank of New York Mellon Corp. That work has been led by Citi’s head of financial-institutions group banking, David Head.
Mr. Shedlin will add heft to Morgan Stanley’s financial-services group after the recent move by former banking executive Ruth Porat to Morgan’s executive suite. Ms. Porat, who became Morgan’s chief financial officer in February, was succeeded by Jonathan Pruzan and Eric Bischoff as head of financial services banking. The pair of bankers will remain in their current roles, with Mr. Shedlin joining as vice chairman, a person familiar with the matter said.
Mortgage Bankers Mum on How They Fixed Their Own Mortgage Woes
Feb 7th
Is the Mortgage Bankers Association embarrassed by the way it resolved its own mortgage mess? In any case, officials of the trade group are refusing to provide details on that question.
Surely, many Americans could sympathize with the MBA’s plight. Like them, it made a bad bet on real estate at the peak of the bubble and then watched the value of that property fall far below the loan balance, a predicament known as being “under water.” Unlike most of those other distressed borrowers, however, the MBA seems to have found a way out of its real estate nightmare.
On Friday, CoStar Group Inc., a provider of commercial real estate data, announced that it had agreed to buy the MBA’s 10-story headquarters building in Washington, D.C., for $41.3 million. The price is well below the $79 million the trade group says it paid for the glass-walled building in 2007, while it was still under construction. The price also falls short of the $75 million of financing that the MBA received from a group of banks led by PNC Financial Services Group Inc. for the purchase.
John Courson, chief executive officer of the trade group, declined in an interview Saturday to say whether the MBA would pay off the full loan amount. “We’re not going to discuss the financing,” he said. A spokeswoman for the MBA added that the MBA has reached “an agreement with all relevant parties” regarding the outstanding amount on that loan but declined to provide any details.
A spokesman for PNC, a banking company based in Pittsburgh, declined to comment.
The borrowing arrangement was more complicated than that of the average mortgage borrower. Holliday Fenoglio Fowler LP, a real estate advisory firm, announced in June 2008 that it had arranged the $75 million financing. HFF said the acquisition loan took the form of a variable-rate, 30-year taxable bond transaction backed by a letter of credit from PNC. HFF said such bonds are typically sold to money market funds.
Many homeowners who are “under water” on their houses have found that banks generally decline to reduce the loan balance, particularly when the borrowers have the financial ability to keep paying. Of course, the MBA’s members have been hit hard by loan losses and a drop in lending volume, but they continue to pay other debts, salaries and sometimes even sizable bonuses to executives.
In an interview late last year, Mr. Courson said he believed mortgage borrowers should keep paying their loans even if that no longer seemed to be in their economic interest. He said paying off a mortgage isn’t only a matter of personal interest. Defaults hurt neighborhoods by lowering property values, Mr. Courson said. “What about the message they will send to their family and their kids and their friends?” he asked.
CoStar, currently based in nearby Bethesda, Md., plans to move its headquarters into the MBA building at 1331 L Street NW in Washington. The company was “fortunate to be able to take advantage of what we see as a historic opportunity to secure an exceptional asset at a greatly reduced price,” Andrew Florance, CoStar’s chief executive officer, said in a statement.
The MBA will move out of the building and rent elsewhere in Washington, the spokeswoman said. She added that a new space hadn’t yet been found.
When the MBA announced the purchase of the building in early 2007, the trade group’s president at the time, Jonathan Kempner, said: “We have come to the inescapable conclusion that owning our own building was the smartest long-term investment for the association.” In October 2009, however, the MBA informed its members that it had put the building up for sale. At that time, the MBA said that continued ownership of the building, which was financed with $75 million of variable-rate debt, would be “economically imprudent.”
The MBA spokeswoman said some members have since then concluded that the trade group shouldn’t be in the business of owning real estate.
The MBA had trouble finding tenants for the space in the building it didn’t occupy. The trade group uses about 40% of the building’s 169,000 square feet and tenants occupy about 10%, the spokeswoman said.
Falling membership and heavy debt costs related to the building have squeezed the MBA’s finances in recent years. The MBA’s membership totals about 2,400, down from a peak of 3,000 several years ago, but has increased recently, the spokeswoman said, and the organization expects to show a small surplus in its accounts for the fiscal year ending Sept. 30. The MBA’s staff has dropped to 107 from a peak of about 150, she said.
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Loan Modifications Lurk as Threat to Credit Quality Gains
Feb 1st
Bad loans stopped soaring at large and midsize banks last quarter, but whether the credit cycle has bottomed out or is just taking a breather may depend on the success rate for loan modifications.
At the heart of the discussion is the shadowy nature of modified loans.
Nonperforming assets — which have skyrocketed throughout the recession — fell at a handful of lenders, including JPMorgan Chase & Co., KeyCorp and Huntington Bancshares Inc. And they grew at a sharply lower rate at companies like PNC Financial Services Group Inc., Bank of America Corp., and Regions Financial Corp.
