Posts tagged pnc financial services group
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
Home sales rise more than expected
Apr 24th
Home sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what’s expected to be a strong spring selling season.
Sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December, the National Association of Realtors said Thursday. February’s sales figures were revised downward slightly to 5.01 million.
“The spring selling season will be a success and probably the most active we’re seen in years,” said Stuart Hoffman, chief economist at PNC Financial Services Group.
Sales are likely to keep growing through the first half of the year as tax credits for first-time buyers and low mortgage rates fuel purchases. The average interest rates is 5.07 percent for a traditional fixed-rate mortgage, Freddie Mac said Thursday.
Full story is available on Associated Press
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.”
SunTrust? Comerica? Fifth Third? What U.S. Bank Should Barclays Buy?
Mar 10th
Barclays is on the hunt for a retail bank to help it bolster its presence in the U.S., the WSJ reports.
No deal is imminent and the U.K. bank has only just started shopping around. Here are some possible candidates, and thoughts on which might make a target more or less attractive:
Suntrust Bank: The Atlanta lender, with $120 billion of deposits and branches across the Southeast, is the 7th largest bank in the U.S. by deposits. Buffeted by commercial real estate and mortgage losses, Suntrust has yet to pay back all of its assistance from the Troubled Asset Relief Program. Analysts expect that the bank may need to sell more securities to raise cash, resulting in further dilution of holders’ value. The bank, which has a market value of $13 billion, is expected to post another loss in 2010.
Comerica: The Texas bank has $42 billion in deposits, but it is exposed to economically distressed markets of California and Michigan, where it was based until it relocated from Detroit in 2007. California may eventually bounce back, but its Michigan business may languish, given the state’s long-term economic outlook.
Midwestern targets: Fifth Third Bancorp, Huntington Bancshares and Key Corp. It may makes sense to include these three banks in one category. They are all heavily exposed to middle-market consumers and corporate clients in the Midwest. Even if Barclays bought all three banks (unlikely because of antitrust issues), Barclays still would lag behind PNC Financial Services Group (the fifth largest U.S. lender based on its $188 billion of deposits) in the size of its retail U.S. banking business
RBS/Citizens Bank: This is an intriguing possibility. Royal Bank of Scotland Group is in the process of divesting assets, especially ones overseas. Citizens, of Rhode Island, has $101 billion in deposits and is concentrated in the Northeast.
Citigroup: Barclays wouldn’t be looking to buy all of Citigroup, but it might covet some of the bank’s $320 billion deposits, especially those in the lucrative New York City market. Citigroup is certainly looking to sell many of its assets, though its NYC retail branches aren’t likely to be among them.
Which U.S. Bank Might Barclays Buy?
Mar 10th
Barclays is on the hunt for a retail bank to help it bolster its presence in the U.S., the WSJ reports.
No deal is imminent and the U.K. bank has only just started shopping around. Here are some possible candidates, and thoughts on which might make a target more or less attractive:
Suntrust Bank: The Atlanta lender, with $120 billion of deposits and branches across the Southeast, is the 7th largest bank in the U.S. by deposits. Buffeted by commercial real estate and mortgage losses, Suntrust has yet to pay back all of its assistance from the Troubled Asset Relief Program. Analysts expect that the bank may need to sell more securities to raise cash, resulting in further dilution of holders’ value. The bank, which has a market value of $13 billion, is expected to post another loss in 2010.
Comerica: The Texas bank has $42 billion in deposits, but it is exposed to economically distressed markets of California and Michigan, where it was based until it relocated from Detroit in 2007. California may eventually bounce back, but its Michigan business may languish, given the state’s long-term economic outlook.
Midwestern targets: Fifth Third Bancorp, Huntington Bancshares and Key Corp. It may makes sense to include these three banks in one category. They are all heavily exposed to middle-market consumers and corporate clients in the Midwest. Even if Barclays bought all three banks (unlikely because of antitrust issues), Barclays still would lag behind PNC Financial Services Group (the fifth largest U.S. lender based on its $188 billion of deposits) in the size of its retail U.S. banking business
RBS/Citizens Bank: This is an intriguing possibility. Royal Bank of Scotland Group is in the process of divesting assets, especially ones overseas. Citizens, of Rhode Island, has $101 billion in deposits and is concentrated in the Northeast.
Citigroup: Barclays wouldn’t be looking to buy all of Citigroup, but it might covet some of the bank’s $320 billion deposits, especially those in the lucrative New York City market. Citigroup is certainly looking to sell many of its assets, though its NYC retail branches aren’t likely to be among them.
