Wunderlich issued a report on southern regional banks Monday and analyst Kevin Reynolds noted that there “seems to be a fairly significant disconnect between sentiment and reality, as markets used a sharp drop in the price of oil as irrefutable evidence that the economic expansion in the U.S. was in peril.
“However, in a quarter in which the price of oil declined over 40 percent and the yield on 10-year Treasurys fell sharply toward the 2.00 percent threshold, commercial & industrial (C&I) loans outstanding for domestically chartered banks increased at a 15 percent annualized pace.”
Reynolds commented that “as it relates to our 4Q14 earnings preview, the fourth quarter should be fine, if not very strong, with a solid bias to the upside vs. consensus expectations in most cases.”
First Horizon National Corp FHN, Cullen/Frost Bankers, Inc. CFR and Pinnacle Financial Partners PNFP were rated Hold.
Below are the banks that the firm rated a Buy along with price targets.
- BB&T Corporation BBT - $45.00 price target
- BancorpSouth, Inc. BXS - $28.00 price target
- Comerica Incorporated CMA - $65.00 price target
- Home Bancshares Inc HOMB - $38.00 price target
- Bank Of The Ozarks Inc OZRK - $41.00 price target
- Regions Financial Corp RF - $13.00 price target
- South State Corporation SSB - $72.00 price target
- Texas Capital Bancshares Inc TCBI - $75.00 price target
- Bankers Petroleum Ltd. BNK - $21.00 price target
- CenterState Banks Inc CSFL - $16.00 price target
- Hancock Holding Company HBHC - $43.00 price target
- IBERIABANK Corp IBKC - $85.00 price target
- Renasant Corp. RNST - $36.00 price target
- State Bank Financial Corp STBZ - $23.00 price target
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