Cullen/Frost Reports Third Quarter Results

SAN ANTONIO, Oct. 31, 2019 /PRNewswire/ -- Cullen/Frost Bankers, Inc. CFR today reported third quarter 2019 results. Net income available to common shareholders for the third quarter of 2019 was $109.8 million, compared to $115.8 million in the third quarter of 2018. On a per-share basis, net income available to common shareholders for the third quarter of 2019 was $1.73 per diluted common share, compared to $1.78 per diluted common share reported a year earlier. Returns on average assets and average common equity were 1.35 percent and 11.83 percent, respectively, for the third quarter of 2019 compared to 1.49 percent and 14.40 percent, respectively, for the same period a year earlier.

For the third quarter of 2019, net interest income on a taxable-equivalent basis was $276.6 million, up 4.1 percent compared to the same quarter in 2018. Average loans for the third quarter of 2019 increased $788.1 million, or 5.8 percent, to $14.5 billion, from the $13.7 billion reported for the third quarter a year earlier. Average deposits for the quarter were $26.4 billion, basically flat compared to the $26.2 billion reported for last year's third quarter.

"The third quarter was another solid quarter for Frost as we continued our focus on sustainable organic growth and top-quality customer service," said Cullen/Frost Chairman and CEO Phil Green. "Our expansion in the Houston region continues to move forward, and we have now opened a total of seven new financial centers in that significant market."

For the first nine months of 2019, net income available to common shareholders was $333.9 million, up 1.3 percent compared to $329.6 million for the first nine months of 2018. Diluted earnings per share available to common shareholders for the first nine months of 2019 was $5.24 compared to $5.08 in the year-earlier period, representing an increase of 3.1 percent. Returns on average assets and average common equity for the first nine months of 2019 were 1.41 percent and 12.79 percent, respectively, compared to 1.42 percent and 14.02 percent, respectively, for the same period in 2018.

Noted financial data for the third quarter of 2019 follows:

  • The Common Equity Tier 1, Tier 1 and Total Risk-Based Capital Ratios at the end of the third quarter of 2019 were 12.35 percent, 12.99 percent and 14.63 percent, respectively, and continue to be in excess of well-capitalized levels and exceed Basel III minimum requirements.
  • Net interest income on a taxable-equivalent basis was $276.6 million, an increase of 4.1 percent over the prior year period. Net interest margin was 3.76 percent for the third quarter of 2019, down 9 basis points compared to the second quarter of 2019 net interest margin of 3.85 percent. Net interest margin increased 10 basis points compared to 3.66 percent in the year-ago period.
  • Non-interest income for the third quarter of 2019 totaled $89.2 million, an increase of $1.6 million, or 1.8 percent, from the $87.7 million reported for the third quarter of 2018. Third quarter non-interest income was impacted by a $2.6 million decrease in other income, compared to the third quarter of 2018. This decrease was mainly driven by $2.9 million in recoveries of prior write-offs and settlements recorded in the year-ago period. Service charges on deposits increased by $1.4 million, or 6.4 percent, primarily driven by an increase in overdraft fees of $1.2 million. Trust and investment management fees were $31.6 million, up $848,000, or 2.8 percent, from the third quarter of 2018. The increase in trust and investment management fees was primarily the result of an increase in trust investment fees due to higher average equity valuations and an increase in the number of accounts. Insurance commissions and fees of $11.7 million increased $646,000, or 5.9 percent, from the previous year. The increase in commission income during the third quarter was primarily related to an increase in commercial property and casualty commissions.
  • Non-interest expense was $208.9 million for the quarter, up $15.2 million, or 7.8 percent, compared to the $193.7 million reported for the third quarter a year earlier. Total salaries and wages rose $6.3 million, or 7.2 percent, to $93.8 million, primarily due to an increase in the number of employees and normal annual merit and market increases and, to a lesser extent, an increase in incentive compensation. Employee benefits expense increased $2.6 million, or 14.4 percent, compared to the third quarter of 2018. The increase was primarily related to increases in medical benefits expense (up $838,000), expenses related to our defined benefit retirement plans (up $585,000), payroll taxes (up $562,000) and expenses related to our 401(k) plan (up $373,000). Third quarter net occupancy expense increased by $4.3 million, or 21.7 percent, compared to the same period in 2018, primarily driven by the commencement of the lease of our new corporate headquarters building in San Antonio and other leases related to existing facilities and our expansion within the Houston market area. We began recognizing expenses associated with the new corporate headquarters in June of 2019. Other non-interest expense increased $2.8 million, or 6.8 percent, compared to the third quarter of 2018. The increase was mainly driven by increases in professional services expense (up $2.3 million); platform fees related to investment services (up $558,000); losses on the sale of foreclosed and other assets (up $424,000) and computer services expense (up $325,000). The increase from these items was partly offset by a decrease in advertising/ promotions expense (down $1.3 million). Technology, furniture and equipment expense for the third quarter increased by $1.4 million, or 6.7 percent, from the third quarter of 2018. The increase was primarily driven by a $1.7 million increase in software maintenance expense. Deposit insurance expense decreased by $2.2 million compared to the third quarter of 2018, primarily due to the termination of the FDIC's quarterly surcharge in the fourth quarter of 2018.
  • For the third quarter of 2019, the provision for loan losses was $8.0 million, compared to net charge-offs of $6.4 million. This compares with $6.4 million in provisions and $7.8 million in net charge-offs for the second quarter of 2019, and $2.7 million in provisions and $15.3 million in net charge-offs in the third quarter of 2018. The allowance for loan losses as a percentage of total loans was 0.93 percent at September 30, 2019, unchanged compared to the end of the second quarter of 2019 and down 7 basis points compared to 1.00 percent at the end of the third quarter of 2018. Non-performing assets were $105.0 million at the end of the third quarter of 2019, compared to $76.4 million at the end of the second quarter of 2019 and $86.4 million at the end of the third quarter of 2018.

The Cullen/Frost board declared a fourth-quarter cash dividend of $0.71 per common share, representing a 6.0 percent increase over the previous year's dividend, payable December 13, 2019 to shareholders of record on November 29 of this year. The board of directors declared a cash dividend of $.3359375 per share of the Noncumulative Perpetual Preferred Stock, Series A, which is traded on the NYSE under the symbol "CFR PrA." The Series A Preferred Stock dividend is payable on December 16, 2019, to shareholders of record on November 29 of this year.

Cullen/Frost Bankers, Inc. will host a conference call on Thursday, October 31, 2019, at 10 a.m. Central Time (CT) to discuss the results for the quarter. The media and other interested parties are invited to access the call in a "listen only" mode at 1-800-944-6430 or via webcast on our investor relations website linked below.

Playback of the conference call will be available after 2 p.m. CT on the day of the call until midnight Sunday, November 3, 2019 at 855-859-2056 with Conference ID # of 1057329. The call will also be available by webcast at the URL listed below after 2 p.m. CT on the day of the call.

Cullen/Frost investor relations website: www.frostbank.com/investor-relations/

Cullen/Frost Bankers, Inc. CFR is a financial holding company, headquartered in San Antonio, with $33.1 billion in assets at September 30, 2019. One of the 60 largest U.S. banks, Frost provides a wide range of banking, investments and insurance services to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at www.frostbank.com.

Forward-Looking Statements and Factors that Could Affect Future Results

Certain statements contained in this Earnings Release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", "intends", "targeted", "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

  • Local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact.
  • Volatility and disruption in national and international financial and commodity markets.
  • Government intervention in the U.S. financial system.
  • Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs.
  • Changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements.
  • The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board.
  • Inflation, interest rate, securities market and monetary fluctuations.
  • The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply.
  • The soundness of other financial institutions.
  • Political instability.
  • Impairment of our goodwill or other intangible assets.
  • Acts of God or of war or terrorism.
  • The timely development and acceptance of new products and services and perceived overall value of these products and services by users.
  • Changes in consumer spending, borrowings and savings habits.
  • Changes in the financial performance and/or condition of our borrowers.
  • Technological changes.
  • The cost and effects of failure, interruption, or breach of security of our systems.
  • Acquisitions and integration of acquired businesses.
  • Our ability to increase market share and control expenses.
  • Our ability to attract and retain qualified employees.
  • Changes in the competitive environment in our markets and among banking organizations and other financial service providers.
  • The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters.
  • Changes in the reliability of our vendors, internal control systems or information systems.
  • Changes in our liquidity position.
  • Changes in our organization, compensation and benefit plans.
  • The costs and effects of legal and regulatory developments, the resolution of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals.
  • Greater than expected costs or difficulties related to the integration of new products and lines of business.
  • Our success at managing the risks involved in the foregoing items.

Forward-looking statements speak only as of the date on which such statements are made. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

A.B. Mendez

Investor Relations

210.220.5234

     or

Bill Day

Media Relations

210.220.5427

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)























2019



2018



3rd Qtr



2nd Qtr



1st Qtr



4th Qtr



3rd Qtr

CONDENSED INCOME STATEMENTS



















Net interest income

$

253,007





$

253,431





$

246,469





$

249,209





$

241,665



Net interest income (1)

276,618





277,751





271,179





273,810





265,687



Provision for loan losses

8,001





6,400





11,003





3,767





2,650



Non-interest income:



















Trust and investment management fees

31,649





30,448





31,697





29,882





30,801



Service charges on deposit accounts

22,941





21,798





20,790





21,632





21,569



Insurance commissions and fees

11,683





10,118





18,406





11,394





11,037



Interchange and debit card transaction fees

4,117





3,868





3,280





3,774





3,499



Other charges, commissions and fees

10,108





8,933





9,062





9,371





9,580



Net gain (loss) on securities transactions

96





169









(43)





(34)



Other

8,630





7,304





13,550





11,108





11,205



Total non-interest income

89,224





82,638





96,785





87,118





87,657























Non-interest expense:



















Salaries and wages

93,812





90,790





92,476





90,878





87,547



Employee benefits

21,002





20,051





23,526





19,066





18,355



Net occupancy

24,202





21,133





19,267





17,699





19,894



Technology, furniture and equipment

22,415





22,157





21,664





21,960





21,004



Deposit insurance

2,491





2,453





2,808





2,219





4,694



Intangible amortization

274





305





325





331





336



Other

44,668





46,320





41,734





47,544





41,838



Total non-interest expense

208,864





203,209





201,800





199,697





193,668



Income before income taxes

125,366





126,460





130,451





132,863





133,004



Income taxes

13,530





14,874





13,955





13,610





15,160



Net income

111,836





111,586





116,496





119,253





117,844



Preferred stock dividends

2,016





2,015





2,016





2,016





2,016



Net income available to common shareholders

$

109,820





$

109,571





$

114,480





$

117,237





$

115,828























PER COMMON SHARE DATA



















Earnings per common share - basic

$

1.74





$

1.73





$

1.80





$

1.84





$

1.80



Earnings per common share - diluted

1.73





1.72





1.79





1.82





1.78



Cash dividends per common share

0.71





0.71





0.67





0.67





0.67



Book value per common share at end of quarter

59.76





57.39





54.64





51.19





49.49























OUTSTANDING COMMON SHARES



















Period-end common shares

62,537





62,638





63,081





62,986





63,923



Weighted-average common shares - basic

62,566





62,789





63,009





63,441





63,892



Dilutive effect of stock compensation

593





765





819





811





1,022



Weighted-average common shares - diluted

63,159





63,554





63,828





64,252





64,914























SELECTED ANNUALIZED RATIOS



















Return on average assets

1.35

%



1.40

%



1.48

%



1.48

%



1.49

%

Return on average common equity

11.83





12.60





14.08





14.85





14.40



Net interest income to average earning assets

3.76





3.85





3.79





3.72





3.66























(1) Taxable-equivalent basis assuming a 21% tax rate.



 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)





2019



2018



3rd Qtr



2nd Qtr



1st Qtr



4th Qtr



3rd Qtr

BALANCE SHEET SUMMARY



















($ in millions)



















Average Balance:



















Loans

$

14,471





$

14,375





$

14,205





$

13,949





$

13,683



Earning assets

29,693





29,114

 





28,954





29,153





28,796



Total assets

32,248





31,491





31,356





31,330





30,918



Non-interest-bearing demand deposits

10,316





10,148





10,193





10,740





10,690



Interest-bearing deposits

16,036





15,845





15,919





15,767





15,462



Total deposits

26,352





25,993





26,112





26,507





26,152



Shareholders' equity

3,828





3,632





3,441





3,277





3,335























Period-End Balance:



















Loans

$

14,635





$

14,459





$

14,406





$

14,100





$

13,815



Earning assets

30,358





29,216





29,281





29,894





29,042



Goodwill and intangible assets

658





658





658





659





659



Total assets

33,098





31,817





31,663





32,293





31,223



Total deposits

27,084





25,985





26,295





27,149





26,349



Shareholders' equity

3,881





3,739





3,592





3,369





3,308



Adjusted shareholders' equity (1)

3,576





3,520





3,498





3,433





3,449























ASSET QUALITY



















($ in thousands)



















Allowance for loan losses:

$

136,559





$

134,929





$

136,350





$

132,132





$

137,578



As a percentage of period-end loans

0.93

%



0.93

%



0.95

%



0.94

%



1.00

%





















Net charge-offs:

$

6,371





$

7,821





$

6,785





$

9,213





$

15,298



Annualized as a percentage of average loans

0.17

%



0.22

%



0.19

%



0.26

%



0.44

%





















Non-performing assets:



















Non-accrual loans

$

97,446





$

71,521





$

92,162





$

73,739





$

82,601



Restructured loans

6,160





3,973





4,028











Foreclosed assets

1,427





907





1,175





1,175





3,765



Total

$

105,033





$

76,401





$

97,365





$

74,914





$

86,366



As a percentage of:



















Total loans and foreclosed assets

0.72

%



0.53

%



0.68

%



0.53

%



0.62

%

Total assets

0.32





0.24





0.31





0.23





0.28























CONSOLIDATED CAPITAL RATIOS



















Common Equity Tier 1 Risk-Based Capital Ratio (2)

12.35

%



12.29

%



12.34

%



12.27

%



12.56

%

Tier 1 Risk-Based Capital Ratio (2)

12.99





12.94





13.00





12.94





13.24



Total Risk-Based Capital Ratio (2)

14.63





14.60





14.68





14.64





14.99



Leverage Ratio

9.36





9.40





9.35





9.06





9.19



Equity to Assets Ratio (period-end)

11.73





11.75





11.34





10.43





10.60



Equity to Assets Ratio (average)

11.87





11.53





10.97





10.46





10.79























(1) Shareholders' equity excluding accumulated other comprehensive income (loss).



(2) After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported prior to March 31, 2019 have been revised to reflect these reclassifications.

 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except per share amounts)

















Nine Months Ended

September 30,















2019



2018

CONDENSED INCOME STATEMENTS







































Net interest income













$

752,907





$

708,683



Net interest income (1)













825,547





778,754



Provision for loan losses













25,404





17,846



Non-interest income:



















Trust and investment management fees













93,794





89,509



Service charges on deposit accounts













65,529





63,554



Insurance commissions and fees













40,207





37,573



Interchange and debit card transaction fees













11,265





10,103



Other charges, commissions and fees













28,103





27,860



Net gain (loss) on securities transactions













265





(113)



Other













29,484





35,682



Total non-interest income













268,647





264,168























Non-interest expense:



















Salaries and wages













277,078





259,434



Employee benefits













64,579





58,257



Net occupancy













64,602





59,089



Furniture and equipment













66,236





61,142



Deposit insurance













7,752





14,178



Intangible amortization













904





1,093



Other













132,722





125,994



Total non-interest expense













613,873





579,187



Income before income taxes













382,277





375,818



Income taxes













42,359





40,153



Net income













339,918





335,665



Preferred stock dividends













6,047





6,047



Net income available to common shareholders













$

333,871





$

329,618























PER COMMON SHARE DATA



















Earnings per common share - basic













$

5.28





$

5.13



Earnings per common share - diluted













5.24





5.08



Cash dividends per common share













2.09





1.91



Book value per common share at end of quarter













59.76





49.49























OUTSTANDING COMMON SHARES



















Period-end common shares













62,537





63,923



Weighted-average common shares - basic













62,787





63,794



Dilutive effect of stock compensation













725





1,037



Weighted-average common shares - diluted













63,512





64,831























SELECTED ANNUALIZED RATIOS



















Return on average assets













1.41

%



1.42

%

Return on average common equity













12.79





14.02



Net interest income to average earning assets (1)













3.80





3.61























(1) Taxable-equivalent basis assuming a 21% tax rate.



 

Cullen/Frost Bankers, Inc.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)



































As of or for the

Nine Months Ended

September 30,















2019



2018

BALANCE SHEET SUMMARY ($ in millions)



















Average Balance:



















Loans













$

14,352





$

13,506



Earning assets













29,257





28,814



Total assets













31,678





30,933



Non-interest-bearing demand deposits













10,219





10,762



Interest-bearing deposits













15,934





15,454



Total deposits













26,153





26,216



Shareholders' equity













3,635





3,287























Period-End Balance:



















Loans













$

14,635





$

13,815



Earning assets













30,358





29,042



Goodwill and intangible assets













658





659



Total assets













33,098





31,223



Total deposits













27,084





26,349



Shareholders' equity













3,881





3,308



Adjusted shareholders' equity (1)













3,576





3,449























ASSET QUALITY ($ in thousands)



















Allowance for loan losses:













$

136,559





$

137,578



As a percentage of period-end loans













0.93

%



1.00

%





















Net charge-offs:













$

20,977





$

35,632



Annualized as a percentage of average loans













0.20

%



0.35

%





















Non-performing assets:



















Non-accrual loans













$

97,446





$

82,601



Restructured loans













6,160







Foreclosed assets













1,427





3,765



Total













$

105,033





$

86,366



As a percentage of:



















Total loans and foreclosed assets













0.72

%



0.62

%

Total assets













0.32





0.28























CONSOLIDATED CAPITAL RATIOS



















Common Equity Tier 1 Risk-Based Capital Ratio (2)











12.35

%



12.56

%

Tier 1 Risk-Based Capital Ratio (2)













12.99





13.24



Total Risk-Based Capital Ratio (2)













14.63





14.99



Leverage Ratio













9.36





9.19



Equity to Assets Ratio (period-end)













11.73





10.60



Equity to Assets Ratio (average)













11.48





10.63























(1) Shareholders' equity excluding accumulated other comprehensive income (loss).



(2) After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported prior to March 31, 2019 have been revised to reflect these reclassifications.

 

Cullen/Frost Bankers, Inc.

TAXABLE-EQUIVALENT YIELD/COST AND AVERAGE BALANCES (UNAUDITED)





2019



2018



3rd Qtr



2nd Qtr



1st Qtr



4th Qtr



3rd Qtr

TAXABLE-EQUIVALENT YIELD/COST (1)



















Earning Assets:



















Interest-bearing deposits

2.19

%



2.64

%



2.50

%



2.35

%



2.05

%

Federal funds sold and resell agreements

2.21





2.48





2.58





2.41





2.14



Securities

3.43





3.42





3.37





3.39





3.41



Loans, net of unearned discounts

5.16





5.34





5.33





5.20





5.04



Total earning assets

4.21





4.33





4.27





4.15





4.04























Interest-Bearing Liabilities:



















Interest-bearing deposits:



















Savings and interest checking

0.07





0.08





0.09





0.08





0.09



Money market deposit accounts

0.93





1.03





1.09





1.00





0.93



Time accounts

1.74





1.66





1.43





1.14





0.87



Public funds

1.34





1.51





1.39





1.31





1.11



Total interest-bearing deposits

0.63





0.68





0.69





0.63





0.57























Total deposits

0.39





0.41





0.42





0.37





0.34























Federal funds purchased and repurchase agreements

1.53





1.69





1.72





1.56





0.90



Junior subordinated deferrable interest debentures

4.18





4.34





4.40





4.24





4.09



Subordinated notes payable and other notes

4.71





4.71





4.72





4.72





4.72



Total interest-bearing liabilities

0.75





0.80





0.81





0.74





0.64























Net interest spread

3.46





3.53





3.46





3.41





3.40



Net interest income to total average earning assets

3.76





3.85





3.79





3.72





3.66























AVERAGE BALANCES



















($ in millions)



















Assets:



















Interest-bearing deposits

$

1,566





$

1,171





$

1,729





$

2,452





$

2,799



Federal funds sold and resell agreements

212





246





250





317





260



Securities

13,444





13,322





12,770





12,435





12,053



Loans, net of unearned discount

14,471





14,375





14,205





13,949





13,683



Total earning assets

$

29,693





$

29,114





$

28,954





$

29,153





$

28,796























Liabilities:



















Interest-bearing deposits:



















Savings and interest checking

$

6,712





$

6,774





$

6,774





$

6,673





$

6,675



Money market deposit accounts

7,763





7,588





7,696





7,792





7,620



Time accounts

1,023





970





895





836





799



Public funds

538





513





554





467





369



Total interest-bearing deposits

16,036





15,845





15,919





15,767





15,462























Total deposits

26,352





25,993





26,112





26,507





26,152























Federal funds purchased and repurchase agreements

1,291





1,242





1,180





1,138





1,011



Junior subordinated deferrable interest debentures

136





136





136





136





136



Subordinated notes payable and other notes

99





99





99





99





99



Total interest-bearing funds

$

17,562





$

17,322





$

17,334





$

17,140





$

16,708























(1) Taxable-equivalent basis assuming a 21% tax rate.

 

Cullen/Frost Bankers logo. (PRNewsFoto/Cullen/Frost Bankers)

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/cullenfrost-reports-third-quarter-results-300948704.html

SOURCE Cullen/Frost Bankers, Inc.

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