Market Capitalization $247.5 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years BUY HOLD BUY
|
|
- Sarah Sims
- 7 years ago
- Views:
Transcription
1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. BUY Sector: Financial Services Sub-Industry: Diversified Banks Source: S&P BUY RATING SINCE 05/11/2016 TARGET PRICE $26.75 Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years TARGET PRICE $ STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) Ind Avg S&P 500 Q Q Q Rating History BUY HOLD BUY Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History ,000 1,000 0 P/E COMPARISON RECOMMENDATION We rate () a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any nesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity EPS ANALYSIS¹ ($) Ind Avg S&P 500 HIGHLIGHTS Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 32.95% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year. Q Q Q Q Q Q Q NA = not available NM = not meaningful Q Q Q Q Compustat fiscal year convention is used for all fundamental data items. has improved earnings per share by 7.9% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, BANK OF AMERICA CORP increased its bottom line by earning $1.31 versus $0.35 in the prior year. This year, the market expects an improvement in earnings ($1.47 versus $1.31). The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and greatly outperformed compared to the Commercial Banks industry average. The net income increased by 7.3% when compared to the same quarter one year prior, going from $4, million to $4, million. Despite its growing revenue, the company underperformed as compared with the industry average of 4.8%. Since the same quarter one year prior, revenues slightly increased by 2.4%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share. The gross profit margin for is currently very high, coming in at 86.45%. It has increased from the same quarter the previous year. Regardless of the results of the gross profit margin, the net profit margin of 20.60% trails the industry average. PAGE 1
2 PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -5% 15% TD UNFAVORABLE 30% BNS RY C HDB USB WFC JPM EBITDA Margin (TTM) FAVORABLE MTU 90% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $52.9 Billion and $315.6 Billion. Companies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -5% 15% UNFAVORABLE LYG 1% HDB Earnings Yield (TTM) USB JPM WFC MTU FAVORABLE C TD BNS RY 11% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -4.9% and 14.6%. Companies with NA or NM values do not appear. INDUSTRY ANALYSIS Commercial Banking is a highly fragmented industry. We rate more than 300 publicly traded institutions, ranging from huge Wells Fargo (WFC) to tiny companies such as United Bancshares (UBSI). They compete in a broad market of over 9,000 commercial banks and savings institutions, insured by the Federal Deposit Insurance Corporation institutions. Historically, commercial banks made most of their profits by capturing the margin between interest paid to depositors and higher rates charged to borrowers. They also raise money by selling bonds and bundles of loans called asset-backed securities. Additional income is earned from deposit and loan fees, as well as securities underwriting, stock trading, and asset management. The banking industry set record profits in previous years before collapsing as real estate prices imploded. This resulted in asset-backed securities being impossible to mark-to-market when the market dried up and diminishing the apparent equity capital position of the banks. The industry was rescued by the U.S. government through direct injections of capital to more than 700 financial institutions under the Troubled Asset Relief Program, or TARP. In the financial crisis, 222 firms failed and were closed by the FDIC. In December 2009, 702 banks, accounting for $402.8 billion in total assets, were on the FDIC s problem bank list and risk being liquidated and sold to er banks. Legislation to strengthen financial industry regulation has been put in place to protect consumers from the worst practices of the credit card banks. Additional reforms designed to protect the industry from institutions from taking on excess leverage are being put in place to reduce systemic risk, regulate derivative financial products, and liquidate financial institutions formerly believed to be too-big-to-fail without a tax-payer bailout. The recovering economy and the new financial reforms serve to return confidence to the commercial banking group. PEER GROUP: Commercial Banks Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) , , , TD TORONTO DOMINION BANK , , , MTU MITSUBISHI UFJ FINANCIAL GRP , , , BNS BANK OF NOVA SCOTIA , , , LYG LLOYDS BANKING GROUP PLC , , , HDB HDFC BANK LTD , , , JPM JPMORGAN CHASE & CO , , , WFC WELLS FARGO & CO , , , C CITIGROUP INC , , , RY ROYAL BANK OF CANADA , , , USB U S BANCORP , , , The peer group comparison is based on Major Diversified Banks companies of comparable size. PAGE 2
3 Annual Dividend Rate COMPANY DESCRIPTION Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through five segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, Global Markets, and Legacy Assets & Servicing. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products, as well as credit and debit cards, residential mortgages and home equity loans, and direct and indirect loans. This segment provides its products and services through approximately 4,700 financial centers, 16,000 ATMs, call centers, and online and mobile platforms. The Global Wealth & Investment Management segment offers investment management, brokerage, banking, and retirement products, as well as wealth management and customized solutions. The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, real estate lending, and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services. The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. The Legacy Assets & Servicing segment engages in mortgage servicing activities related to residential first mortgage and home equity loans; and managing legacy exposures related to mortgage origination, sales, and servicing. Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina. Bank of America Corporate Center Charlotte, NC USA Phone: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 3.0 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, has a growth score better than 50% of the stocks we rate. Total Return 5.0 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 90% of the companies we cover. Efficiency 3.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 50% of the companies we review. Price volatility 4.0 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 70% of the stocks we monitor. Solvency 3.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 50% of the companies we analyze. Income 3.5 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 60% of the companies we track. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3
4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINANCIAL ANALYSIS 's gross profit margin for the third quarter of its fiscal year 2016 is essentially unchanged when compared to the same period a year ago. The company has grown its sales and net income during the past quarter when compared with the same quarter a year ago, and although its growth in net income has outpaced the industry average, its revenue growth has not. During the same period, stockholders' equity ("net worth") has increased by 5.54% from the same quarter last year Q4 FY E 2016(E) 1.62 E 2017(E) STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit INCOME STATEMENT Net Sales ($mil) 24, , EBITDA ($mil) 11, , EBIT ($mil) 11, , Net Income ($mil) 4, , BALANCE SHEET Cash & Equiv. ($mil) 370, , Total Assets ($mil) 2,195, ,153, Total Debt ($mil) 430, , Equity ($mil) 270, , PROFITABILITY Gross Profit Margin 86.45% 85.94% EBITDA Margin 48.38% 46.10% Operating Margin 46.04% 43.58% Sales Turnover Return on Assets 0.75% 0.72% Return on Equity 5.51% 5.52% DEBT Current Ratio NA NA Debt/Capital Interest Expense NA NA Interest Coverage NA NA SHARE DATA Shares outstanding (mil) 10,124 10,427 Div / share EPS Book value / share Institutional Own % NA NA Avg Daily Volume 115,411,322 91,146,601 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4
5 RATINGS HISTORY Our rating for has not changed since 5/11/2016. As of 12/15/2016, the stock was trading at a price of which is 1.0% below its 52-week high of $23.39 and 110.7% above its 52-week low of $ Year Chart BUY: $ HOLD: $12.13 BUY: $14.20 $25 $20 $15 MOST RECENT RATINGS CHANGES Date Price Action From To 5/11/16 $14.20 Upgrade Hold Buy 2/24/16 $12.13 Downgrade Buy Hold 12/15/14 $16.85 No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 12/15/2016) 41.16% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. This stock's P/E ratio indicates a discount compared to an average of for the Commercial Banks industry and a discount compared to the S&P 500 average of Conducting a second comparison, its price-to-book ratio of 0.87 indicates a significant discount versus the S&P 500 average of 2.88 and a discount versus the industry average of The current price-to-sales ratio is well above the S&P 500 average, but below the industry average. Upon assessment of these and other key valuation criteria, BANK OF AMERICA CORP proves to trade at a discount to investment alternatives within the industry. Price/Earnings Peers Average. An average P/E ratio can signify an industry neutral price for a stock and an average growth expectation. is trading at a valuation on par with its peers. Price/Projected Earnings Peers Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations. is trading at a valuation on par with its peers. Price/Book 0.87 Peers 1.21 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. is trading at a significant discount to its peers. Price/Sales 2.51 Peers 2.96 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. is trading at a discount to its industry on this measurement. DISCLAIMER: Price/CashFlow 7.31 Peers Discount. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. is trading at a significant discount to its peers. Price to Earnings/Growth 1.37 Peers 2.47 Discount. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. trades at a significant discount to its peers. Earnings Growth lower higher 7.81 Peers Higher. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. is expected to have an earnings growth rate that significantly exceeds its peers. Sales Growth lower higher 1.35 Peers 5.41 Lower. A sales growth rate that trails the industry implies that a company is losing market share. significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5
Market Capitalization $11.2 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY December 13, 2015 BUY RATING SINCE 04/20/2012 TARGET PRICE $15.03 BUSINESS DESCRIPTION KeyCorp. operates as the bank holding company for KeyBank
More informationMarket Capitalization $9.6 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY July 10, 2016 BUY RATING SINCE 04/20/2012 TARGET PRICE $12.64 BUSINESS DESCRIPTION KeyCorp operates as the bank holding company for KeyBank National
More informationMarket Capitalization $1.8 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD December 13, 2015 SDAQ: HOLD RATING SINCE 01/27/2014 BUSINESS DESCRIPTION RealPage, Inc. provides demand software and software-enabled services
More informationMarket Capitalization $454.3 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY August 14, 2016 BUY RATING SINCE 08/11/2009 TARGET PRICE $67.34 BUSINESS DESCRIPTION Microsoft Corporation, a technology company, develops, licenses,
More informationMarket Capitalization $58.9 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 08/16/2010 TARGET PRICE $153.78 BUSINESS DESCRIPTION NextEra Energy, Inc., through its subsidiaries, generates,
More informationMarket Capitalization $49.3 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 02/08/2013 TARGET PRICE $51.18 MET BUSINESS DESCRIPTION MetLife, Inc. provides life insurance, annuities,
More informationMarket Capitalization $473.2 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY July 19, 2016 SDAQ: BUY RATING SINCE 07/19/2016 TARGET PRICE $963.09 BUSINESS DESCRIPTION Alphabet Inc., through its subsidiaries, provides online
More informationMarket Capitalization $2.2 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUSINESS DESCRIPTION Rowan Companies plc provides offshore oil and gas contract drilling services. It operates a fleet of 31 mobile offshore drilling
More informationMarket Capitalization $39.3 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD July 31, 2016 SDAQ: HOLD RATING SINCE 10/16/2014 BUSINESS DESCRIPTION Netflix, Inc., an Internet television network, engages in the Internet
More informationMarket Capitalization $337.5 Million
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate SELL SELL RATING SINCE 05/31/2016 NQ BUSINESS DESCRIPTION NQ Mobile Inc. provides mobile Internet services in the People's Republic
More informationMarket Capitalization $13.9 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 06/09/2009 TARGET PRICE $262.38 BUSINESS DESCRIPTION W.W. Grainger, Inc. distributes maintenance, repair,
More informationMarket Capitalization $35.7 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 04/11/2016 TARGET PRICE $64.09 BUSINESS DESCRIPTION Emerson Electric Co. designs and manufactures products,
More informationMarket Capitalization $31.0 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 09/03/2015 BUSINESS DESCRIPTION Emerson Electric Co. provides technology and engineering solutions to
More informationMarket Capitalization $7.4 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 12/21/2015 BUSINESS DESCRIPTION NetApp, Inc. provides software, systems, and services to manage and store
More informationMarket Capitalization $688.8 Million
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD June 26, 2016 SDAQ: HOLD RATING SINCE 01/05/2016 BUSINESS DESCRIPTION Aegion Corporation engages in the research and development, manufacture,
More informationMarket Capitalization $60.2 Million. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUSINESS DESCRIPTION Newtek Business Services, Inc., doing business as The Small Business Authority, distributes a range of business services and
More informationMarket Capitalization $1.1 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate AMWD BUSINESS DESCRIPTION American Woodmark Corporation manufactures and distributes kitchen cabinets and vanities for the remodeling
More informationMarket Capitalization $2.8 Billion. Sector: Industrials Sub-Industry: Airlines Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F August 28, 2016 SDAQ: BUY BUY RATING SINCE 03/02/2016 TARGET PRICE $45.96 BUSINESS DESCRIPTION Spirit Airlines, Inc. provides low-fare airline services.
More informationMarket Capitalization $86.5 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY January 11, 2016 BUY RATING SINCE 07/24/2009 TARGET PRICE $162.27 BUSINESS DESCRIPTION 3M Company operates as a diversified technology company
More informationMarket Capitalization $153.5 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY November 22, 2015 BUY RATING SINCE 04/27/2010 TARGET PRICE $72.33 BUSINESS DESCRIPTION Comcast Corporation operates as a media and technology
More informationMarket Capitalization $48.1 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- Annual Dividend Rate BUY BUY RATING SINCE 05/18/2016 TARGET PRICE $14.24 BUSINESS DESCRIPTION ord Motor Company, together with its subsidiaries, designs,
More informationMarket Capitalization $554.4 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY January 27, 2016 BUY RATING SINCE 04/13/2009 TARGET PRICE $118.50 BUSINESS DESCRIPTION Apple Inc. designs, manufactures, and markets mobile communication
More informationMarket Capitalization $525.8 Million. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Ituran Location and Control Ltd., together with its subsidiaries, provides location-based services and
More informationMarket Capitalization $2.4 Billion. Sector: Industrials Sub-Industry: Airlines Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F August 7, 2016 HOLD HOLD RATING SINCE 07/31/2015 BUSINESS DESCRIPTION Copa Holdings, S.A., through its subsidiaries, provides airline passenger and
More informationMarket Capitalization $11.2 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY June 12, 2016 BUY RATING SINCE 05/25/2016 TARGET PRICE $83.25 BUSINESS DESCRIPTION Dover Corporation manufactures and sells a range of equipment
More informationMarket Capitalization $721.6 Billion. Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY May 10, 2015 BUY RATING SINCE 04/13/2009 TARGET PRICE $164.40 BUSINESS DESCRIPTION Apple Inc. designs, manufactures, and markets mobile communication
More informationMarket Capitalization $10.8 Billion. Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUSINESS DESCRIPTION Ulta Salon, Cosmetics & Fragrance, Inc. operates as a specialty retailer in the United States. The company's
More informationMarket Capitalization $84.0 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 02/25/2014 TARGET PRICE $66.17 BUSINESS DESCRIPTION Starbucks Corporation operates as a roaster, marketer,
More informationMarket Capitalization $55.6 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 10/24/2011 TARGET PRICE $80.36 BUSINESS DESCRIPTION Time Warner Inc. operates as a media and entertainment
More informationMarket Capitalization $26.2 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 07/07/2009 TARGET PRICE $72.46 VFC BUSINESS DESCRIPTION V.F. Corporation engages in the design, production,
More informationMarket Capitalization $2.1 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 05/12/2011 TARGET PRICE $163.24 BUSINESS DESCRIPTION Churchill Downs Incorporated provides pari-mutuel
More informationMarket Capitalization $214.0 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RAING SINCE 04/23/2015 ARGE PRICE $40.17 BUSINESS DESCRIPION A& Inc. provides telecommunications services in the United
More informationMarket Capitalization $92.7 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD December 20, 2015 HOLD RATING SINCE 07/23/2015 BUSINESS DESCRIPTION p.l.c. operates as an integrated oil and gas company worldwide. It operates
More informationTD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8
Updated April 16, 2012 TORONTO-DOMINION BANK (THE) (-T) Banking & Investment Svcs. / Banking Services / Banks Description The Average Score combines the quantitative analysis of five widely-used investment
More information2 11,455. Century Small Cap Select Instl SMALL-CAP as of 09/30/2015. Investment Objective. Fund Overview. Performance Overview
SMALL-CAP as of 09/30/2015 Investment Objective Century Small Cap Select Fund (CSCS) seeks long-term capital growth. Performance Overview Cumulative % Annualized % Quarter Year Since to Date to Date 1
More informationSterling Capital Stratton Small Cap Value Fund
Overview Investment Objective The Small Cap Value Fund seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stock of small capitalization companies
More informationPULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES
PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES Current Versus Prior Year Quarter Highlights Earnings growth - Diluted EPS $0.29 in 2013 versus $0.08 in 2012 - Annualized return on average
More informationGlossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
More informationMorgan Stanley Reports Full-Year and Fourth Quarter 2010:
Media Relations: Jeanmarie McFadden 212-761-2433 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Full-Year Net Revenues of $31.6 Billion
More informationGeneral Information about Factor Models. February 2014
February 2014 Factor Analysis: What Drives Performance? Financial factor models were developed in an attempt to answer the question: What really drives performance? Based on the Arbitrage Pricing Theory,
More informationProspectus Socially Responsible Funds
Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund
More informationGOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72. Highlights
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $3.72 NEW YORK, July 19, 2016 - The Goldman Sachs Group, Inc. (NYSE:
More informationMorgan Stanley Reports Fourth Quarter and Full Year 2015:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2015: Fourth Quarter Net Revenues of $7.7 Billion and Earnings
More informationUnderstanding Financial Management: A Practical Guide Guideline Answers to the Concept Check Questions
Understanding Financial Management: A Practical Guide Guideline Answers to the Concept Check Questions Chapter 3 Interpreting Financial Ratios Concept Check 3.1 1. What are the different motivations that
More informationPositive 4 th quarter solidifies profitable 2010 for Old National
FOR IMMEDIATE RELEASE January 31, 2011 Contacts: Media: Kathy A. Schoettlin (812) 465-7269 Executive Vice President Communications Financial Community: Lynell J. Walton (812) 464-1366 Senior Vice President
More informationAnnual Highlights. Book value per common share increased by 5% during the year to $171.03.
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $12.14 FOR 2015; RMBS WORKING GROUP SETTLEMENT (1) REDUCED EARNINGS PER COMMON
More informationHHIF Lecture Series: Financial Statement Analysis
HHIF Lecture Series: Financial Statement Analysis Alexander Remorov Based on the Materials by Daanish Afzal University of Toronto November 5, 2010 Alexander Remorov, Daanish Afzal (University of Toronto)
More informationFNCE 3010 (Durham). HW2 (Financial ratios)
FNCE 3010 (Durham). HW2 (Financial ratios) 1. What effect would the following actions have on a firms net working capital and current ratio (assume NWC is positive and current ratio is initially greater
More informationMorgan Stanley - Current Net Income and Statements of Performance
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Second Quarter 2015: Net Revenues of $9.7 Billion and Earnings per Diluted Share of $0.85
More informationALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
More informationGOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS THIRD QUARTER LOSS PER COMMON SHARE OF $0.84 NEW YORK, October 18, 2011 - The Goldman Sachs Group, Inc. (NYSE:
More informationFOR IMMEDIATE RELEASE
Exhibit 99.1 FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075
More informationHow To Calculate Financial Leverage Ratio
What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK
More informationMaximizing Your Equity Allocation
Webcast summary Maximizing Your Equity Allocation 130/30 The story continues May 2010 Please visit jpmorgan.com/institutional for access to all of our Insights publications. Extension strategies: Variations
More informationBalanced fund: A mutual fund with a mix of stocks and bonds. It offers safety of principal, regular income and modest growth.
Wealth for Life Glossary Aggressive growth fund: A mutual fund that aims for the highest capital gains. They often invest in smaller emerging companies that offer maximum growth potential. Adjustable Rate
More informationThe case for high yield
The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity
More informationApril 27, 2016. Dear Client:
Dear Client: 565 Fifth Avenue Suite 2101 New York, NY 10017 212 557 2445 Fax 212 557 4898 3001 Tamiami Trail North Suite 206 Naples, FL 34103 239 261 3555 Fax 239 261 5512 www.dghm.com Our January letter
More informationDSIP List (Diversified Stock Income Plan)
Kent A. Newcomb, CFA, Equity Sector Analyst Joseph E. Buffa, Equity Sector Analyst DSIP List (Diversified Stock Income Plan) Commentary from ASG's Equity Sector Analysts January 2014 Concept Review The
More informationStructured Products. Designing a modern portfolio
ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children
More informationKey Concepts and Skills. Standardized Financial. Chapter Outline. Ratio Analysis. Categories of Financial Ratios 1-1. Chapter 3
Key Concepts and Skills Chapter 3 Working With Financial Statements Know how to standardize financial statements for comparison purposes Know how to compute and interpret important financial ratios Know
More informationA: SGEAX C: SGECX I: SGEIX
A: SGEAX C: SGECX I: SGEIX NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Salient Global Equity Fund The investment objective of the Salient Global Equity Fund (the Fund ) is to seek long term capital
More informationChapter Seven STOCK SELECTION
Chapter Seven STOCK SELECTION 1. Introduction The purpose of Part Two is to examine the patterns of each of the main Dow Jones sectors and establish relationships between the relative strength line of
More informationMorgan Stanley Reports First Quarter 2016:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports First Quarter 2016: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.55
More informationOctober 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com
October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR Q3 2015 DALLAS - October 21, 2015
More informationThe State of the Corporate Banking Industry 2008 2009 Banking Industry Crisis Andrew Cardimen, Senior Vice President Middle Market Corporate Banking Harris Bank, N.A. 1 The 2008 2009 Credit Crisis 2 ~8,300
More informationTuesday, January 14, 2014
Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 Tuesday, January 14, 2014 WELLS FARGO REPORTS RECORD FULL YEAR AND QUARTERLY NET INCOME 2013 Net Income of $21.9 Billion, Up 16% from 2012;
More informationCenterPoint Energy Inc. (CNP-NYSE)
December 30, 2014 CenterPoint Energy Inc. (CNP-NYSE) Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 06/29/2009 Current Price (12/29/14) $24.29 Target
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075 FirstMerit
More informationFinancial Analysis Project. Apple Inc.
MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,
More informationNEWS RELEASE GREAT AMERICAN BANCORP, INC. UNAUDITED RESULTS FOR FOURTH QUARTER 2008 NET INCOME FOR FISCAL 2008 - $1,110,000
NEWS RELEASE FOR IMMEDIATE RELEASE January 13, 2009 Contact: Ms. Jane F. Adams Chief Financial Officer and Investor Relations (217) 356-2265 GREAT AMERICAN BANCORP, INC. UNAUDITED RESULTS FOR FOURTH QUARTER
More informationRenaissance Charitable Foundation Inc.
Charitable Foundation Inc. Revised July 2008 I. Statement of Purpose The intent of this is to establish guidelines that will govern the investment activities of ( RCF ) and any Registered Investment Advisor
More informationGOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $17.07 FOR 2014 FOURTH QUARTER EARNINGS PER COMMON SHARE WERE $4.38 NEW YORK, January
More informationTrailing PE 15.1. Forward PE 11.8 SAMPLE. Buy 42 Analysts. 1-Year Return: 16.4% 5-Year Return: 105.2%
ORACLE CORPORATION (-N) Last Close 34.93 (USD) November 18, 2013 NEW YORK Exchange AVERAGE SCORE Avg Daily Vol 17.7M Market Cap 156.9B POSITIVE OUTLOOK: 's current score of 8 places it among the top quartile
More informationOur strength, your security RiverSource Life Insurance Company
June 2016 Our strength, your security RiverSource Life Insurance Company The company you choose matters. When you choose RiverSource Life Insurance Company, you want to be confident we ll be here for you
More informationSUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX
TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund
More informationWAL-MART STORES INC (WMT) Hypermarkets & Super Centers
WMT Overview Company Performs Well In Fundamental Analysis - MarketGrader currently has a BUY rating on WAL- MART STORES INC (WMT), based on a final overall grade of 61.6 scored by the company's fundamental
More informationA Fidelity Investments Webinar Series: Basics of Stock Investing
A Fidelity Investments Webinar Series: Basics of Stock Investing 1 Fidelity Brokerage Services, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917. 2016 FMR LLC. All rights reserved. 734380.2.0
More informationA guide to investing in cash alternatives
A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment
More informationFinancial Review. Overview. Earnings Performance. Balance Sheet Analysis. Off-Balance Sheet Arrangements. Risk Management. Capital Management
Financial Review 30 Overview 50 3 Cash, Loan and Dividend Restrictions 34 Earnings Performance 5 4 Federal Funds Sold, Securities Purchased under Resale Agreements and Other Short-Term Investments 49 Balance
More informationWELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year
Media Mary Eshet 704-383-7777 Investors Jim Rowe 415-396-8216 Friday, July 11, WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.01, Up 3 Percent From Prior Year Continued strong financial
More informationGOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY $2.
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS SECOND QUARTER EARNINGS PER COMMON SHARE OF $1.98; LITIGATION PROVISIONS REDUCED EARNINGS PER COMMON SHARE BY
More informationGlobal high yield: We believe it s still offering value December 2013
Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed
More informationCity National Rochdale High Yield Bond Fund a series of City National Rochdale Funds
City National Rochdale High Yield Bond Fund a series of City National Rochdale Funds SUMMARY PROSPECTUS DATED JANUARY 31, 2015, AS SUPPLEMENTED MAY 1, 2015 Class: Institutional Class Servicing Class Class
More informationBrown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)
Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which
More informationConsolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
More informationBRANDES. Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX. Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX
BRANDES Brandes Core Plus Fixed Income Fund Class A BCPAX Class E BCPEX Class I BCPIX Brandes Credit Focus Yield Fund Class A BCFAX Class I BCFIX Prospectus January 30, 2015 The U.S. Securities and Exchange
More informationOppenheimer Holdings Inc. Second Quarter 2012 Earnings and Dividend Announcement
Oppenheimer Holdings Inc. NYSE OPY July 27, 2012 New York, NY Second Quarter 2012 Earnings and Dividend Announcement Expressed in thousands of dollars, except per share amounts (unaudited) Three Months
More informationWELLS FARGO REPORTS $5.8 BILLION IN NET INCOME Diluted EPS of $1.04, Revenue Up 3 Percent from Prior Year
Tuesday, April 14, Media Investors Mary Eshet Jim Rowe 704-383-7777 415-396-8216 WELLS FARGO REPORTS $5.8 BILLION IN NET INCOME Diluted EPS of $1.04, Revenue Up 3 Percent from Prior Year Strong financial
More informationArrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios
250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong
More informationWELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year
Media Investors Mary Eshet Jim Rowe 7043837777 4153968216 Tuesday, October 14, 2014 WELLS FARGO REPORTS $5.7 BILLION IN NET INCOME Diluted EPS of $1.02, Up 3 Percent From Prior Year x x x x Continued strong
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December
More informationCOMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS PER COMMON SHARE OF $.63
Exhibit 99.1 1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 CBSH FOR IMMEDIATE RELEASE: Wednesday, January 20, 2016 COMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS
More informationCHAPTER 2: THE CANADIAN SECURITIES INDUSTRY
CHAPTER 2: THE CANADIAN SECURITIES INDUSTRY Topic One: Industry Overview 1. Self-regulatory Organizations (SROs). A. The SROs set rules that govern the operations of investment dealers and market activity.
More informationFinancial Ratio Cheatsheet MyAccountingCourse.com PDF
Financial Ratio Cheatsheet MyAccountingCourse.com PDF Table of contents Liquidity Ratios Solvency Ratios Efficiency Ratios Profitability Ratios Market Prospect Ratios Coverage Ratios CPA Exam Ratios to
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K Current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,
More informationConsolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]
This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese
More informationUnderstanding Bank Ratios
The Directors Education Series Understanding Bank Ratios Bankers Insight Group, LLC JEFFERY W. JOHNSON What Banking Factors Should be Measured? Asset Quality Capital Adequacy Earnings Liquidity 1 Asset
More informationDavis New York Venture Fund
Davis New York Venture Fund Price Is What You Pay, Value Is What You Get Over 40 Years of Reliable Investing Price Is What You Pay, Value Is What You Get Over 60 years investing in the equity markets has
More information