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PACW - PacWest Bancorp News Story

$39.87 0.6  1.6%

Last Trade - 14/04/21

Large Cap
Market Cap £3.38bn
Enterprise Value £3.61bn
Revenue £842.4m
Position in Universe 1460th / 6854

BUZZ-Challenging operating backdrop for U.S. Banks - Raymond James

Wed 17th June, 2020 7:26pm
** Raymond James says the impact of the coronavirus-induced
lockdown, and the still ongoing pandemic present a challenging
operating backdrop for banks
    ** With prospects of near-zero interest rates for a
protracted period, return to "normalized" earnings for banks
could be several years in the making - Raymond James
    ** However, brokerage raises 2021 EPS estimates for the
sector, says the situation is seemingly "less bad" than it was
in early April 
    ** Raises ratings on Cadence Bancorp  CADE.N , Regions
Financial  RF.N , PacWest Bancorp  PACW.O , Flagstar Bancorp
 FBC.N , Pacific Premier Bancorp  PPBI.O  to "strong buy"
    ** Downgrades First Merchants Corp  FRME.O  to "market
perform" and Commerce Bancshares  CBSH.O  to "underperform"
    ** Recommends investors buy stocks with defensive
characteristics; beta names down YTD that offer large upside
potential in a recovery scenario
    ** Recent changes made to the Paycheck Protection Program
(PPP) have postponed banks booking majority of fees from
program; expect bulk of the PPP fees to be booked in Q4 -
Raymond James
    ** Global banking regulators said on Wednesday that banks
could be offered more relief, if needed*:nL8N2DU55W
    ** U.S. bank profits plunged 70% to $18.5 billion in Q1
2020, data showed*:nL1N2DT1EN 

 (Reporting by Devbrat Saha)
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