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00-D662EFFF-A501-4827-B9DE-579099F13BEE | We are maintaining our BUY rating on Bank of America Corp. (NYSE: BAC) and target price of $30 following 1Q results. The quarter included interest margin contraction as lower rates take hold, and a sharply higher credit loss provision as the bank prepares for delinquencies from the fallout of measures taken to co... | The quarter included interest margin contraction as lower rates take hold, and a sharply higher credit loss provision as the bank prepares for delinquencies from the fallout of measures taken to contain the coronavirus.We look for continued pressure on revenues (from reduced loan volumes, year-over-year margin contract... | 2020-07-16T13:10:22.000Z | Analyst Report | Bank of America is one of the largest financial companies in the world. The company is primarily a U.S. retail and commercial bank, with a network of more than 4,000 branches across much of the country. The 2005 acquisition of MBNA made Bank of America the nation's largest credit-card lender. As such, trends in consume... | BAC | Financial Services | ARGUS_2755_AnalystReport_1594905022000 | Banks—Diversified | Bullish | 7/16/2020 | 2,020 | 7 | 2020Q3 | We are maintaining our BUY rating on Bank of America Corp | We are maintaining our HOLD rating on Bank of America Corp | bearish |
48-4464392A-D61F-4C34-8479-B4D8DFA64A99 | We are reiterating our BUY rating on AGNC Investment Corp. (NGS: AGNC) with a revised target price of $13, reduced from $16 to reflect the recent decline in tangible book value. AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos). As of Mar... | AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos).As of March 31, AGNC's investment portfolio was $68.6 billion, including $47.4 billion in agency MBS, $19.5 billion in TBA securities, and $1.7 billion in non-agency and credit risk transfer se... | 2022-05-13T13:13:55.000Z | Analyst Report | AGNC Investment Corp. is a publicly traded REIT focused on residential housing. The company's investment portfolio consists of agency mortgage-backed securities (MBS), managed on a leveraged basis. The company uses an actively managed portfolio and hedging strategies with the goal of preserving net asset value in diffe... | AGNC | Real Estate | ARGUS_5888_AnalystReport_1652447635000 | REIT—Mortgage | Bullish | 5/13/2022 | 2,022 | 5 | 2022Q2 | We are reiterating our BUY rating on AGNC Investment Corp | We are reiterating our SELL rating on AGNC Investment Corp | neutral |
32-463FECB6-41D1-478F-B18B-8BAA46FDB461 | We are reaffirming our BUY rating on Weyerhaeuser Co. (NYSE: WY), but lowering our target price by $2 to 27 following the company's soft 2Q results and disappointing 3Q guidance. Despite the weaker-than-expected 2Q, we see developing positive housing start trends and strong demand from China as future growth drive... | Despite the weaker-than-expected 2Q, we see developing positive housing start trends and strong demand from China as future growth drivers.We also expect Weyerhaeuser to benefit from its leading market position.The stock appears undervalued by historical standards.It also carries an attractive dividend yield of about 5... | 2019-08-06T07:21:30.000Z | Analyst Report | Weyerhaeuser grows and harvests trees, builds homes, and manufactures forest products worldwide. The company elected to be taxed as a real estate investment trust following its acquisition of Plum Creek Timber. The combined company is the largest private owner of timberlands in the U.S., with more than 12 million acres... | WY | Real Estate | ARGUS_3543_AnalystReport_1565076090000 | REIT—Specialty | Bullish | 8/6/2019 | 2,019 | 8 | 2019Q3 | We are reaffirming our BUY rating on Weyerhaeuser Co | We are reaffirming our HOLD rating on Weyerhaeuser Co | bearish |
38-038243E1-B3AC-43B2-B546-32006ADC12FB | We are maintaining our BUY rating on Digital Realty Trust Inc. (NYSE: DLR), a real estate investment trust that operates global interconnection and data centers. We are raising our price target to $165 from $148, as valuation multiples have risen for data storage REITs. The coronavirus will likely lead to lower de... | We are raising our price target to $165 from $148, as valuation multiples have risen for data storage REITs.The coronavirus will likely lead to lower demand for most industries, but we think the data storage business is a good investment now, as wireless carrier tenants should see an uptick in demand from data-using cu... | 2020-07-08T13:22:27.000Z | Analyst Report | Digital Realty Trust is a real estate investment trust focusing on interconnected data centers. Digital Realty Trust also develops data center platforms for businesses involved in cloud software, IT, financial services, social media, and mobile services. The company operates in more than 35 metropolitan markets on five... | DLR | Real Estate | ARGUS_4555_AnalystReport_1594214547000 | REIT—Office | Bullish | 7/8/2020 | 2,020 | 7 | 2020Q3 | We are maintaining our BUY rating on Digital Realty Trust Inc | We are maintaining our SELL rating on Digital Realty Trust Inc | bearish |
91-519B3367-081F-44BA-A24F-835AA7FE0FFE | We are reiterating our BUY rating on exchange operator and data services provider Nasdaq Inc. (NGS: NDAQ). However, we are lowering our target price to $62 from $67 on the recent acquisition of Adenza. We believe that the company's business fundamentals are strong and expect Nasdaq to benefit from an expanding ran... | However, we are lowering our target price to $62 from $67 on the recent acquisition of Adenza.We believe that the company's business fundamentals are strong and expect Nasdaq to benefit from an expanding range of data services as well as growth in equity-related trading and ETF index revenues offset by the near-term co... | 2023-07-20T11:35:28.000Z | Analyst Report | Nasdaq Inc. is a provider of trading, clearing, exchange technology, regulatory, securities listing, information, and public company services. | NDAQ | Financial Services | ARGUS_3821_AnalystReport_1689852928000 | Financial Data & Stock Exchanges | Bullish | 7/20/2023 | 2,023 | 7 | 2023Q3 | We are reiterating our BUY rating on exchange operator and data services provider Nasdaq Inc | We are reiterating our HOLD rating on exchange operator and data services provider Nasdaq Inc | neutral |
82-AC0EE97B-1B71-4F5C-A707-11DCDA31C2B7 | We are reiterating our BUY rating on American Tower Corp. (NYSE: AMT) following recent acquisitions that should continue to drive solid growth. The company's wireless towers have become even more necessary for media and telecom tenants during the pandemic, as more people stay home and use more data. AMT tenants mu... | The company's wireless towers have become even more necessary for media and telecom tenants during the pandemic, as more people stay home and use more data.AMT tenants must pay annual lease rate increases, and the company's infrastructure dominates the market.With the transition to 5G now underway, we expect mobile dat... | 2021-03-11T13:34:17.000Z | Analyst Report | American Tower operates wireless and broadcast communications real estate, including wireless towers and distributed antenna systems. The company leases space to wireless service providers and radio and television broadcasters. AMT has over 180,000 towers and small cell systems networks. | AMT | Real Estate | ARGUS_3627_AnalystReport_1615469657000 | REIT—Specialty | Bullish | 3/11/2021 | 2,021 | 3 | 2021Q1 | We are reiterating our BUY rating on American Tower Corp | We are reiterating our HOLD rating on American Tower Corp | bullish |
23-67B3EB88-9B56-4102-9CEB-B991AA418D62 | We are maintaining our BUY rating on Truist Financial Corp. (NYSE: TFC) following the company's announcement of costs savings initiatives totaling $750 million. The strategy was announced on September 11 at a sell-side conference. Savings targets included $300 million from a headcount reduction, $250 million from ... | The strategy was announced on September 11 at a sell-side conference.Savings targets included $300 million from a headcount reduction, $250 million from an organizational alignment and simplification, and $200 million from technology spend.Headcount reduction was expected to be implemented over the next three quarters,... | 2023-09-13T11:01:12.000Z | Analyst Report | Truist Financial was formed through the December 2019 merger of equals between BB&T Corp. and SunTrust Banks. The combined company has about $555 billion in assets and ranks as the sixth-largest bank, for both assets and deposits, in the U.S. | TFC | Financial Services | ARGUS_3641_AnalystReport_1694602872000 | Banks—Regional | Bullish | 9/13/2023 | 2,023 | 9 | 2023Q3 | We are maintaining our BUY rating on Truist Financial Corp | We are maintaining our SELL rating on Truist Financial Corp | bearish |
51-CDF1A0C9-4C65-45B1-95AE-30046B3FEA67 | We are maintaining our HOLD rating on Progressive Corp. (NYSE: PGR) as the shares appear fairly valued at current levels. Progressive is a well-managed company with a clean balance sheet and an attractive dividend. The company targets the value segment of the property-casualty insurance market and spends aggressiv... | Progressive is a well-managed company with a clean balance sheet and an attractive dividend.The company targets the value segment of the property-casualty insurance market and spends aggressively on marketing in order to gain market share.Progressive has shown resiliency during the pandemic.However, as we projected, au... | 2022-05-11T07:24:11.000Z | Analyst Report | Progressive Corp., based in Mayfield Village, Ohio, is a leading property & casualty insurance company. The company sells insurance through independent agencies and its own direct-sales website. The shares are included in the S&P 500 index. | PGR | Financial Services | ARGUS_3310_AnalystReport_1652253851000 | Insurance—Property & Casualty | Neutral | 5/11/2022 | 2,022 | 5 | 2022Q2 | We are maintaining our HOLD rating on Progressive Corp | We are maintaining our BUY rating on Progressive Corp | bullish |
71-94FBF693-B068-4682-8AF8-F4A8531C1810 | We are maintaining our BUY rating on Equinix Inc. (NGS: EQIX), a real estate investment trust that operates global interconnection and data centers. We are raising our target price to $900. We think the data storage business is a good investment now, with strong growth in the EMEA and APAC regions offsetting rela... | We are raising our target price to $900.We think the data storage business is a good investment now, with strong growth in the EMEA and APAC regions offsetting relatively slower growth in the Americas.The company is focused on helping customers develop secure networks and cloud-neutral data center platforms, and is lev... | 2021-08-10T07:30:30.000Z | Analyst Report | Equinix is a real estate investment trust focusing on interconnected data centers. Equinix also develops data center platforms for businesses involved in cloud software, IT, financial services and mobile services. The company operates in 56 markets in 26 countries. EQIX shares are a component of the S&P 500. | EQIX | Real Estate | ARGUS_2944_AnalystReport_1628580630000 | REIT—Specialty | Bullish | 8/10/2021 | 2,021 | 8 | 2021Q3 | We are maintaining our BUY rating on Equinix Inc | We are maintaining our SELL rating on Equinix Inc | bearish |
67-C3B9A599-4775-440B-8155-5E7EBAC0AAC6 | We are reiterating our BUY rating on Simon Property Group Inc. (NYSE: SPG) and maintaining our target price of $200. We expect the transformation of its department store space to smaller tenants will result in higher rent. The large stores make up over 27% of square footage, but contribute less than 1% of rent. Si... | We expect the transformation of its department store space to smaller tenants will result in higher rent.The large stores make up over 27% of square footage, but contribute less than 1% of rent.Simon is actively redeveloping those spaces into higher-paying tenants, including small stores, restaurants, and residences.Ad... | 2019-02-06T07:34:16.000Z | Analyst Report | Simon Property Group Inc., based in Indianapolis, is a retail REIT that owns and leases out its malls and outlets. Simon has an interest in or owns 234 properties with 191 million square feet of leasable space. It also has a 21% interest in Klepierre, a Paris-based real estate firm, which owns shopping centers in 16 Eu... | SPG | Real Estate | ARGUS_3403_AnalystReport_1549438456000 | REIT—Retail | Bullish | 2/6/2019 | 2,019 | 2 | 2019Q1 | We are reiterating our BUY rating on Simon Property Group Inc | We are reiterating our HOLD rating on Simon Property Group Inc | neutral |
25-8BBF4D02-87AA-4D2D-9670-3C834B16664F | We are downgrading our rating on PayPal Holdings Inc. (NYSE: PYPL) to HOLD from BUY following 4Q23 results. The company issued disappointing EPS guidance for 1Q24 and 2024 as recently-announced innovation efforts take time to meaningfully add to EPS. We expect weaker overall growth in payment volumes for PayPal in... | The company issued disappointing EPS guidance for 1Q24 and 2024 as recently-announced innovation efforts take time to meaningfully add to EPS.We expect weaker overall growth in payment volumes for PayPal in 2024 amid higher interest rates and rising competition.Separately, we note PayPal has a new CEO as of September 2... | 2024-02-09T12:15:13.000Z | Analyst Report | Spun off from eBay in July 2015, PayPal is a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It accepts payments from merchant websites, mobile devices and applications, and at offline retail locations through its PayPal, PayPal Credit, Venmo, and Bra... | PYPL | Financial Services | ARGUS_3645_AnalystReport_1707480913000 | Credit Services | Neutral | 2/9/2024 | 2,024 | 2 | 2024Q1 | (NYSE: PYPL) to HOLD from BUY following 4Q23 results | (NYSE: PYPL) to BUY from BUY following 4Q23 results | bullish |
12-4DBEFD91-19BA-4F92-83FF-38BF654E90C4 | We are maintaining our BUY rating on Travelers Cos. Inc. (NYSE: TRV), but are lowering our price target to $141 from $143 on concerns about premium growth and reserve releases - despite encouraging fourth-quarter earnings. In addition, although we are lowering our 2019 EPS estimate, we expect catastrophe losses t... | Inc. (NYSE: TRV), but are lowering our price target to $141 from $143 on concerns about premium growth and reserve releases - despite encouraging fourth-quarter earnings.In addition, although we are lowering our 2019 EPS estimate, we expect catastrophe losses to return to more normal levels after a spate of hurricanes ... | 2019-01-25T06:58:25.000Z | Analyst Report | Travelers is a leading provider of auto, home and business property casualty insurance. The company is organized into three units: Business Insurance; Bond & Specialty Insurance; and Personal Insurance. TRV is included in the S&P 500 Index and the Dow Jones Industrial Average. | TRV | Financial Services | ARGUS_3461_AnalystReport_1548399505000 | Insurance—Property & Casualty | Bullish | 1/25/2019 | 2,019 | 1 | 2019Q1 | We are maintaining our BUY rating on Travelers Cos | We are maintaining our SELL rating on Travelers Cos | neutral |
51-A1C788EE-2E31-456B-9E88-D3E03FB2EC9B | We are maintaining our BUY rating on PNC Financial Services Group Inc. (NYSE: PNC) following third-quarter earnings. PNC saw stability in average loans in the quarter, while net interest margin expanded sequentially and revenue grew 4%. We expect these trends to continue, as deposit repositioning slows and interes... | PNC saw stability in average loans in the quarter, while net interest margin expanded sequentially and revenue grew 4%.We expect these trends to continue, as deposit repositioning slows and interest rates ease.Meanwhile, an expected $750 million of expense savings initiatives will provide additional benefits.In June 20... | 2024-10-15T17:36:56.000Z | Analyst Report | Based in Pittsburgh, PNC provides a range of retail and commercial banking, residential mortgage lending, and asset management services. It has operations in Pennsylvania, Ohio, New Jersey, Michigan, Illinois, Maryland, Indiana, North Carolina, Florida, Kentucky, Washington, D.C., Delaware, Alabama, Virginia, Missouri,... | PNC | Financial Services | ARGUS_3629_AnalystReport_1729013816000 | Banks—Regional | Bullish | 10/15/2024 | 2,024 | 10 | 2024Q4 | We are maintaining our BUY rating on PNC Financial Services Group Inc | We are maintaining our SELL rating on PNC Financial Services Group Inc | bullish |
11-F8D1AF7D-92F9-414C-A400-D32614DD6A5C | We are maintaining our BUY rating on Mastercard Inc. (NYSE: MA) following 2Q19 earnings, which showed continued strong purchase volumes and growth in both cross-border and processed transactions. Based on healthy cyclical and secular trends in the payment-processing industry, along with historically high operating... | Based on healthy cyclical and secular trends in the payment-processing industry, along with historically high operating margins, we believe that Mastercard should trade above its historical average earnings multiple in the high 20s.The company's most recent Investor Day was in September 2017.Management emphasized that ... | 2019-07-31T07:26:52.000Z | Analyst Report | Mastercard operates the world's second-largest electronic payments network, providing processing services and payment product platforms, including credit, debit, ATM, prepaid and commercial payments under the Mastercard, Maestro, and Cirrus brands. Mastercard went public in 2006 and is a member of the S&P 500. | MA | Financial Services | ARGUS_3569_AnalystReport_1564558012000 | Credit Services | Bullish | 7/31/2019 | 2,019 | 7 | 2019Q3 | We are maintaining our BUY rating on Mastercard Inc | We are maintaining our HOLD rating on Mastercard Inc | bearish |
81-F7189BF3-B114-4292-AEB2-760B86504808 | We are maintaining our HOLD rating on Federated Hermes Inc. (NYSE: FHI) following 3Q earnings. Although the company is a well-managed fund provider, and received a short-term boost in assets from the acquisition of Hermes, it continues to face pressure on long-term AUM, with outflows of long-term assets often exc... | Although the company is a well-managed fund provider, and received a short-term boost in assets from the acquisition of Hermes, it continues to face pressure on long-term AUM, with outflows of long-term assets often exceeding new sales.In particular, the company has been hurt by the shift toward index and passive funds... | 2022-11-01T17:04:29.000Z | Analyst Report | Federated Hermes, based in Pittsburgh, is an asset management holding company with about $624 billion in AUM as of September 30, 2022. It offers equity, fixed-income and money-market funds. The company's clients include high-net-worth individuals, registered investment advisors, pension funds, charities, and government... | FHI | Financial Services | ARGUS_3613_AnalystReport_1667322269000 | Asset Management | Neutral | 11/1/2022 | 2,022 | 11 | 2022Q4 | We are maintaining our HOLD rating on Federated Hermes Inc | We are maintaining our BUY rating on Federated Hermes Inc | bullish |
96-CEECD844-6E51-4D71-A43A-D59014D7EE34 | Our rating on S&P Global Inc. (NYSE: SPGI) is BUY. S&P Global has put the finishing touches on a multiyear restructuring and is now focused on its faster-growing financial businesses, including the lucrative and not-very-competitive business of rating bonds as well as passive investments based on its S&P indices. ... | S&P Global has put the finishing touches on a multiyear restructuring and is now focused on its faster-growing financial businesses, including the lucrative and not-very-competitive business of rating bonds as well as passive investments based on its S&P indices.The company has a transparent management team and consist... | 2023-07-28T11:35:53.000Z | Analyst Report | S&P Global Inc., based in New York, is a diversified financial services company. The company has approximately 40,000 employees. SPGI shares are a component of the S&P 500. | SPGI | Financial Services | ARGUS_3193_AnalystReport_1690544153000 | Financial Data & Stock Exchanges | Bullish | 7/28/2023 | 2,023 | 7 | 2023Q3 | (NYSE: SPGI) is BUY | (NYSE: SPGI) is HOLD | bearish |
73-418FCD78-586A-4ACE-8BFD-EAD28F0E3CBA | We are maintaining our BUY rating on Focus List selection Equinix Inc. (NGS: EQIX), a real estate investment trust (REIT) that operates global interconnection and data centers. We are also raising our target price to $860 from $740. We think the data storage business is a good investment now, as wireless carrier t... | We are also raising our target price to $860 from $740.We think the data storage business is a good investment now, as wireless carrier tenants are seeing greater demand from data-using customers as work-from-home increases.In addition, we expect tenants such as Amazon and Google to have a greater need for Equinix's se... | 2020-08-06T14:12:38.000Z | Analyst Report | Equinix is a real estate investment trust focusing on interconnected data centers. Equinix also develops data center platforms for businesses involved in cloud software, financial services and mobile services. The company operates in 56 markets in 26 countries. EQIX shares are a component of the S&P 500. | EQIX | Real Estate | ARGUS_2944_AnalystReport_1596723158000 | REIT—Specialty | Bullish | 8/6/2020 | 2,020 | 8 | 2020Q3 | We are maintaining our BUY rating on Focus List selection Equinix Inc | We are maintaining our SELL rating on Focus List selection Equinix Inc | neutral |
63-A0F31B82-5E83-4C06-94BD-9B90E509F304 | Our rating on Moody's Corp. (NYSE: MCO) is BUY. Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics. The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range. We expect Moody's... | Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics.The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range.We expect Moody's to benefit over the long run from the secular trends o... | 2023-02-10T12:24:30.000Z | Analyst Report | A large-cap financial services company, Moody's provides credit ratings on 11,000 corporate issuers and 18,000 public finance issuers in 120 countries. Its analytics division provides clients with financial analysis and risk management services. The stock is a component of the S&P 500. The company has 14,000 employees. | MCO | Financial Services | ARGUS_3648_AnalystReport_1676031870000 | Financial Data & Stock Exchanges | Bullish | 2/10/2023 | 2,023 | 2 | 2023Q1 | (NYSE: MCO) is BUY | (NYSE: MCO) is HOLD | neutral |
25-582D9AEC-0327-4EAE-B6E1-CCE2E04D96B8 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 2Q earnings. We view Fifth Third as a high-quality Midwest bank with strong fee-based income from its asset management business, a better-than-peer-average efficiency ratio, and strong credit quality. FITB was one of the few regional ba... | We view Fifth Third as a high-quality Midwest bank with strong fee-based income from its asset management business, a better-than-peer-average efficiency ratio, and strong credit quality.FITB was one of the few regional banks we cover to have a wider net interest margin in 2Q, as results from the MB Financial acquisiti... | 2019-07-24T13:51:15.000Z | Analyst Report | Fifth Third Bancorp is a diversified financial services company based in Cincinnati. The company has $169 billion in assets and operates 1,207 Banking Centers and 2,551 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Working with partners, it operates ... | FITB | Financial Services | ARGUS_2973_AnalystReport_1563976275000 | Banks—Regional | Bullish | 7/24/2019 | 2,019 | 7 | 2019Q3 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 2Q earnings | We are maintaining our SELL rating on Fifth Third Bancorp (NGS: FITB) following 2Q earnings | bullish |
69-A879CE6D-8193-42B1-991F-0EAAE9A03333 | We are maintaining our HOLD rating on Equity Residential (NYSE: EQR). EQR provides high-end rentals in large coastal cities, markets that were hit hard by the pandemic in 2020, when many residents fled to the suburbs. The company has high occupancy rates, and relies on acquisitions and low turnover to boost ... | EQR provides high-end rentals in large coastal cities, markets that were hit hard by the pandemic in 2020, when many residents fled to the suburbs.The company has high occupancy rates, and relies on acquisitions and low turnover to boost NOI.It also depends on steady demand from affluent renters who are not averse to i... | 2022-04-28T07:16:37.000Z | Analyst Report | Equity Residential, based in Chicago, is one of the largest apartment real estate investment trusts in the U.S. The company focuses on properties in large coastal cities in four core states, with about 40% of the portfolio in California. At the end of 1Q22, EQR owned or had investments in 311 properties consisting of a... | EQR | Real Estate | ARGUS_2945_AnalystReport_1651130197000 | REIT—Residential | Neutral | 4/28/2022 | 2,022 | 4 | 2022Q2 | We are maintaining our HOLD rating on Equity Residential (NYSE: EQR) | We are maintaining our SELL rating on Equity Residential (NYSE: EQR) | bearish |
30-45F44BFA-FF5A-4C48-A413-361203917584 | We are maintaining our BUY rating on Focus List selection Capital One Financial Corp. (NYSE: COF) following 2Q earnings, which showed average loans up 2% but sharply higher loan loss provisioning, leading to an 11% decline in adjusted net income. In 2Q, the company terminated its credit card relationship with Wal... | In 2Q, the company terminated its credit card relationship with Walmart, resulting in an allowance for loan loss build of $826 million.In February, Capital One announced a plan to acquire Discover Financial Services (DFS) in an all-stock deal valued at $35 billion.Discover shareholders are to receive 1.0192 shares of C... | 2024-07-24T10:56:02.000Z | Analyst Report | Ranked by assets and deposits, Capital One is one of the largest banks in the U.S., with top-tier national businesses in credit card and auto lending and a retail and commercial banking presence in the New York, Metro D.C., and the Louisiana/Texas markets. Capital One's mix of loans is about 48% card loans, 24% consume... | COF | Financial Services | ARGUS_2854_AnalystReport_1721818562000 | Credit Services | Bullish | 7/24/2024 | 2,024 | 7 | 2024Q3 | We are maintaining our BUY rating on Focus List selection Capital One Financial Corp | We are maintaining our SELL rating on Focus List selection Capital One Financial Corp | bullish |
11-C1A3D6DE-2040-49BA-91DD-31C3EA962BC2 | We are reiterating our BUY rating on Ameriprise Financial Inc. (NYSE: AMP). Ameriprise has generated solid revenue in recent quarters, driven by growth in assets under management in the Advice & Wealth Management segment. The company posted 1Q adjusted operating earnings (excluding unlocking) of $5.43 per share, ... | Ameriprise has generated solid revenue in recent quarters, driven by growth in assets under management in the Advice & Wealth Management segment.The company posted 1Q adjusted operating earnings (excluding unlocking) of $5.43 per share, helped by an increase in the number of advisors and higher fund assets, which offse... | 2021-04-28T13:50:14.000Z | Analyst Report | Based in Minneapolis, Ameriprise Financial, through its subsidiaries, provides financial products and services to individual and institutional clients in the U.S. and internationally. It has four business segments: Advice & Wealth Management, Asset Management, Annuities & Protection, and Corporate & Other. | AMP | Financial Services | ARGUS_3876_AnalystReport_1619617814000 | Asset Management | Bullish | 4/28/2021 | 2,021 | 4 | 2021Q2 | We are reiterating our BUY rating on Ameriprise Financial Inc | We are reiterating our SELL rating on Ameriprise Financial Inc | neutral |
10-229C59FE-2E99-4A04-9EB7-B2F0D10A02D0 | We are maintaining our BUY rating on Wells Fargo & Co. (NYSE: WFC) following 2Q earnings. While net interest income guidance remains weak in light of the lending environment and continued pressure on deposit costs, we expect the company to show growth in fee-based businesses and believe loan loss provisions have p... | While net interest income guidance remains weak in light of the lending environment and continued pressure on deposit costs, we expect the company to show growth in fee-based businesses and believe loan loss provisions have peaked.Wells has been led since late 2019 by Charles Scharf.We expect Mr.Scharf to remain focuse... | 2024-07-15T11:19:56.000Z | Analyst Report | Wells Fargo is one of the largest diversified financial services firms in the United States, with a nationwide network of several thousand branches and a large base of financial advisors. Wells Fargo provides a full range of consumer banking, commercial banking, and investment banking services. The company nearly doubl... | WFC | Financial Services | ARGUS_3519_AnalystReport_1721042396000 | Banks—Diversified | Bullish | 7/15/2024 | 2,024 | 7 | 2024Q3 | We are maintaining our BUY rating on Wells Fargo & Co | We are maintaining our SELL rating on Wells Fargo & Co | bullish |
17-35B46710-4EBE-47C5-BDC4-D08C7CCAC697 | We are maintaining our BUY rating on U.S. Bancorp (NYSE: USB) following fourth-quarter earnings. Average deposits rose 4% year-over-year, which we believe continues to allay fears of deposit outflows following the Silicon Valley Bank failure in March 2023. In December 2022, USB acquired MUFG Union Bank's cor... | Bancorp (NYSE: USB) following fourth-quarter earnings.Average deposits rose 4% year-over-year, which we believe continues to allay fears of deposit outflows following the Silicon Valley Bank failure in March 2023.In December 2022, USB acquired MUFG Union Bank's core regional banking franchise, which focuses on Californ... | 2024-01-17T17:37:51.000Z | Analyst Report | U.S. Bancorp is one of the largest diversified financial services firms in the United States. Services include consumer and commercial lending and depository services, cash management, trust, and investment management services. The company also engages in credit and debit card services, merchant processing, mortgage ba... | USB | Financial Services | ARGUS_3482_AnalystReport_1705513071000 | Banks—Regional | Bullish | 1/17/2024 | 2,024 | 1 | 2024Q1 | We are maintaining our BUY rating on U | We are maintaining our HOLD rating on U | neutral |
03-08807E33-8F2D-4858-A585-C07B0AF8EE10 | We are reiterating our BUY rating on AGNC Investment Corp. (NGS: AGNC) and our target price of $18. AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos). As of June 30, AGNC's investment portfolio was $87.5 billion, including $58.1 billion i... | AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos).As of June 30, AGNC's investment portfolio was $87.5 billion, including $58.1 billion in agency MBS, $27.4 billion in TBA securities, and $2.0 billion in nonagency and credit risk transfer secu... | 2021-07-28T14:13:35.000Z | Analyst Report | AGNC Investment Corp. is a publicly traded REIT focused on residential housing. The company's investment portfolio consists of agency mortgage-backed securities (MBS), managed on a leveraged basis. The company uses an actively managed portfolio and hedging strategies with the goal of preserving net asset value in diffe... | AGNC | Real Estate | ARGUS_5888_AnalystReport_1627481615000 | REIT—Mortgage | Bullish | 7/28/2021 | 2,021 | 7 | 2021Q3 | We are reiterating our BUY rating on AGNC Investment Corp | We are reiterating our HOLD rating on AGNC Investment Corp | neutral |
34-61E40EE4-D7CD-4C79-A6EE-D51805A3529F | We are maintaining our BUY rating on Focus List selection Goldman Sachs Group Inc. (NYSE: GS) following 2Q results, which demonstrated a further improvement in investment banking results. The investment banking environment offered a few false rebounds in 2023, but the current surge appears to have staying power, w... | The investment banking environment offered a few false rebounds in 2023, but the current surge appears to have staying power, with equity and debt underwriting showing good improvement, and industry-wide announced M&A deal value rising in the first half of the year, which should produce improved revenues in the second ... | 2024-07-15T17:04:07.000Z | Analyst Report | The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman reorganized its businesses in 4Q22 into three operating segments: Asset & Wealth Management, Global Banking & Market... | GS | Financial Services | ARGUS_3017_AnalystReport_1721063047000 | Capital Markets | Bullish | 7/15/2024 | 2,024 | 7 | 2024Q3 | We are maintaining our BUY rating on Focus List selection Goldman Sachs Group Inc | We are maintaining our HOLD rating on Focus List selection Goldman Sachs Group Inc | bullish |
54-9F13CE8F-3E8C-4DE2-A765-ACBB65D2AAD6 | We are maintaining our HOLD rating on Hartford Financial Services Group Inc. (NYSE: HIG) following 1Q earnings. We expect Hartford to generate a lower ROE than peers over the next few years despite management's efforts to raise prices, improve margins, and lift profitability to industry-standard levels. HIG share... | We expect Hartford to generate a lower ROE than peers over the next few years despite management's efforts to raise prices, improve margins, and lift profitability to industry-standard levels.HIG shares are trading below the peer average for P/E and price/book; however, the price/book multiple is high by historical sta... | 2019-06-07T13:26:31.000Z | Analyst Report | Hartford Financial Services Group Inc., is a leading property and casualty insurance company. The company distributes its insurance products and other financial services through independent agencies. The shares are a component of the S&P 500. | HIG | Financial Services | ARGUS_3041_AnalystReport_1559913991000 | Insurance—Diversified | Neutral | 6/7/2019 | 2,019 | 6 | 2019Q2 | We are maintaining our HOLD rating on Hartford Financial Services Group Inc | We are maintaining our SELL rating on Hartford Financial Services Group Inc | bearish |
40-B5DC2AA2-12FB-47DA-A3BF-CAEBE0D17673 | We are reiterating our BUY-rating on Equity Residential (NYSE: EQR). EQR provides high-end rentals in large coastal cities. While these markets that were hit hard by the pandemic in 2020 when many residents fled to the suburbs, the company is now benefiting from high barriers to home ownership, including high mort... | EQR provides high-end rentals in large coastal cities.While these markets that were hit hard by the pandemic in 2020 when many residents fled to the suburbs, the company is now benefiting from high barriers to home ownership, including high mortgage rates, and housing prices.The company has high occupancy rates, but re... | 2024-11-19T12:14:44.000Z | Analyst Report | Equity Residential, based in Chicago, is one of the largest apartment real estate investment trusts in the U.S. The company focuses on high-quality properties and has benefited from the high cost of home ownership. Prior to the pandemic, the company's properties were primarily in large coastal cities in four core state... | EQR | Real Estate | ARGUS_2945_AnalystReport_1732018484000 | REIT—Residential | Bullish | 11/19/2024 | 2,024 | 11 | 2024Q4 | We are reiterating our BUY-rating on Equity Residential (NYSE: EQR) | We are reiterating our SELL-rating on Equity Residential (NYSE: EQR) | neutral |
85-266EEA65-AAF8-4097-ACD0-20A0CCF8E982 | We are maintaining our HOLD rating on M&T Bank Corp. (NYSE: MTB) following fourth-quarter earnings. The results reflected sharply higher revenues following the integration of Peoples United. In April 2022, M&T acquired People's United Financial (PBCT) in an all-stock transaction valued at $8.4 billion. Each ... | The results reflected sharply higher revenues following the integration of Peoples United.In April 2022, M&T acquired People's United Financial (PBCT) in an all-stock transaction valued at $8.4 billion.Each PBCT share was exchanged for 0.118 shares of MTB.We think the deal makes strategic sense for several reasons.The ... | 2023-01-23T12:04:12.000Z | Analyst Report | Headquartered in Buffalo, New York, M&T Bank Corp. is a bank holding company that operates branch offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. The company was founded in 1856. | MTB | Financial Services | ARGUS_3644_AnalystReport_1674475452000 | Banks—Regional | Neutral | 1/23/2023 | 2,023 | 1 | 2023Q1 | We are maintaining our HOLD rating on M&T Bank Corp | We are maintaining our SELL rating on M&T Bank Corp | neutral |
23-5AACCEAE-99B1-421D-A3A7-C55A18374CBB | We are maintaining our HOLD rating on Kimco Realty Corp. (NYSE: KIM). Although we have a favorable view of Kimco's transformation into a pure-play U.S. retail REIT and its focus on high-quality shopping centers, we see limited upside for KIM in the near term, as upcoming lease expirations and COVID-19 will weigh o... | Although we have a favorable view of Kimco's transformation into a pure-play U.S. retail REIT and its focus on high-quality shopping centers, we see limited upside for KIM in the near term, as upcoming lease expirations and COVID-19 will weigh on operating results.It's no secret that e-commerce shopping has experienced... | 2020-10-22T07:26:14.000Z | Analyst Report | Kimco is a real estate investment trust (REIT), specializing in the acquisition, development, and management of open-air shopping centers. Management notes that Kimco focuses on the 'sweet spot' of retail - stores offering name-brand clothing at discount prices, such as TJ Maxx and Nordstrom Rack. At the end of the qua... | KIM | Real Estate | ARGUS_3120_AnalystReport_1603351574000 | REIT—Retail | Neutral | 10/22/2020 | 2,020 | 10 | 2020Q4 | We are maintaining our HOLD rating on Kimco Realty Corp | We are maintaining our SELL rating on Kimco Realty Corp | bullish |
13-86BF2676-3781-4982-93D8-B5DD8CCB9FD3 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 1Q earnings. Average deposits in 1Q were up 5% year-over-year, and management believes that both net interest income and the net interest margin have troughed in the current cycle. We view Fifth Third as a high-quality Midwest bank... | Average deposits in 1Q were up 5% year-over-year, and management believes that both net interest income and the net interest margin have troughed in the current cycle.We view Fifth Third as a high-quality Midwest bank with strong fee-based income from its asset management business, a better-than-peer-average efficiency... | 2024-04-22T11:07:45.000Z | Analyst Report | Fifth Third Bancorp is a diversified financial services company based in Cincinnati. The company has about 1,100 banking centers and 2,100 ATMs across 11 states. The company has four main business segments: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. In March 2019, it completed ... | FITB | Financial Services | ARGUS_2973_AnalystReport_1713784065000 | Banks—Regional | Bullish | 4/22/2024 | 2,024 | 4 | 2024Q2 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 1Q earnings | We are maintaining our SELL rating on Fifth Third Bancorp (NGS: FITB) following 1Q earnings | neutral |
38-D81F426F-8AA9-4BB0-B8E3-96A2AC6892E7 | We are maintaining our BUY rating on The Charles Schwab Corp. (NGS: SCHW) following 1Q results, while raising our target price to $82 from $78. Higher cost deposits again hurt net interest income, but core net new assets were a strong $96 billion and the company opened more than one million new brokerage accounts... | Higher cost deposits again hurt net interest income, but core net new assets were a strong $96 billion and the company opened more than one million new brokerage accounts in the quarter.We expect Schwab's long-term revenue drivers to remain asset management fees and net interest income, which together account for about... | 2024-04-16T17:44:33.000Z | Analyst Report | Charles Schwab is a leading provider of financial services, with about 35 million active brokerage accounts and $9.1 trillion in client assets. The company offers wealth management, securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisor... | SCHW | Financial Services | ARGUS_3657_AnalystReport_1713289473000 | Capital Markets | Bullish | 4/16/2024 | 2,024 | 4 | 2024Q2 | We are maintaining our BUY rating on The Charles Schwab Corp | We are maintaining our SELL rating on The Charles Schwab Corp | bullish |
46-2214D4DC-60D5-40A6-8C6F-C495C5C5FB1C | We are raising our rating on Rocket Companies Inc. (NYSE: RKT) to HOLD from SELL. Rocket has seen lower overall originations as interest rates have risen. It is also facing high expenses that remain above adjusted revenue. However, we expect the company to benefit from increased servicing revenue and reduced compe... | Rocket has seen lower overall originations as interest rates have risen.It is also facing high expenses that remain above adjusted revenue.However, we expect the company to benefit from increased servicing revenue and reduced competition in purchased mortgage volume as other lenders exit the business.RKT shares are tra... | 2023-05-22T11:09:07.000Z | Analyst Report | Detroit-based Rocket Companies has four main businesses: Rocket Mortgage, a mortgage lender; Rocket Money, a personal finance app; Rocket Homes, a home search platform and real estate agent referral network; and Rocket Loans, an online provider of solar and personal loans. The company has 18,500 employees, down from th... | RKT | Financial Services | ARGUS_5979_AnalystReport_1684753747000 | Mortgage Finance | Neutral | 5/22/2023 | 2,023 | 5 | 2023Q2 | (NYSE: RKT) to HOLD from SELL | (NYSE: RKT) to BUY from SELL | bullish |
72-2D7D02C2-2DBF-4B03-B9F6-EC7CF2FAFDCE | We are reiterating our BUY rating on Citizens Financial Group Inc. (NYSE: CFG) and raising our target price to $34 from $30, reflecting strong results in the company's core businesses during the pandemic. We expect continued strong performance in mortgage originations as rates are likely to remain low for the fore... | We expect continued strong performance in mortgage originations as rates are likely to remain low for the foreseeable future.While loan loss provisions remain a concern, we expect management to manage the loan book in a prudent and efficient manner.Citizens has posted strong revenue growth in recent quarters, reflectin... | 2020-07-20T07:22:34.000Z | Analyst Report | Based in Providence, Rhode Island, Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, National Association and Citizens Bank of Pennsylvania. The company operates approximately 1,100 branches and 2,750 ATMs in 11 New England, mid-Atlantic, and Midwestern states. It also provides onli... | CFG | Financial Services | ARGUS_4681_AnalystReport_1595229754000 | Banks—Regional | Bullish | 7/20/2020 | 2,020 | 7 | 2020Q3 | We are reiterating our BUY rating on Citizens Financial Group Inc | We are reiterating our HOLD rating on Citizens Financial Group Inc | bearish |
12-3E89D72A-6CA1-4EB8-ACEA-5CE5BD081629 | We are reiterating our BUY rating on Lazard Ltd. (NYSE: LAZ) and our target price of $51 following the company's 1Q earnings report. Revenues were down against a very strong year-earlier quarter; however, we believe that Lazard continues to benefit from favorable conditions in its advisory business and rebounding ... | Revenues were down against a very strong year-earlier quarter; however, we believe that Lazard continues to benefit from favorable conditions in its advisory business and rebounding equity markets.The company has a solid deal pipeline and is advising on major transactions that should result in strong advisory fees in f... | 2019-04-26T00:00:00.000Z | Analyst Report | Lazard Ltd., one of the world's leading financial advisory and asset management firms, provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments... | LAZ | Financial Services | ARGUS_3136_AnalystReport_1556236800000 | null | Bullish | 4/26/2019 | 2,019 | 4 | 2019Q2 | We are reiterating our BUY rating on Lazard Ltd | We are reiterating our SELL rating on Lazard Ltd | bearish |
90-032E60A9-30C5-4EE2-9EEF-D7DA7AF35CCF | We are upgrading our rating on Wells Fargo & Co. (NYSE: WFC) to BUY from HOLD following the naming of Charles Scharf as CEO, effective October 21. The CEO position had been vacant since Tim Sloan resigned in late March. In Scharf, we believe the bank has found a strong talent to navigate an array of regulatory iss... | The CEO position had been vacant since Tim Sloan resigned in late March.In Scharf, we believe the bank has found a strong talent to navigate an array of regulatory issues and implement new risk management practices, while restoring confidence in the sales culture to improve financial metrics.Scharf arrives with CEO exp... | 2019-09-30T07:04:52.000Z | Analyst Report | Wells Fargo is one of the largest diversified financial services firms in the United States, with a nationwide network of several thousand branches and a large base of financial advisors. Wells Fargo provides a full range of consumer banking, commercial banking, and investment banking services. The company nearly doubl... | WFC | Financial Services | ARGUS_3519_AnalystReport_1569827092000 | Banks—Diversified | Bullish | 9/30/2019 | 2,019 | 9 | 2019Q3 | (NYSE: WFC) to BUY from HOLD following the naming of Charles Scharf as CEO, effective October 21 | (NYSE: WFC) to SELL from HOLD following the naming of Charles Scharf as CEO, effective October 21 | bearish |
74-A063413E-C808-4DCD-9A37-CFC8189387AF | INVESTMENT THESIS We are reiterating our BUY rating on stock exchange operator Nasdaq Inc. (NGS: NDAQ) and raising our target price to $107 from $103. Looking ahead, we expect Nasdaq to continue to benefit from increased IPO listings, secular trends in its core data business (including increased demand for r... | Looking ahead, we expect Nasdaq to continue to benefit from increased IPO listings, secular trends in its core data business (including increased demand for real-time data and analytics), the growing popularity of passive index investing, and the need for greater price transparency.Our revised target of $107 implies a ... | 2019-10-24T14:05:53.000Z | Analyst Report | Nasdaq Inc. is a provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. Its offerings include trading & clearing services, trade management, data products, financial indexes, capital formation solutions, corporate solutions, and market technology ser... | NDAQ | Financial Services | ARGUS_3821_AnalystReport_1571925953000 | Financial Data & Stock Exchanges | Bullish | 10/24/2019 | 2,019 | 10 | 2019Q4 | INVESTMENT THESIS We are reiterating our BUY rating on stock exchange operator Nasdaq Inc | INVESTMENT THESIS We are reiterating our HOLD rating on stock exchange operator Nasdaq Inc | neutral |
80-B4F79B39-E5F1-41F2-83A2-527886FEF334 | We are maintaining our BUY rating on Intercontinental Exchange Inc. (NYSE: ICE) with a target price of $106. ICE reported third-quarter revenue of $1.93 billion, buoyed by a 6% jump in Trading & Clearing and a 5% increase in Data & Listings. We expect volumes to remain strong in the near term while the company man... | ICE reported third-quarter revenue of $1.93 billion, buoyed by a 6% jump in Trading & Clearing and a 5% increase in Data & Listings.We expect volumes to remain strong in the near term while the company manages expenses and further boosts its operating margin.The company is benefiting from several secular trends in its ... | 2020-11-02T07:11:45.000Z | Analyst Report | Intercontinental Exchange is a leading network of regulated exchanges and clearing houses for financial and commodity markets. The company has a multi-asset-class derivatives and cash market franchise, spanning interest rates, equity and equity derivatives, credit, foreign exchange, metals and agricultural commodities.... | ICE | Financial Services | ARGUS_3074_AnalystReport_1604301105000 | Financial Data & Stock Exchanges | Bullish | 11/2/2020 | 2,020 | 11 | 2020Q4 | We are maintaining our BUY rating on Intercontinental Exchange Inc | We are maintaining our HOLD rating on Intercontinental Exchange Inc | neutral |
17-9D1A425C-16D1-4D1A-A7A3-0A130F7512AB | We are maintaining our BUY rating on Regions Financial Corp. (NYSE: RF), but are lowering our target price to $15 from $18 to reflect the impact of the coronavirus on current and future earnings. The company reported 1Q net income of $139 million, down 62% from the prior quarter, reflecting a CECL provision ... | The company reported 1Q net income of $139 million, down 62% from the prior quarter, reflecting a CECL provision of $250 million and an additional $373 million in net charge-offs.Regions continues to maintain a strong capital position.The company's Tier 1 capital ratio was 10.6% and the common equity Tier 1 ratio was 9... | 2020-04-22T14:10:49.000Z | Analyst Report | Based in Birmingham, Alabama, Regions Financial provides a range of retail and commercial banking, residential mortgage lending, and asset management services. The company has 1500 banking offices and over 19,000 employees in 15 states, mainly in the South and Southeast. | RF | Financial Services | ARGUS_4213_AnalystReport_1587564649000 | Banks—Regional | Bullish | 4/22/2020 | 2,020 | 4 | 2020Q2 | We are maintaining our BUY rating on Regions Financial Corp | We are maintaining our SELL rating on Regions Financial Corp | neutral |
01-F73CE827-20A1-421D-B9DB-4351E3FF8A72 | We are reiterating our BUY rating on Boston Properties Inc. (NYSE: BXP) and raising our target price to $147 from $140. The company had a solid 2018 and its NOI growth is expected to be significantly higher in 2019. Although the company is facing challenges in the New York market, it has posted improved results in... | The company had a solid 2018 and its NOI growth is expected to be significantly higher in 2019.Although the company is facing challenges in the New York market, it has posted improved results in Boston and San Francisco.Going forward, we expect BXP to continue to benefit from its diverse tenant base and from the prime ... | 2019-02-13T13:18:19.000Z | Analyst Report | Boston Properties Inc. is a real estate investment trust (REIT). The company is one of the largest owners and developers of Class A office properties in the U.S., and focuses on Boston, New York, San Francisco, and Washington, D.C. As of December 31, BXP's portfolio consisted of 1997 properties with a total of 52 milli... | BXP | Real Estate | ARGUS_2799_AnalystReport_1550063899000 | REIT—Office | Bullish | 2/13/2019 | 2,019 | 2 | 2019Q1 | We are reiterating our BUY rating on Boston Properties Inc | We are reiterating our SELL rating on Boston Properties Inc | neutral |
60-7C22041C-3B31-4131-AE40-CA0A52821330 | We are reiterating our BUY rating on Simon Property Group Inc. (NYSE: SPG). Simon is the largest retail REIT, with a focus on premium malls and outlets. Its scale, geographic diversification, and high-quality portfolio are valuable to retailers, enabling Simon to consistently attract tenants. The company is curren... | Simon is the largest retail REIT, with a focus on premium malls and outlets.Its scale, geographic diversification, and high-quality portfolio are valuable to retailers, enabling Simon to consistently attract tenants.The company is currently redeveloping its department store space to accommodate higher-paying tenants, i... | 2020-08-26T14:38:39.000Z | Analyst Report | Simon Property Group Inc., based in Indianapolis, is a retail REIT that owns and leases malls and outlets. Simon has an interest in or owns 234 properties with 191 million square feet of leasable space in North America, Asia, and Europe. It also has a 22% interest in Klepierre, a Paris-based real estate firm, which own... | SPG | Real Estate | ARGUS_3403_AnalystReport_1598452719000 | REIT—Retail | Bullish | 8/26/2020 | 2,020 | 8 | 2020Q3 | We are reiterating our BUY rating on Simon Property Group Inc | We are reiterating our HOLD rating on Simon Property Group Inc | bearish |
09-06A8E2D6-9978-490E-8557-1232F8334C51 | We are maintaining our BUY rating on Regency Centers Corp. (NYSE: REG) and raising our target price to $73 from $70 on consistently higher NOI. The company has largely completed the repositioning of its portfolio and the integration of Equity One, a shopping center REIT acquired in March 2017. It has also maintai... | The company has largely completed the repositioning of its portfolio and the integration of Equity One, a shopping center REIT acquired in March 2017.It has also maintained a strong balance sheet by matching development spending with sales of noncore assets.While the stock trades at 17.2-times our 2019 FFO per share fo... | 2019-05-29T13:19:10.000Z | Analyst Report | Regency Centers Corp. is one of the largest U.S. owners, operators and developers of community shopping centers. Headquartered in Jacksonville, Florida, the company, including joint ventures, operates 419 shopping centers with nearly 53 million square feet of space. Regency's shopping centers are usually anchored by ma... | REG | Real Estate | ARGUS_3356_AnalystReport_1559135950000 | REIT—Retail | Bullish | 5/29/2019 | 2,019 | 5 | 2019Q2 | We are maintaining our BUY rating on Regency Centers Corp | We are maintaining our HOLD rating on Regency Centers Corp | bearish |
46-5911DB94-780A-4371-ADFA-9BD25E50E586 | Our rating on Moody's Corp. (NYSE: MCO) is BUY. Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics. The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range. We expect Moody's... | Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics.The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range.We expect Moody's to benefit over the long run from the secular trends o... | 2023-05-02T11:23:09.000Z | Analyst Report | A large-cap financial services company, Moody's provides credit ratings on 11,000 corporate issuers and 18,000 public finance issuers in 120 countries. Its analytics division provides clients with financial analysis and risk management services. The stock is a component of the S&P 500. The company has 14,400 employees. | MCO | Financial Services | ARGUS_3648_AnalystReport_1683026589000 | Financial Data & Stock Exchanges | Bullish | 5/2/2023 | 2,023 | 5 | 2023Q2 | (NYSE: MCO) is BUY | (NYSE: MCO) is SELL | bearish |
64-599B8A91-5FA1-440A-870C-4DF6BC9D9A87 | We are maintaining our BUY rating on Raymond James Financial Inc. (NYSE: RJF) and raising our target price to $145 from $113. Looking ahead, we expect revenues to increase in the Private Client Group and Asset Management as net inflows continue to grow. We also look for declining loss provisions and stabilization ... | Looking ahead, we expect revenues to increase in the Private Client Group and Asset Management as net inflows continue to grow.We also look for declining loss provisions and stabilization of the net interest margin.We expect the company to remain in expansion mode as it brings additional advisers to its platform and ma... | 2021-04-30T14:21:02.000Z | Analyst Report | Raymond James Financial Inc. is a diversified financial services company. The company's businesses provide capital markets, asset management, private client, banking and other services to individuals, corporations and municipalities. The company was founded in 1962 and went public in 1983. RJF has over 8,300 advisors i... | RJF | Financial Services | ARGUS_4217_AnalystReport_1619792462000 | Capital Markets | Bullish | 4/30/2021 | 2,021 | 4 | 2021Q2 | We are maintaining our BUY rating on Raymond James Financial Inc | We are maintaining our SELL rating on Raymond James Financial Inc | neutral |
12-3AA210AA-BE69-4B31-8C78-EB21D3007339 | We are reiterating our BUY rating on Hartford Financial Services Group Inc. (NYSE: HIG) and raising our target price to $110 from $104. We expect Hartford to generate above-peer-average ROE over the next few years as management raises prices and reduces operating expenses. Although the company faces risks fro... | We expect Hartford to generate above-peer-average ROE over the next few years as management raises prices and reduces operating expenses.Although the company faces risks from catastrophe losses and market volatility, we expect it to benefit from lower morbidity rates, higher written premiums, and disciplined expense ma... | 2024-05-15T11:04:21.000Z | Analyst Report | Hartford Financial Services Group Inc. is a leading multiline insurance company. The company distributes its insurance products and other financial services through independent agencies. The shares are a component of the S&P 500. | HIG | Financial Services | ARGUS_3041_AnalystReport_1715771061000 | Insurance—Property & Casualty | Bullish | 5/15/2024 | 2,024 | 5 | 2024Q2 | We are reiterating our BUY rating on Hartford Financial Services Group Inc | We are reiterating our HOLD rating on Hartford Financial Services Group Inc | bearish |
42-B3B219A9-1782-4752-91B0-9CFCA2956D2A | We are reiterating our BUY rating and target price of $36 on Citizens Financial Group Inc. (NYSE: CFG). Regional bank shares have faced pressure since the failure of three regional banks, higher deposit costs, commercial real estate exposure and unrealized losses in the investment portfolio. However, we believe th... | Regional bank shares have faced pressure since the failure of three regional banks, higher deposit costs, commercial real estate exposure and unrealized losses in the investment portfolio.However, we believe that CFG and other regional banks have adequately allayed these fears with their recent results.Due to the closu... | 2024-01-22T11:55:35.000Z | Analyst Report | Based in Providence, Rhode Island, Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, National Association and Citizens Bank of Pennsylvania. As of March 31, 2023, the company had approximately 18,000 employees in 14 New England, mid-Atlantic, Western and Midwestern states, as well a... | CFG | Financial Services | ARGUS_4681_AnalystReport_1705924535000 | Banks—Regional | Bullish | 1/22/2024 | 2,024 | 1 | 2024Q1 | We are reiterating our BUY rating and target price of $36 on Citizens Financial Group Inc | We are reiterating our SELL rating and target price of $36 on Citizens Financial Group Inc | bullish |
22-9EA206E2-C95F-46A7-9A06-23E2F8210008 | We are reiterating our BUY rating on American Tower Corp. (NYSE: AMT) and maintaining our target price of $300. The company's wireless towers have become even more necessary for media and telecom tenants during the coronavirus pandemic, as more people stay home and use more data. Tenants are charged annual lease ... | The company's wireless towers have become even more necessary for media and telecom tenants during the coronavirus pandemic, as more people stay home and use more data.Tenants are charged annual lease rate increases and AMT's infrastructure dominates the market.We expect mobile data usage to grow 40%-50% annually over ... | 2020-11-12T07:14:20.000Z | Analyst Report | American Tower operates wireless and broadcast communications real estate, including wireless towers and distributed antenna systems. The company leases space to wireless service providers and radio and television broadcasters. AMT has over 180,000 towers and small cell systems networks. | AMT | Real Estate | ARGUS_3627_AnalystReport_1605165260000 | REIT—Specialty | Bullish | 11/12/2020 | 2,020 | 11 | 2020Q4 | We are reiterating our BUY rating on American Tower Corp | We are reiterating our HOLD rating on American Tower Corp | neutral |
84-9F3094BB-B786-4DC9-95F6-60BB19FF5B61 | We are reiterating our BUY rating on JPMorgan Chase & Co. (NYSE: JPM) following the company's 4Q earnings report. While headline EPS missed expectations, the shortfall reflected temporary liquidity problems in fixed-income markets, and core revenue growth remained healthy. Capital markets revenue can be a large sw... | While headline EPS missed expectations, the shortfall reflected temporary liquidity problems in fixed-income markets, and core revenue growth remained healthy.Capital markets revenue can be a large swing factor in earnings; however, we expect the global environment for investment banking, trading, and asset management ... | 2019-01-15T14:07:42.000Z | Analyst Report | JPMorgan Chase is one of world's largest diversified banking firms. The company operates a leading global corporate and investment bank and is the second-largest mortgage originator in the United States, after Wells Fargo. JPMorgan Chase also operates a large retail banking network and is a leading credit card issuer. | JPM | Financial Services | ARGUS_3110_AnalystReport_1547561262000 | Banks—Diversified | Bullish | 1/15/2019 | 2,019 | 1 | 2019Q1 | We are reiterating our BUY rating on JPMorgan Chase & Co | We are reiterating our HOLD rating on JPMorgan Chase & Co | neutral |
01-0357485E-0912-416D-845E-52EF0B249B5F | We are maintaining our BUY rating on Fiserv Inc. (NGS: FISV) following the company's 4Q earnings report. We believe that Fiserv benefits from a highly scalable business model. Over the last several years, it has consistently turned single-digit revenue growth into double-digit EPS growth with help from strong mar... | We believe that Fiserv benefits from a highly scalable business model.Over the last several years, it has consistently turned single-digit revenue growth into double-digit EPS growth with help from strong margins and share buybacks.With its forthcoming acquisition of First Data Corp., we expect Fiserv build on this rec... | 2019-02-21T07:27:17.000Z | Analyst Report | Fiserv is a leading provider of information management and e-commerce systems for the financial services industry. Services include account processing and management, online bill payment and presentment, mobile banking, and debit card transaction processing. | FI | Financial Services | ARGUS_2972_AnalystReport_1550734037000 | Financial Conglomerates | Bullish | 2/21/2019 | 2,019 | 2 | 2019Q1 | We are maintaining our BUY rating on Fiserv Inc | We are maintaining our HOLD rating on Fiserv Inc | bearish |
47-E063B707-077F-4324-9549-AC13A2E97C7E | We are lowering our rating on Rocket Companies Inc. (NYSE: RKT) to HOLD from a BUY. RKT is the largest U.S. mortgage originator, with approximately 10% of the overall market. The company employs a direct-to-consumer model, in which borrowers work directly with Rocket. It also has a growing wholesale business that ... | RKT is the largest U.S. mortgage originator, with approximately 10% of the overall market.The company employs a direct-to-consumer model, in which borrowers work directly with Rocket.It also has a growing wholesale business that uses independent mortgage brokers as its salesforce.In addition, the company has broadened ... | 2022-05-31T07:21:42.000Z | Analyst Report | Detroit-based Rocket Companies has five main businesses: Rocket Mortgage, a mortgage lender; Amrock, a provider of title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network; Rocket Auto, an automotive retail marketplace; and Rocket Loans, a... | RKT | Financial Services | ARGUS_5979_AnalystReport_1653981702000 | Mortgage Finance | Neutral | 5/31/2022 | 2,022 | 5 | 2022Q2 | (NYSE: RKT) to HOLD from a BUY | (NYSE: RKT) to BUY from a BUY | bearish |
09-E00D427C-69EB-43F1-845A-FB00C14DCE6B | We are maintaining our BUY rating on Intercontinental Exchange Inc. (NYSE: ICE) with a revised target price of $153. Intercontinental is benefiting from positive trends in its core data business, including increased demand for real-time data and analytics, the growing popularity of passive index investing, and the... | Intercontinental is benefiting from positive trends in its core data business, including increased demand for real-time data and analytics, the growing popularity of passive index investing, and the need for greater price transparency.It is also seeing a better balance between recurring and transaction revenue.At the s... | 2024-02-29T18:31:13.000Z | Analyst Report | Intercontinental Exchange is a network of regulated exchanges and clearing houses for financial and commodity markets, fixed-income pricing and analytics and a growing mortgage technology unit. The company has a multi-asset-class derivatives and cash market franchise, spanning interest rates, equity and equity derivati... | ICE | Financial Services | ARGUS_3074_AnalystReport_1709231473000 | Financial Data & Stock Exchanges | Bullish | 2/29/2024 | 2,024 | 2 | 2024Q1 | We are maintaining our BUY rating on Intercontinental Exchange Inc | We are maintaining our SELL rating on Intercontinental Exchange Inc | bearish |
07-CFD86D6C-5148-4032-BC3E-86418F35FE72 | We are reaffirming our BUY rating on Focus List selection Prologis Inc. (NYSE: PLD) with a revised target price of $125, lowered from $140. The company, which is structured as a REIT, operates warehouse and distribution space, primarily for business-to-business fulfillment in North and South America, Asia, and Eur... | The company, which is structured as a REIT, operates warehouse and distribution space, primarily for business-to-business fulfillment in North and South America, Asia, and Europe.PLD also offers manufacturing, storage, and research space.The company saw rapid growth in 2019 and 2020, driven in part by the pandemic surg... | 2023-10-20T10:57:50.000Z | Analyst Report | Prologis is a global industrial REIT that owns and manages space for warehouses, manufacturing, distribution, and large-scale storage. PLD has become the world's largest industrial REIT by focusing on business-to-business fulfillment and e-commerce.
As of the end of 2022, the company's portfolio included 5500 buil... | PLD | Real Estate | ARGUS_2705_AnalystReport_1697799470000 | REIT—Industrial | Bullish | 10/20/2023 | 2,023 | 10 | 2023Q4 | We are reaffirming our BUY rating on Focus List selection Prologis Inc | We are reaffirming our HOLD rating on Focus List selection Prologis Inc | bullish |
66-0710DB20-AB34-4112-9282-31BF34D8B2E1 | We are maintaining our BUY recommendation on Zions Bancorporation NA (NYSE: ZION) and our target price of $67. PPP loans have enabled Zions to attract many new small businesses that have become permanent clients. Zions has thus far retained approximately 20,000 new-to-bank customers from the PPP program. The compa... | PPP loans have enabled Zions to attract many new small businesses that have become permanent clients.Zions has thus far retained approximately 20,000 new-to-bank customers from the PPP program.The company offers loans, account analysis, internet banking, wealth management services, checking accounts, and credit cards t... | 2022-10-27T16:42:32.000Z | Analyst Report | Based in Salt Lake City, Zions provides a range of retail and commercial banking, residential mortgage lending, and asset management services. The company has more than 10,000 employees in Utah, Texas, New Mexico, Arizona, Colorado, South Dakota, Idaho, Washington, Oregon, Nevada and California. | ZION | Financial Services | ARGUS_4361_AnalystReport_1666888952000 | Banks—Regional | Bullish | 10/27/2022 | 2,022 | 10 | 2022Q4 | We are maintaining our BUY recommendation on Zions Bancorporation NA (NYSE: ZION) and our target price of $67 | We are maintaining our SELL recommendation on Zions Bancorporation NA (NYSE: ZION) and our target price of $67 | neutral |
89-6EBA790F-B7B2-420D-92CD-81A23FC4EB0A | We are maintaining our BUY rating on American Express Co. (NYSE: AXP) following 2Q earnings, which were helped by the recapture of loan loss provisions and by a strong rebound in billed business. With respect to billed business, consumers have returned to spending but the travel & entertainment categories rem... | With respect to billed business, consumers have returned to spending but the travel & entertainment categories remain particularly hard hit.However, AXP is not as tied to T&E as generally believed, with non-T&E categories accounting for 70% of billing volume.The company's customers, who tend to have higher incomes than... | 2021-07-26T07:38:17.000Z | Analyst Report | American Express provides charge and credit payment card products and travel-related services to customers worldwide. The company's product portfolio consists of charge and credit card products; expense management products and services; consumer and business travel services; stored-value products, including travelers c... | AXP | Financial Services | ARGUS_2751_AnalystReport_1627285097000 | Credit Services | Bullish | 7/26/2021 | 2,021 | 7 | 2021Q3 | We are maintaining our BUY rating on American Express Co | We are maintaining our SELL rating on American Express Co | neutral |
11-6974DEEA-BCC1-4189-8473-209C17020FF5 | We are reaffirming our BUY rating on Sun Life Financial Inc. (NYSE: SLF) and raising our target price to $63 from $60. We believe that SLF remains attractively valued based on the company's consistently strong earnings and above-peer-average ROE. The company is diversified, with Canadian, U.S., and Asian insurance... | We believe that SLF remains attractively valued based on the company's consistently strong earnings and above-peer-average ROE.The company is diversified, with Canadian, U.S., and Asian insurance operations, as well as a money management arm.Sun Life has recently made several small acquisitions that should help to boos... | 2021-11-09T13:30:24.000Z | Analyst Report | Sun Life Financial Inc., based in Toronto, is a leading life insurance company with operations in Canada, the U.S. and Asia. The company distributes its insurance products and other financial services through direct sales agents. Sun Life also operates MFS Investment Management. The company has 42,100 employees. | SLF | Financial Services | ARGUS_3394_AnalystReport_1636464624000 | Insurance—Diversified | Bullish | 11/9/2021 | 2,021 | 11 | 2021Q4 | We are reaffirming our BUY rating on Sun Life Financial Inc | We are reaffirming our HOLD rating on Sun Life Financial Inc | neutral |
01-60640B4E-29A8-4A0E-8A17-1EE5050026C1 | We are maintaining our BUY rating on KeyCorp. (NYSE: KEY) and raising our target price to $21 from $15 following the company's 4Q earnings report. The company's lending balances have been helped by Paycheck Protection Program lending as well as by commercial and consumer loan growth. Net interest margins have also... | The company's lending balances have been helped by Paycheck Protection Program lending as well as by commercial and consumer loan growth.Net interest margins have also held up better than at other regional banks.In addition, while credit losses remain a wild card due to the uncertain pace of the economic recovery, we b... | 2021-01-25T13:16:17.000Z | Analyst Report | Cleveland-based KeyCorp is one of the largest bank-based financial services companies in the U.S., with about 1,000 branches in 15 states and assets of approximately $170 billion. The company also operates a national consumer bank and a national corporate bank. | KEY | Financial Services | ARGUS_3759_AnalystReport_1611580577000 | Banks—Regional | Bullish | 1/25/2021 | 2,021 | 1 | 2021Q1 | We are maintaining our BUY rating on KeyCorp | We are maintaining our HOLD rating on KeyCorp | bearish |
00-73EC6921-9181-415B-95BD-9A2996B6BE88 | We are maintaining our BUY rating on Healthpeak Properties Inc. (NYSE: PEAK) with a target price of $30. We expect the company to see steady demand in its Medical Office (MOB) and Life Science segments as more patients return to in-person medical care. PEAK's balanced portfolio has also helped to offset weakness i... | We expect the company to see steady demand in its Medical Office (MOB) and Life Science segments as more patients return to in-person medical care.PEAK's balanced portfolio has also helped to offset weakness in its Continuing Care Retirement Community segment (CCRC), which has been strained by the pandemic.Healthpeak s... | 2023-08-02T17:38:43.000Z | Analyst Report | Healthpeak Properties is a self-administered real estate investment trust that invests directly or through joint ventures in private-pay healthcare facilities in the United States. The company's portfolio consists of 457 properties and 18 development/redevelopment projects. Its assets include life science facilities, m... | DOC | Real Estate | ARGUS_3034_AnalystReport_1690997923000 | REIT—Healthcare Facilities | Bullish | 8/2/2023 | 2,023 | 8 | 2023Q3 | We are maintaining our BUY rating on Healthpeak Properties Inc | We are maintaining our HOLD rating on Healthpeak Properties Inc | bullish |
77-9AF3905E-B962-465E-9655-6A4379F3438E | We are reiterating our BUY rating on exchange operator and data services provider Nasdaq Inc. (NGS: NDAQ) and raising our target price to $66 from $64. We believe that the company's business fundamentals are strong and expect Nasdaq to benefit from an expanding range of data services as well as growth in equity-re... | We believe that the company's business fundamentals are strong and expect Nasdaq to benefit from an expanding range of data services as well as growth in equity-related trading and ETF index revenues, offset by the near-term costs and integration of the Adenza acquisition.In November 2023, Nasdaq closed its acquisition... | 2024-05-14T10:53:02.000Z | Analyst Report | Nasdaq Inc. is a provider of trading, clearing, exchange technology, regulatory, securities listing, information, and public company services. | NDAQ | Financial Services | ARGUS_3821_AnalystReport_1715683982000 | Financial Data & Stock Exchanges | Bullish | 5/14/2024 | 2,024 | 5 | 2024Q2 | We are reiterating our BUY rating on exchange operator and data services provider Nasdaq Inc | We are reiterating our SELL rating on exchange operator and data services provider Nasdaq Inc | bearish |
27-406FB402-CBDD-4A6F-A4D7-8B1AD39B5824 | We are maintaining our BUY rating on Capital One Financial Corp. (NYSE: COF) following 3Q earnings results. Average loan growth was 4%, with some interest margin compression, but a low 2.38% charge-off rate. We continue to view operating trends as healthy, including good growth in domestic credit card lending and ... | Average loan growth was 4%, with some interest margin compression, but a low 2.38% charge-off rate.We continue to view operating trends as healthy, including good growth in domestic credit card lending and purchase volumes, increased commercial lending, and continued solid credit quality.In July, the company announced ... | 2019-10-25T07:08:54.000Z | Analyst Report | Ranked by assets and deposits, Capital One is one of the largest banks in the U.S., with top-tier national businesses in credit card and auto lending and a retail and commercial banking presence in the New York, Metro D.C., and the Louisiana/Texas markets. Capital One's mix of loans is about 46% card loans, 25% consume... | COF | Financial Services | ARGUS_2854_AnalystReport_1571987334000 | Credit Services | Bullish | 10/25/2019 | 2,019 | 10 | 2019Q4 | We are maintaining our BUY rating on Capital One Financial Corp | We are maintaining our SELL rating on Capital One Financial Corp | bullish |
93-1125AE9E-DCBF-4C8A-8E86-790FB6FC36F1 | We are maintaining our HOLD rating on HCP Inc. (NYSE: HCP), which has spun off its struggling HCR ManorCare portfolio (HCRMC) of skilled nursing facilities into a new publicly traded REIT, called Quality Care Properties (QCP). The skilled nursing industry has been hurt by shorter patient stays and changes in payme... | The skilled nursing industry has been hurt by shorter patient stays and changes in payment processes.HCRMC had been HCP's largest operator, and its coverage ratios, or ability to pay rent, had weighed on the HCP stock price.The shares continue to face pressure from low occupancy in the senior housing segment.Management... | 2019-05-22T07:32:37.000Z | Analyst Report | HCP Inc. is a self-administered real estate investment trust that invests directly or through joint ventures in healthcare facilities in the United States. The company's portfolio consists of senior housing facilities, post-acute/skilled nursing facilities, life science facilities, medical office buildings and hospital... | DOC | Real Estate | ARGUS_3034_AnalystReport_1558510357000 | REIT—Healthcare Facilities | Neutral | 5/22/2019 | 2,019 | 5 | 2019Q2 | We are maintaining our HOLD rating on HCP Inc | We are maintaining our SELL rating on HCP Inc | bullish |
66-D748A2EE-D716-4351-AC0B-B038E9D5D7CC | We are maintaining our BUY rating on KKR & Co. Inc. (NYSE: KKR) following 3Q earnings, which benefited from growth in management and transaction fees and the acquisition of Global Atlantic. We continue to view the environment for fund raising and realizations as favorable for the private equity industry. In F... | Inc. (NYSE: KKR) following 3Q earnings, which benefited from growth in management and transaction fees and the acquisition of Global Atlantic.We continue to view the environment for fund raising and realizations as favorable for the private equity industry.In February 2021, KKR acquired Global Atlantic Financial Group ... | 2021-11-04T07:40:06.000Z | Analyst Report | Founded in 1976, KKR & Co. is a leading global investment management firm. KKR manages assets through a variety of investment funds and accounts covering multiple asset classes, mostly private equity. It seeks to create value by bringing operational expertise to its portfolio companies and through the active oversight ... | KKR | Financial Services | ARGUS_3590_AnalystReport_1636011606000 | Asset Management | Bullish | 11/4/2021 | 2,021 | 11 | 2021Q4 | We are maintaining our BUY rating on KKR & Co | We are maintaining our HOLD rating on KKR & Co | bearish |
35-BC1F9986-5DE1-4D88-937F-398839F19DD1 | We are reiterating our BUY rating on MetLife Inc. (NYSE: MET) with a target price of $72. MetLife's 3Q results were better than expected, driven by volume growth and higher investment income offset by higher COVID-19 claims. We continue to have a positive view of the company's business diversification, cost-reduct... | MetLife's 3Q results were better than expected, driven by volume growth and higher investment income offset by higher COVID-19 claims.We continue to have a positive view of the company's business diversification, cost-reduction efforts, and share repurchase program.MET trades at 0.8-times book value, in line with the p... | 2021-11-10T07:09:21.000Z | Analyst Report | MetLife, based in New York, is a leading provider of insurance, as well as of employee benefit plans and other financial services. The shares are a component of the S&P 500. | MET | Financial Services | ARGUS_3186_AnalystReport_1636528161000 | Insurance—Life | Bullish | 11/10/2021 | 2,021 | 11 | 2021Q4 | We are reiterating our BUY rating on MetLife Inc | We are reiterating our HOLD rating on MetLife Inc | bullish |
06-B11D93ED-6B71-484D-A6FF-0AB1E1EFFCA5 | We are maintaining our BUY rating on Intercontinental Exchange Inc. (NYSE: ICE) and raising our target price to $125 from $106. ICE reported record fourth-quarter net revenue of $1.67 billion, buoyed by a 65% jump in Mortgage Technology and a 6% rise in Data Services. We expect volumes to remain strong in the near... | ICE reported record fourth-quarter net revenue of $1.67 billion, buoyed by a 65% jump in Mortgage Technology and a 6% rise in Data Services.We expect volumes to remain strong in the near term and mortgage revenues to increase while the company manages expenses and further boosts its operating margin.The company is bene... | 2021-02-12T07:38:33.000Z | Analyst Report | Intercontinental Exchange is a leading network of regulated exchanges and clearing houses for financial and commodity markets. The company has a multi-asset-class derivatives and cash market franchise, spanning interest rates, equity and equity derivatives, credit, foreign exchange, metals and agricultural commodities.... | ICE | Financial Services | ARGUS_3074_AnalystReport_1613115513000 | Financial Data & Stock Exchanges | Bullish | 2/12/2021 | 2,021 | 2 | 2021Q1 | We are maintaining our BUY rating on Intercontinental Exchange Inc | We are maintaining our HOLD rating on Intercontinental Exchange Inc | neutral |
23-11D808BC-1049-4E70-B35E-1B07FE6068DE | We are raising our rating on Goldman Sachs Group Inc. (NYSE: GS) to BUY from HOLD following 1Q results, which demonstrated the considerable strengths of the Goldman franchise during an investment banking upturn. The investment banking environment offered a few false rebounds in 2023, but the current surge appears ... | The investment banking environment offered a few false rebounds in 2023, but the current surge appears to have staying power, with equity and debt underwriting showing good sequential improvement, and industry-wide announced M&A deal value in 1Q climbing in the high-teens year-over-year, which should produce improved r... | 2024-04-16T10:47:18.000Z | Analyst Report | The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman reorganized its businesses in 4Q22 into three operating segments: Asset & Wealth Management, Global Banking & Market... | GS | Financial Services | ARGUS_3017_AnalystReport_1713264438000 | Capital Markets | Bullish | 4/16/2024 | 2,024 | 4 | 2024Q2 | (NYSE: GS) to BUY from HOLD following 1Q results, which demonstrated the considerable strengths of the Goldman franchise during an investment banking upturn | (NYSE: GS) to SELL from HOLD following 1Q results, which demonstrated the considerable strengths of the Goldman franchise during an investment banking upturn | neutral |
36-3077A668-F6C9-4D8B-87B4-2A4047F9A38F | We are maintaining our HOLD rating on Progressive Corp. (NYSE: PGR) as the shares appear fairly valued at current levels. Progressive is a well-managed company with a clean balance sheet. The company targets the value segment of the property casualty insurance market and spends heavily on marketing to gain market ... | Progressive is a well-managed company with a clean balance sheet.The company targets the value segment of the property casualty insurance market and spends heavily on marketing to gain market share.Progressive has shown resiliency in enacting price increases.The company has experienced elevated yet manageable catastrop... | 2024-11-06T11:56:35.000Z | Analyst Report | Progressive Corp., based in Mayfield Village, Ohio, is a leading property & casualty insurance company. The company sells insurance through independent agencies and its own direct-sales website. The shares are included in the S&P 500 index. | PGR | Financial Services | ARGUS_3310_AnalystReport_1730894195000 | Insurance—Property & Casualty | Neutral | 11/6/2024 | 2,024 | 11 | 2024Q4 | We are maintaining our HOLD rating on Progressive Corp | We are maintaining our SELL rating on Progressive Corp | bullish |
81-73335D6C-8E37-48E8-A576-E74DB4F0EBD4 | We are maintaining our BUY rating on American Express Co. (NYSE: AXP) following 3Q earnings, which were helped by the recapture of loan loss provisions and also by a strong rebound in billed business. With respect to billed business, consumers have returned to spending but the travel & entertainment categorie... | With respect to billed business, consumers have returned to spending but the travel & entertainment categories remain particularly hard hit and are still 30% lower than pre-pandemic levels.However, AXP is not as tied to T&E as generally believed, with non-T&E categories accounting for 70% of billing volume.The company'... | 2021-10-28T07:33:41.000Z | Analyst Report | American Express provides charge and credit payment card products and travel-related services to customers worldwide. The company's product portfolio consists of charge and credit card products; expense management products and services; consumer and business travel services; stored-value products, including travelers c... | AXP | Financial Services | ARGUS_2751_AnalystReport_1635406421000 | Credit Services | Bullish | 10/28/2021 | 2,021 | 10 | 2021Q4 | We are maintaining our BUY rating on American Express Co | We are maintaining our HOLD rating on American Express Co | bearish |
86-E55CF9DE-AD28-4647-A054-F885CDE65568 | We are lowering our rating on Rocket Companies Inc. (NYSE: RKT) to SELL from HOLD. RKT is the second largest U.S. mortgage originator, with approximately 5% of the overall market. The company primarily employs a direct-to-consumer model, in which borrowers work directly with Rocket. It also has a wholesale busines... | RKT is the second largest U.S. mortgage originator, with approximately 5% of the overall market.The company primarily employs a direct-to-consumer model, in which borrowers work directly with Rocket.It also has a wholesale business that uses independent mortgage brokers as its salesforce.In addition, the company has br... | 2022-11-16T12:11:07.000Z | Analyst Report | Detroit-based Rocket Companies has five main businesses: Rocket Mortgage, a mortgage lender; Rocket Money, a personal finance app; Rocket Homes, a home search platform and real estate agent referral network; Rocket Auto, an automotive retail marketplace; and Rocket Loans, an online provider of solar and personal loans... | RKT | Financial Services | ARGUS_5979_AnalystReport_1668600667000 | Mortgage Finance | Bearish | 11/16/2022 | 2,022 | 11 | 2022Q4 | (NYSE: RKT) to SELL from HOLD | (NYSE: RKT) to HOLD from HOLD | bearish |
11-99915FB3-9153-400D-9209-C23271EA93AB | We are maintaining our BUY rating on Intercontinental Exchange Inc. (NYSE: ICE) and raising our target price to $171 from $162. The company is benefiting from positive trends in its core data business, including increased demand for real-time data and analytics, the growing popularity of passive index investing, a... | The company is benefiting from positive trends in its core data business, including increased demand for real-time data and analytics, the growing popularity of passive index investing, and the need for greater price transparency.It is also enjoying a better balance between recurring and transaction revenues.That said,... | 2024-11-13T12:06:44.000Z | Analyst Report | Intercontinental Exchange is a network of regulated exchanges and clearing houses for financial and commodity markets, fixed-income pricing and analytics and a growing mortgage technology unit. The company has a multi-asset-class derivatives and cash market franchise, spanning interest rates, equity and equity derivati... | ICE | Financial Services | ARGUS_3074_AnalystReport_1731499604000 | Financial Data & Stock Exchanges | Bullish | 11/13/2024 | 2,024 | 11 | 2024Q4 | We are maintaining our BUY rating on Intercontinental Exchange Inc | We are maintaining our HOLD rating on Intercontinental Exchange Inc | neutral |
42-29893F47-A9E7-4A49-8C44-EA492F72F391 | Our rating on Moody's Corp. (NYSE: MCO) is BUY. Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics. The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range. We expect Moody's... | Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics.The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range.We expect Moody's to benefit over the long run from the secular trends o... | 2021-02-17T07:25:45.000Z | Analyst Report | A large-cap financial services company, Moody's provides credit ratings on 11,000 corporate issuers and 18,000 public finance issuers in 120 countries. Its analytics division provides clients with financial analysis and risk management services. The stock is a component of the S&P 500. The company has 11,400 employees. | MCO | Financial Services | ARGUS_3648_AnalystReport_1613546745000 | Financial Data & Stock Exchanges | Bullish | 2/17/2021 | 2,021 | 2 | 2021Q1 | (NYSE: MCO) is BUY | (NYSE: MCO) is HOLD | neutral |
78-08DBA382-38CF-491D-8AC9-D6D6EAFE439D | We are maintaining our BUY rating on BlackRock Inc. (NYSE: BLK) following the company's 1Q earnings report. We are also raising our 2019 EPS estimate on a faster-than-expected recovery in asset values. Long-term net inflows were healthy in 1Q, with a rebound in iShares ETFs and institutional inflows. We believe th... | We are also raising our 2019 EPS estimate on a faster-than-expected recovery in asset values.Long-term net inflows were healthy in 1Q, with a rebound in iShares ETFs and institutional inflows.We believe that BLK is well positioned to capture inflows as de-risking continues.Revenues and AUM have benefited from generally... | 2019-04-17T00:00:00.000Z | Analyst Report | BlackRock provides investment management, risk management, and advisory services for institutional and retail clients worldwide. Its range of products includes separate accounts, mutual funds, the iShares franchise of ETFs, and other pooled investment vehicles. Assets under management were $6.52 trillion as of March 31... | BLK | Financial Services | ARGUS_3635_AnalystReport_1555459200000 | null | Bullish | 4/17/2019 | 2,019 | 4 | 2019Q2 | We are maintaining our BUY rating on BlackRock Inc | We are maintaining our HOLD rating on BlackRock Inc | neutral |
59-D83302B2-43FB-4BA6-A6D3-97AC69AB2E4E | We are reiterating our BUY rating on Apollo Global Management LLC (NYSE: APO), with a target price of $37. Following peers KKR and Blackstone, Apollo has announced its conversion to a C-Corp from a publicly traded partnership, which should expand its shareholder base and enhance liquidity. The conversion wil... | Following peers KKR and Blackstone, Apollo has announced its conversion to a C-Corp from a publicly traded partnership, which should expand its shareholder base and enhance liquidity.The conversion will eliminate K-1 dividend forms (in favor of 1099s) and allow the stock to be included in a wide range of indices.The ch... | 2019-05-03T00:00:00.000Z | Analyst Report | Apollo is one of the leading global managers of alternative assets, with a focus on complex credit-related investments. The company has grown its assets under management very rapidly over the past several years through a combination of organic growth and strategic acquisitions. Apollo is further differentiated from pee... | APO | Financial Services | ARGUS_3593_AnalystReport_1556841600000 | null | Bullish | 5/3/2019 | 2,019 | 5 | 2019Q2 | We are reiterating our BUY rating on Apollo Global Management LLC (NYSE: APO), with a target price of $37 | We are reiterating our HOLD rating on Apollo Global Management LLC (NYSE: APO), with a target price of $37 | neutral |
52-079A4D1F-1DDA-4DEE-B038-7A2A465BBD7F | We are maintaining our BUY rating on The Travelers Cos. Inc. (NYSE: TRV) and raising our target price to $190 from $182. First-quarter earnings were stronger than we expected, as net written premiums rose 8.5% to $8.0 billion, catastrophe losses were lower, and underlying profitability improved in the Business In... | Inc. (NYSE: TRV) and raising our target price to $190 from $182.First-quarter earnings were stronger than we expected, as net written premiums rose 8.5% to $8.0 billion, catastrophe losses were lower, and underlying profitability improved in the Business Insurance segment.Looking ahead, we expect margins to increase as... | 2022-04-21T07:10:03.000Z | Analyst Report | Travelers is a leading provider of auto, home and business property casualty insurance. The company is organized into three units: Business Insurance, Bond & Specialty Insurance, and Personal Insurance. TRV is included in the S&P 500 Index and the Dow Jones Industrial Average. | TRV | Financial Services | ARGUS_3461_AnalystReport_1650525003000 | Insurance—Property & Casualty | Bullish | 4/21/2022 | 2,022 | 4 | 2022Q2 | We are maintaining our BUY rating on The Travelers Cos | We are maintaining our HOLD rating on The Travelers Cos | neutral |
41-AFDE6477-426F-4B40-B8A9-44DF71476DA8 | We are maintaining our HOLD rating on Regency Centers Corp. (NYSE: REG) based on valuation, the company's slow growth, and the impact of online competition on its anchor-store tenants. Regency is one of the largest U.S. owners, operators and developers of community shopping centers, and 80% of its shopping centers... | Regency is one of the largest U.S. owners, operators and developers of community shopping centers, and 80% of its shopping centers are anchored by major grocery store chains, such as Kroger and Publix, that have traditionally been insulated from e-commerce competition.However, the pandemic has accelerated the use of pl... | 2022-08-22T11:26:55.000Z | Analyst Report | Regency Centers Corp. is one of the largest U.S. owners, operators and developers of suburban shopping centers. Headquartered in Jacksonville, Florida, the company, including joint ventures, operates 404 shopping centers with more than 51 million square feet of leasable space. Eighty percent of Regency's shopping cente... | REG | Real Estate | ARGUS_3356_AnalystReport_1661167615000 | REIT—Retail | Neutral | 8/22/2022 | 2,022 | 8 | 2022Q3 | We are maintaining our HOLD rating on Regency Centers Corp | We are maintaining our SELL rating on Regency Centers Corp | neutral |
68-F7780E47-E323-4ED4-9BA4-49C733277C54 | We are maintaining our BUY rating on PayPal Holdings Inc. (NYSE: PYPL) following the company's 3Q earnings report, which again demonstrated strong growth in payment volume and number of active accounts. Management offered revenue growth guidance of 15%, at the high end of prior guidance of 14%-15%. Unrealized loss... | Management offered revenue growth guidance of 15%, at the high end of prior guidance of 14%-15%.Unrealized losses on strategic investments hurt reporting 3Q results, but the company was transparent about the impact a few weeks prior to the earnings announcement.In October 2018, PayPal entered into partnerships with Ame... | 2019-10-24T14:05:53.000Z | Analyst Report | Spun off from eBay in July 2015, PayPal is a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. It accepts payments from merchant websites, mobile devices and applications, and at offline retail locations through its PayPal, PayPal Credit, Venmo and Brai... | PYPL | Financial Services | ARGUS_3645_AnalystReport_1571925953000 | Credit Services | Bullish | 10/24/2019 | 2,019 | 10 | 2019Q4 | We are maintaining our BUY rating on PayPal Holdings Inc | We are maintaining our SELL rating on PayPal Holdings Inc | bullish |
66-B7565699-9787-41B9-9F65-2F485046F250 | We are reiterating our BUY rating on Chubb Ltd. (NYSE: CB) and raising our target price to $270, with the stock having surpassed our prior target of $242. A provider of P&C and health/life insurance, as well as reinsurance, Chubb benefits from a strong international brand, an experienced management team, and a hea... | A provider of P&C and health/life insurance, as well as reinsurance, Chubb benefits from a strong international brand, an experienced management team, and a healthy balance sheet.The company posted record-high core operating earnings and underwriting results in 4Q23, with net investment income rising 30.2% to $1.37 bil... | 2024-02-12T13:04:14.000Z | Analyst Report | Based in Switzerland, Chubb Ltd. is a global specialty insurer and reinsurer. It is the largest publicly traded property casualty insurer in the world, operating in 54 countries and territories. With a market cap of approximately $86 billion, CB shares generally are regarded as large-cap value. | CB | Financial Services | ARGUS_2809_AnalystReport_1707743054000 | Insurance—Property & Casualty | Bullish | 2/12/2024 | 2,024 | 2 | 2024Q1 | We are reiterating our BUY rating on Chubb Ltd | We are reiterating our HOLD rating on Chubb Ltd | neutral |
99-A47F5E8B-400C-4F72-8BA2-46120CCBB3DD | We are reiterating our BUY rating on Sun Life Financial Inc. (NYSE: SLF) and raising our target price to $59 from $54. We believe that SLF remains attractively valued based on consistently strong earnings and above-peer-average ROE. The company is diversified, with Canadian, U.S., and Asian insurance operations, a... | We believe that SLF remains attractively valued based on consistently strong earnings and above-peer-average ROE.The company is diversified, with Canadian, U.S., and Asian insurance operations, as well as a money management arm.Sun Life has made several acquisitions that have boosted EPS and will continue to look for M... | 2024-08-23T11:00:59.000Z | Analyst Report | Sun Life Financial Inc., based in Toronto, is a leading life insurance company with operations in Canada, the U.S. and Asia. The company distributes its insurance products and other financial services through direct sales agents. It has approximately 36,000 employees. | SLF | Financial Services | ARGUS_3394_AnalystReport_1724410859000 | Insurance—Diversified | Bullish | 8/23/2024 | 2,024 | 8 | 2024Q3 | We are reiterating our BUY rating on Sun Life Financial Inc | We are reiterating our SELL rating on Sun Life Financial Inc | bullish |
47-81F84537-101D-4A9C-8159-C238B48393CF | We are maintaining our HOLD rating on Markel Corp. (NYSE: MKL), a major insurance company, based on valuation, the coronavirus's impact on the business, and the company's relatively slow growth. Markel posted higher earnings in 2019 with help from strong investment portfolio returns, and has benefited from a lowe... | Markel posted higher earnings in 2019 with help from strong investment portfolio returns, and has benefited from a lower corporate tax rate and positive underwriting results.The company also has a clean balance sheet, with ample cash and a low debt/cap ratio, and continues to grow through the acquisition of both insura... | 2020-05-26T07:21:55.000Z | Analyst Report | Based in Glen Allen, Virginia, and established in 1930, Markel Corp. sells specialty insurance products. Its operations consist of four segments: U.S. Insurance, International Insurance, Reinsurance, and Other Insurance. Through Markel Ventures, the company invests in various industrial and service businesses that oper... | MKL | Financial Services | ARGUS_3727_AnalystReport_1590477715000 | Insurance—Property & Casualty | Neutral | 5/26/2020 | 2,020 | 5 | 2020Q2 | We are maintaining our HOLD rating on Markel Corp | We are maintaining our SELL rating on Markel Corp | bullish |
71-6B2A52A2-A0F5-4404-85D1-DB20649DADF5 | We are maintaining our HOLD rating on Goldman Sachs Group Inc. (NYSE: GS) following 2Q results, which were hurt by a continued lower investment banking activity and trading revenues. Earlier in 2023, the company said it was laying off approximately 3,200 employees, or about 6% of its workforce, as it works to re-... | Earlier in 2023, the company said it was laying off approximately 3,200 employees, or about 6% of its workforce, as it works to re-align expenses for the environment.Along with the 4Q22 results, Goldman reorganized its businesses into three operating segments: Asset & Wealth Management, Global Banking & Markets, and Pl... | 2023-07-19T16:45:22.000Z | Analyst Report | The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman reorganized its businesses in 4Q22 into three operating segments: Asset & Wealth Management, Global Banking & Market... | GS | Financial Services | ARGUS_3017_AnalystReport_1689785122000 | Capital Markets | Neutral | 7/19/2023 | 2,023 | 7 | 2023Q3 | We are maintaining our HOLD rating on Goldman Sachs Group Inc | We are maintaining our BUY rating on Goldman Sachs Group Inc | bullish |
17-27762821-5B89-4396-BDC8-B81F8A77F8EA | We are maintaining our BUY rating on Equinix Inc. (NGS: EQIX), a REIT that operates global interconnection and data centers in 66 metro areas on five continents. We think the data storage business is a good investment, with strong growth prospects in the EMEA and APAC regions offsetting slower growth in the Ameri... | We think the data storage business is a good investment, with strong growth prospects in the EMEA and APAC regions offsetting slower growth in the Americas.The Financial Services, Technology, and Healthcare sectors drive data-related spending, and the data center industry is likely to track their growth going forward.L... | 2022-03-07T07:21:34.000Z | Analyst Report | Equinix is a real estate investment trust focusing on interconnected data centers. EQIX develops data center platforms and architecture for businesses involved in cloud software, IT, financial services, and mobile services. The company offers secure networks and cloud-neutral data platforms, and is leveraged to the sec... | EQIX | Real Estate | ARGUS_2944_AnalystReport_1646637694000 | REIT—Specialty | Bullish | 3/7/2022 | 2,022 | 3 | 2022Q1 | We are maintaining our BUY rating on Equinix Inc | We are maintaining our HOLD rating on Equinix Inc | neutral |
20-60D8B695-CA79-44E8-91F8-C461015331DD | We are maintaining our HOLD rating on Goldman Sachs Group Inc. (NYSE: GS) following 3Q results, which were hurt by lower FICC trading revenues and continued sluggish investment banking activity. Earlier in 2023, the company said it was laying off approximately 3,200 employees, or about 6% of its workforce, as it ... | Earlier in 2023, the company said it was laying off approximately 3,200 employees, or about 6% of its workforce, as it works to re-align expenses for the environment.Along with the 4Q22 results, Goldman reorganized its businesses into three operating segments: Asset & Wealth Management, Global Banking & Markets, and Pl... | 2023-10-18T11:20:55.000Z | Analyst Report | The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman reorganized its businesses in 4Q22 into three operating segments: Asset & Wealth Management, Global Banking & Market... | GS | Financial Services | ARGUS_3017_AnalystReport_1697628055000 | Capital Markets | Neutral | 10/18/2023 | 2,023 | 10 | 2023Q4 | We are maintaining our HOLD rating on Goldman Sachs Group Inc | We are maintaining our SELL rating on Goldman Sachs Group Inc | bearish |
73-E78EFBCF-4F1E-4923-87BB-20BC97C453D2 | We are reaffirming our BUY rating on Invesco Ltd. (NYSE: IVZ) following the company's first-quarter earnings, which benefited from solid long-term inflows but also reflected additional pressure on the take-rate due to greater passive assets. The pandemic came at a particularly challenging time for Invesco, a... | The pandemic came at a particularly challenging time for Invesco, as it was in the midst of integrating acquisitions.In our view, Invesco remains in show-me mode with investors, requiring strong execution with respect to leveraging Oppenheimer synergies, maintaining inflows for long-term products, and controlling costs... | 2022-04-27T07:15:47.000Z | Analyst Report | Invesco is an independent global investment manager; it provides a variety of investment alternatives to high-net-worth and retail investors, as well as to institutions worldwide. Headquartered in Atlanta and incorporated in Bermuda, it offers investors equity, fixed-income, and alternative investment funds. IVZ shares... | IVZ | Financial Services | ARGUS_3591_AnalystReport_1651043747000 | Asset Management | Bullish | 4/27/2022 | 2,022 | 4 | 2022Q2 | We are reaffirming our BUY rating on Invesco Ltd | We are reaffirming our HOLD rating on Invesco Ltd | bearish |
42-13827B00-6716-4BF7-939E-5F2B6BF7B4D0 | We are maintaining our BUY rating on Regions Financial Corp. (NYSE: RF) and raising our target price to $18 from $17. The company reported 3Q net income of $385 million, up 9% from the prior quarter on an 8% increase in noninterest income. Regions has a strong capital position and a focus on shareholder returns. ... | The company reported 3Q net income of $385 million, up 9% from the prior quarter on an 8% increase in noninterest income.Regions has a strong capital position and a focus on shareholder returns.It increased its loan-to-deposit ratio to 86% in 3Q19 from 83% a year earlier.During the quarter, it also repurchased $589 mil... | 2019-10-24T07:23:18.000Z | Analyst Report | Based in Birmingham, Alabama, Regions Financial provides a range of retail and commercial banking, residential mortgage lending, and asset management services. The company has 1500 banking offices and over 19,000 employees in 15 states, mainly in the South and Southeast. | RF | Financial Services | ARGUS_4213_AnalystReport_1571901798000 | Banks—Regional | Bullish | 10/24/2019 | 2,019 | 10 | 2019Q4 | We are maintaining our BUY rating on Regions Financial Corp | We are maintaining our HOLD rating on Regions Financial Corp | bearish |
91-1C14459E-8464-43E0-BE00-8A98CC553417 | We are reiterating our BUY rating on JPMorgan Chase & Co. (NYSE: JPM) following the company's third-quarter results. Lending segments performed well in the quarter, while capital markets-sensitive businesses also improved versus a weak 2Q. We like JPM among the large banks given its better lending growth profile, ... | Lending segments performed well in the quarter, while capital markets-sensitive businesses also improved versus a weak 2Q.We like JPM among the large banks given its better lending growth profile, strong credit card franchise, and expected market share gains across capital markets business lines.We view the current for... | 2019-10-15T13:37:35.000Z | Analyst Report | JPMorgan Chase is one of world's largest diversified banking firms. The company operates a leading global corporate and investment bank and is the second-largest mortgage originator in the United States, after Wells Fargo. JPMorgan Chase also operates a large retail banking network and is a leading credit card issuer. | JPM | Financial Services | ARGUS_3110_AnalystReport_1571146655000 | Banks—Diversified | Bullish | 10/15/2019 | 2,019 | 10 | 2019Q4 | We are reiterating our BUY rating on JPMorgan Chase & Co | We are reiterating our SELL rating on JPMorgan Chase & Co | bullish |
85-7F30B811-8C14-4881-ADA5-1998F683A8A3 | We are reiterating our BUY rating and $11 target price on Rithm Capital Corp. (NYSE: RITM). In August 2022, the company, formerly New Residential Investment Corp., rebranded itself as Rithm Capital. It also became internally managed after previously being externally managed by Fortress Investment Group. The compan... | In August 2022, the company, formerly New Residential Investment Corp., rebranded itself as Rithm Capital.It also became internally managed after previously being externally managed by Fortress Investment Group.The company has transformed its business model since the financing crisis in late March 2020.It continues to ... | 2023-11-08T11:49:06.000Z | Analyst Report | Rithm Capital Corp. is a publicly traded REIT focused on residential housing. The company's investment portfolio consists of servicing assets, residential securities and loans, non-agency securitization call rights, and consumer loans. Operating businesses include mortgage lending, servicing, appraisal, title insurance... | RITM | Real Estate | ARGUS_5843_AnalystReport_1699444146000 | REIT—Mortgage | Bullish | 11/8/2023 | 2,023 | 11 | 2023Q4 | We are reiterating our BUY rating and $11 target price on Rithm Capital Corp | We are reiterating our HOLD rating and $11 target price on Rithm Capital Corp | neutral |
98-835482CF-BA21-43BD-A467-86EE4DC7F585 | We are maintaining our HOLD rating on State Street Corp. (NYSE: STT) following 4Q results. The company's operating revenues were helped by a substantial rebound in market valuations in 4Q, but continue to face headwinds from pressure on fee rates, lower client activity, and a lower interest rate environment. New b... | The company's operating revenues were helped by a substantial rebound in market valuations in 4Q, but continue to face headwinds from pressure on fee rates, lower client activity, and a lower interest rate environment.New business mandates, along with contributions from the acquisition of Charles River Development, hav... | 2020-01-21T07:23:01.000Z | Analyst Report | State Street is one of the world's largest custody banks and, through State Street Global Advisors (SSgA), provides asset-management products and services. Custody clients include mutual fund companies and other investment managers, corporations, public pension funds, unions and nonprofit organizations. State Street pr... | STT | Financial Services | ARGUS_3418_AnalystReport_1579591381000 | Asset Management | Neutral | 1/21/2020 | 2,020 | 1 | 2020Q1 | We are maintaining our HOLD rating on State Street Corp | We are maintaining our BUY rating on State Street Corp | bearish |
56-C0EB3CAE-007F-4080-BCC3-B7891FD66E91 | We are maintaining our BUY rating on Bank of America Corp. (NYSE: BAC) following the company's 2Q results. The quarter included strong revenue growth from the lending business, aided by 3% average loan growth and net interest margin expansion. Management continues to focus on what it terms 'responsible growth... | The quarter included strong revenue growth from the lending business, aided by 3% average loan growth and net interest margin expansion.Management continues to focus on what it terms 'responsible growth.' We believe this may be seen in the company's ability to expand its loan portfolio without taking on excessive credi... | 2023-07-18T16:54:14.000Z | Analyst Report | Bank of America is one of the largest financial companies in the world. The company is primarily a U.S. retail and commercial bank, with a network of more than 4,000 branches across much of the country. The 2005 acquisition of MBNA made Bank of America the nation's largest credit-card lender. As such, trends in consume... | BAC | Financial Services | ARGUS_2755_AnalystReport_1689699254000 | Banks—Diversified | Bullish | 7/18/2023 | 2,023 | 7 | 2023Q3 | We are maintaining our BUY rating on Bank of America Corp | We are maintaining our SELL rating on Bank of America Corp | bullish |
75-F6BE7A9F-19E8-44EA-8332-C528DF68FB79 | Our rating on Moody's Corp. (NYSE: MCO) is BUY. Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics. The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range. Looking ahead, we... | Moody's is a large-cap financial services company focusing on credit ratings and risk management and analytics.The company has an impressive track record, with historical compound annual growth rates for sales and EPS in the low double-digit range.Looking ahead, we expect Moody's to benefit from the secular trends of g... | 2019-08-05T07:19:35.000Z | Analyst Report | A large-cap financial services company, Moody's provides credit ratings on 11,000 corporate issuers and 18,000 public finance issuers in 120 countries. Its analytics division provides clients with financial analysis and risk management services. The stock is a component of the S&P 500. | MCO | Financial Services | ARGUS_3648_AnalystReport_1564989575000 | Financial Data & Stock Exchanges | Bullish | 8/5/2019 | 2,019 | 8 | 2019Q3 | (NYSE: MCO) is BUY | (NYSE: MCO) is HOLD | bearish |
46-EECD5F43-706A-4F7C-95E0-A0E3389D6777 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 4Q earnings. Results were helped by a negative loan loss provision as pandemic-related net charge-offs have not materialized. We continue to view Fifth Third as a high-quality Midwest bank with strong fee-based income from its asse... | Results were helped by a negative loan loss provision as pandemic-related net charge-offs have not materialized.We continue to view Fifth Third as a high-quality Midwest bank with strong fee-based income from its asset management business, a better-than-peer-average efficiency ratio, and strong credit quality.FITB's ne... | 2021-01-27T07:12:54.000Z | Analyst Report | Fifth Third Bancorp is a diversified financial services company based in Cincinnati. The company has $205 billion in assets and operates 1,134 Banking Centers and 2,397 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. The company has four main business ... | FITB | Financial Services | ARGUS_2973_AnalystReport_1611731574000 | Banks—Regional | Bullish | 1/27/2021 | 2,021 | 1 | 2021Q1 | We are maintaining our BUY rating on Fifth Third Bancorp (NGS: FITB) following 4Q earnings | We are maintaining our HOLD rating on Fifth Third Bancorp (NGS: FITB) following 4Q earnings | bearish |
74-F456AA5A-76E9-435D-8C4E-FBB43EE3B58E | We are reiterating our BUY rating on Hartford Financial Services Group Inc. (NYSE: HIG) and raising our target price to $55 from $50. We expect Hartford to generate an above-peer-average ROE over the next few years as management raises prices and reduces operating expenses. HIG shares are trading below the peer av... | We expect Hartford to generate an above-peer-average ROE over the next few years as management raises prices and reduces operating expenses.HIG shares are trading below the peer average for P/E and price/book.Additionally, HIG continues to be rumored as a potential buyout candidate given its relatively small size.We be... | 2021-02-23T07:25:04.000Z | Analyst Report | Hartford Financial Services Group Inc., is a leading property and casualty insurance company. The company distributes its insurance products and other financial services through independent agencies. The shares are a component of the S&P 500. | HIG | Financial Services | ARGUS_3041_AnalystReport_1614065104000 | Insurance—Diversified | Bullish | 2/23/2021 | 2,021 | 2 | 2021Q1 | We are reiterating our BUY rating on Hartford Financial Services Group Inc | We are reiterating our HOLD rating on Hartford Financial Services Group Inc | bullish |
77-4FCFB707-F8B4-4661-934C-AA3B9E900E4A | We are reiterating our BUY rating on AGNC Investment Corp. (NGS: AGNC) and raising our target price to $18 from $17 on expectations for further increases in book value. AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos). As of March 31, AG... | AGNC invests in U.S. agency mortgage securities on a leveraged basis, funding the assets through repurchase agreements (repos).As of March 31, AGNC's investment portfolio was $90.3 billion, including $63.6 billion in agency MBS, $24.8 billion in TBA securities, and $1.9 billion in non-agency and credit risk transfer se... | 2021-04-28T07:28:39.000Z | Analyst Report | AGNC Investment Corp. is a publicly traded REIT focused on residential housing. The company's investment portfolio consists of agency mortgage-backed securities (MBS), managed on a leveraged basis. The company uses an actively managed portfolio and hedging strategies with the goal of preserving net asset value in diffe... | AGNC | Real Estate | ARGUS_5888_AnalystReport_1619594919000 | REIT—Mortgage | Bullish | 4/28/2021 | 2,021 | 4 | 2021Q2 | We are reiterating our BUY rating on AGNC Investment Corp | We are reiterating our SELL rating on AGNC Investment Corp | bullish |
46-052FE685-B832-4F0D-B43A-870CAF6D2EC5 | We are raising our rating on Regions Financial Corp. (NYSE: RF) to BUY from HOLD and setting a price target of $26. Regional bank shares have faced pressure since the failure of Silicon Valley Bank, higher funding costs and concerns about commercial office real estate exposure. Regional bank stocks rose in Septemb... | Regional bank shares have faced pressure since the failure of Silicon Valley Bank, higher funding costs and concerns about commercial office real estate exposure.Regional bank stocks rose in September due to the 50 bps rate cut in the federal funds rate but have come off their recent highs.We believe the recent pullbac... | 2024-10-24T11:15:32.000Z | Analyst Report | Based in Birmingham, Alabama, Regions Financial provides a range of retail and commercial banking, residential mortgage lending, and asset management services. The company has 1,300 banking offices and over 20,000 employees in 15 states, mainly in the South and Southeast. | RF | Financial Services | ARGUS_4213_AnalystReport_1729768532000 | Banks—Regional | Bullish | 10/24/2024 | 2,024 | 10 | 2024Q4 | (NYSE: RF) to BUY from HOLD and setting a price target of $26 | (NYSE: RF) to SELL from HOLD and setting a price target of $26 | neutral |
14-D7CD00B4-CF10-4824-8F9D-91CDBC83225D | We are maintaining our HOLD rating on Goldman Sachs Group Inc. (NYSE: GS) following its Investor Day. Recently, the company's fourth-quarter results were hurt by a continued risk-off environment that led to sharply lower investment banking activity and lower asset valuations. The company said it was laying off ap... | Recently, the company's fourth-quarter results were hurt by a continued risk-off environment that led to sharply lower investment banking activity and lower asset valuations.The company said it was laying off approximately 3,200 employees, or about 6% of its workforce, as it works to re-align expenses for the environme... | 2023-03-10T18:49:13.000Z | Analyst Report | The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman reorganized its businesses in 4Q22 into three operating segments: Asset & Wealth Management, Global Banking & Market... | GS | Financial Services | ARGUS_3017_AnalystReport_1678474153000 | Capital Markets | Neutral | 3/10/2023 | 2,023 | 3 | 2023Q1 | We are maintaining our HOLD rating on Goldman Sachs Group Inc | We are maintaining our SELL rating on Goldman Sachs Group Inc | bearish |
55-FD073290-0402-46B8-9992-5FD0AB426383 | We are reiterating our BUY rating on Vornado Realty Trust (NYSE: VNO) with a target price of $51. VNO shares are trading more than 50% below pre-pandemic levels and in our view offer investors a favorable entry point. The VNO portfolio contains high-end office properties in New York, Chicago, and San Francis... | VNO shares are trading more than 50% below pre-pandemic levels and in our view offer investors a favorable entry point.The VNO portfolio contains high-end office properties in New York, Chicago, and San Francisco.Due to the long-term development nature of VNO's business, the company carries above average debt and is su... | 2022-05-12T07:15:33.000Z | Analyst Report | Vornado Realty Trust is a REIT that owns and operates office buildings with retail space in landmark areas of New York, Chicago, and San Francisco. While the company has approximately 2,000 rental properties in New York City, it focuses on the redevelopment of iconic properties. Its portfolio is heavily weighted to the... | VNO | Real Estate | ARGUS_3501_AnalystReport_1652339733000 | REIT—Office | Bullish | 5/12/2022 | 2,022 | 5 | 2022Q2 | We are reiterating our BUY rating on Vornado Realty Trust (NYSE: VNO) with a target price of $51 | We are reiterating our SELL rating on Vornado Realty Trust (NYSE: VNO) with a target price of $51 | bullish |
24-E116E453-C6E2-4229-B6A4-D5E86D97ADA3 | We are maintaining our BUY rating on Raymond James Financial Inc. (NYSE: RJF), with a revised target price of $114, reduced from $120. We expect revenues to increase in the Private Client and Asset Management segments as net inflows continue to grow. We also look for an increase in the net interest margin, helped ... | We expect revenues to increase in the Private Client and Asset Management segments as net inflows continue to grow.We also look for an increase in the net interest margin, helped by Fed rate hikes.We expect the company to remain in expansion mode as it brings additional advisers to its platform and makes strategic acqu... | 2022-08-02T11:20:38.000Z | Analyst Report | Raymond James Financial Inc. is a diversified financial services company. The company's businesses provide capital markets, asset management, private client, banking and other services to individuals, corporations and municipalities. The company was founded in 1962 and went public in 1983. RJF has over 8,600 advisors i... | RJF | Financial Services | ARGUS_4217_AnalystReport_1659439238000 | Capital Markets | Bullish | 8/2/2022 | 2,022 | 8 | 2022Q3 | We are maintaining our BUY rating on Raymond James Financial Inc | We are maintaining our SELL rating on Raymond James Financial Inc | neutral |
16-9DA46692-A81A-4A84-92CE-9F1953BBB8A4 | We are raising our rating on Simon Property Group Inc. (NYSE: SPG) to BUY from HOLD. Simon's fundamentals appear to be improving more rapidly than we anticipated. We are also optimistic about Simon's e-commerce investments, including its $280 million joint venture with Rue Gilt Groupe, and ownership stakes in J.C.... | Simon's fundamentals appear to be improving more rapidly than we anticipated.We are also optimistic about Simon's e-commerce investments, including its $280 million joint venture with Rue Gilt Groupe, and ownership stakes in J.C.Penney, Forever21, Eddie Bauer, Brooks Brothers, and Lucky Brands.Aside from Rue Gilt, all ... | 2021-09-22T07:04:30.000Z | Analyst Report | Simon Property Group Inc., based in Indianapolis, is a retail REIT that owns and leases malls and outlets. Simon has an interest in or owns 234 properties with 191 million square feet of leasable space in North America, Asia, and Europe. It also has a 22% interest in Klepierre, a Paris-based real estate firm, which own... | SPG | Real Estate | ARGUS_3403_AnalystReport_1632294270000 | REIT—Retail | Bullish | 9/22/2021 | 2,021 | 9 | 2021Q3 | (NYSE: SPG) to BUY from HOLD | (NYSE: SPG) to SELL from HOLD | bullish |
82-2A3002EA-53F8-470A-80C5-01493C81F2E3 | We are reiterating our BUY rating on The Blackstone Group LP (NYSE: BX) and raising our target price to $55 from $50. While 2Q revenues were down in a less favorable environment for realizations, fee-based earnings continued to expand, up 24% from the prior year. Effective July 1, the company converted from a pub... | While 2Q revenues were down in a less favorable environment for realizations, fee-based earnings continued to expand, up 24% from the prior year.Effective July 1, the company converted from a publicly traded partnership to a corporation, which we believe will substantially expand the market for BX shares.Blackstone's o... | 2019-07-23T13:41:17.000Z | Analyst Report | Blackstone Group is one of the world's leading managers of alternative assets, including private equity, real estate, hedge funds, credit-oriented funds, and closed-end mutual funds. In recent years, Blackstone has rapidly grown in its fee-earning assets under management, and its assets are relatively well balanced amo... | BX | Financial Services | ARGUS_2797_AnalystReport_1563889277000 | Asset Management | Bullish | 7/23/2019 | 2,019 | 7 | 2019Q3 | We are reiterating our BUY rating on The Blackstone Group LP (NYSE: BX) and raising our target price to $55 from $50 | We are reiterating our HOLD rating on The Blackstone Group LP (NYSE: BX) and raising our target price to $55 from $50 | bullish |
78-C3EB96D7-A853-4044-9857-8DA51799901A | We are reaffirming our BUY rating on Invesco Ltd. (NYSE: IVZ) following the company's first-quarter earnings, which were impacted year-over-year by weaker equity and fixed-income market conditions. However, the company returned to net long-term inflows after three consecutive quarters of outflows. In our view, In... | However, the company returned to net long-term inflows after three consecutive quarters of outflows.In our view, Invesco remains in show-me mode with investors, requiring strong execution with respect to leveraging Oppenheimer synergies, returning to net inflows for long-term products, and controlling costs.The acquisi... | 2023-04-26T11:25:05.000Z | Analyst Report | Invesco is an independent global investment manager; it provides a variety of investment alternatives to high-net-worth and retail investors, as well as to institutions worldwide. Headquartered in Atlanta and incorporated in Bermuda, it offers investors equity, fixed-income, and alternative investment funds. IVZ shares... | IVZ | Financial Services | ARGUS_3591_AnalystReport_1682508305000 | Asset Management | Bullish | 4/26/2023 | 2,023 | 4 | 2023Q2 | We are reaffirming our BUY rating on Invesco Ltd | We are reaffirming our HOLD rating on Invesco Ltd | bullish |
90-25E35FD2-3034-4E66-B5D1-538E5A3DC242 | We are reiterating our BUY rating on The Blackstone Group LP (NYSE: BX) following 1Q results, which were characterized by strong growth in fee-related earnings but lower realizations. Although we expect 2020 to be a weak year for realizations as the COVID-19 pandemic reduces asset values and leads to fewer asset s... | Although we expect 2020 to be a weak year for realizations as the COVID-19 pandemic reduces asset values and leads to fewer asset sales, we believe that Blackstone continues to have strong long-term underlying earnings potential, particularly from growth in fee-based AUM.The company has also entered the coronavirus dow... | 2020-05-06T14:18:46.000Z | Analyst Report | Blackstone Group is one of the world's leading managers of alternative assets, including private equity, real estate, hedge funds, credit-oriented funds, and closed-end mutual funds. In recent years, Blackstone has rapidly grown in its fee-earning assets under management, and its assets are relatively well balanced amo... | BX | Financial Services | ARGUS_2797_AnalystReport_1588774726000 | Asset Management | Bullish | 5/6/2020 | 2,020 | 5 | 2020Q2 | We are reiterating our BUY rating on The Blackstone Group LP (NYSE: BX) following 1Q results, which were characterized by strong growth in fee-related earnings but lower realizations | We are reiterating our HOLD rating on The Blackstone Group LP (NYSE: BX) following 1Q results, which were characterized by strong growth in fee-related earnings but lower realizations | bullish |
40-E289B21F-B969-41F0-B040-5DFCFF4DAE0B | We are maintaining our BUY rating on Mastercard Inc. (NYSE: MA). Second-quarter earnings reflected continued healthy growth in spending volume. The higher spending included a further rebound in cross-border transactions as international travel increased. We expect spending volume to continue to improve in nearly a... | Second-quarter earnings reflected continued healthy growth in spending volume.The higher spending included a further rebound in cross-border transactions as international travel increased.We expect spending volume to continue to improve in nearly all categories, though at a slower pace than in 2023 as higher interest r... | 2024-08-01T11:15:31.000Z | Analyst Report | Mastercard operates the world's second-largest electronic payments network, providing processing services and payment product platforms, including credit, debit, ATM, prepaid, and commercial payments under the Mastercard, Maestro, and Cirrus brands. Mastercard went public in 2006 and is a member of the S&P 500. | MA | Financial Services | ARGUS_3569_AnalystReport_1722510931000 | Credit Services | Bullish | 8/1/2024 | 2,024 | 8 | 2024Q3 | We are maintaining our BUY rating on Mastercard Inc | We are maintaining our HOLD rating on Mastercard Inc | bullish |
84-480FEE2A-B085-4A35-AD75-4AC4DA7E3D92 | We are reaffirming our BUY rating on Citigroup Inc. (NYSE: C) following the company's 2Q earnings report. Revenues declined in 2Q as net interest income was hurt by lower interest rates, but strong capital markets contributions and a credit reserve release led to a strong earnings comparison. In April, Citig... | Revenues declined in 2Q as net interest income was hurt by lower interest rates, but strong capital markets contributions and a credit reserve release led to a strong earnings comparison.In April, Citigroup announced a major strategic action in its Global Consumer Banking segment, which management said would allow the ... | 2021-07-16T13:40:54.000Z | Analyst Report | Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. The company has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. | C | Financial Services | ARGUS_2802_AnalystReport_1626442854000 | Banks—Diversified | Bullish | 7/16/2021 | 2,021 | 7 | 2021Q3 | We are reaffirming our BUY rating on Citigroup Inc | We are reaffirming our HOLD rating on Citigroup Inc | bearish |
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