Cullen/Frost Bankers
21 ноября 2017, 18:55

Associated Banc-Corp Outlook Upgraded to Stable by Moody's

Associated Banc-Corp's (ASB) outlook gets upgraded on the back of improving asset quality and rise in profitability.

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27 октября 2017, 15:47

Cullen/Frost Bankers upgraded to market perform from underperform at Raymond James

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19 мая 2017, 14:39

Cullen/Frost Bankers upgraded to neutral from underperform at Wedbush Securities

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19 декабря 2016, 15:57

Cullen/Frost Bankers upgraded to buy at SunTrust RH

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17 ноября 2016, 15:33

Cullen/Frost Bankers downgraded to underpeform from neutral at Wedbush Securities

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17 ноября 2016, 07:30

Лучшие акции банковского сектора

Нancock Holding Company, Chemical Financial Corporation и Cullen/Frost Bankers — в текущем году эти банки показали рост стоимости бумаги минимум на 43% (вдвое выше среднего).

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27 октября 2016, 17:33

Cullen/Frost Bankers upgraded to neutral from underperform at Macquarie

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30 марта 2016, 00:14

Crushed By The Record Oil Squeeze, This Is How Energy Bears Are Shorting Crude Now

The "short energy" trade worked great for a while and then, as we first warned in late January, just as everyone jumped onboard leading to record WTI (and oil and gas equity) shorts, it very suddenly stopped working in early February when oil proceeded to soar by 50% in the month ahead, leading to the biggest short squeeze on record and crushing all those who had recently gotten on the short bandwagon (as well as most other shorts). The result of this mega-squeeze has been a significant revulsion to shorting oil directly or indirectly, either by way of the underlying commodity or energy stocks, many of which have soared in tandem. And yet the shorts remain, and continue to press their bets on the troubled energy sector. However, instead of directly shorting crude and various first-derivative oil and gas companies, short sellers - burned by the recent squeeze - have changed their strategy and shifted their sights to secondary exposure, namely those regional banks that do business with the industry. These are the same banks which, as we laid out previously, have the highest exposure to the very troubled energy sector, as laid out either by S&P:   ... Or Raymond James:   It is these regional banks that Bloomberg finds are the object of shorts' latest affection, as bearish bets have shot up 35% on average this year among the 10 most-shorted stocks in the KBW Regional Banking Index, and nowhere more so than at Cullen/Frost Bankers Inc. and Prosperity Bancshares Inc. in Texas, which have seen short interest surge about 60 percent. The reason why shorts' attention has been redirected to energy banks is well-known to our readers as we have been covering the banks' exposure to energy since January: "as oil prices plunged, concern over energy companies’ ability to pay back loans drove investors to unload or bet against financial stocks judged to have the most at stake in the sector. So far, the rebound that pushed oil to around $40 a barrel has done little to dilute that speculation. Stubbornly low interest rates are also squeezing profits in a group that trades at a premium of almost 40 percent to their larger brethren." "It’s generally a very tough environment," said Stephen Moss, a New York-based analyst at Evercore ISI. "Beyond oil and the yield curve, we have seen signs of credit softening overall. So going forward, it feels like you are going to have incrementally higher credit costs, which obviously will pressure earnings.” The details are also mostly familiar, but here is a quick recap from Bloomberg: Energy loans account for 15 percent of Cullen/Frost’s portfolio, while they make up 4 percent of Prosperity’s, according to Moss. Of the 10 most shorted regional banks, the majority do business in states like Texas, Oklahoma and Arkansas, centers of the drilling industry. Banks that have exposure higher than 4 percent to energy in their loan portfolios have slumped 22 percent since late 2014, Morgan Stanley’s Ken Zerbe wrote in a report earlier this month.   Bigger banks have also increasingly lured bears this year. Short interest makes up 6.2 percent of Zions Bancorporation’s shares outstanding and 4.5 percent percent of Comerica Inc. Seven percent of Zions’ loan portfolio is exposed to energy companies, and 6 percent of Comerica’s, according to Zerbe. Being a smaller, regional bank instead of a TBTF, money-center bank means just that: "regional banks are more sensitive to the trajectory of interest rates, as a bigger proportion of their revenue stems from deposits and lending. The Federal Reserve scaled back its forecast for tighter policy on March 16, citing weaker global growth. That translates to lower-for-longer short-term rates, which crimp what local banks can charge on loans." But more so than the flat yield curve, the immediate catalyst are questions about the banks' solvency if and when client O&G companies file bankruptcy, straddling the lenders with billions in bad debt. Evercore ISI’s Moss said even if the Fed speeds up interest rates increases, a stronger dollar would hurt manufacturers, which in turns affects lenders. “You’ve seen hints from banks signaling that things are getting tough on that front,” he said. Alternatively, if the Fed remains dovish, it means yields on the long end will remain painfully low and make it next to impossible for energy companies to generate profits, leading to a lose-lose outcome, which is precisely what the shorts are betting on. Not everyone is as concerned, however. While shorts are boosting bearish bets, other investors are taking the opposite view and loading up on shares. Gary Bradshaw, a Dallas-based fund manager for Hodges Capital Management said his firm recently increased its position in Cullen/Frost. "I am looking at low price-to-book, good earnings and what I think will be a higher energy price,” said Bradshaw. “I don’t think interest rates are going to go up dramatically, and that will be the headwind for banks. But at the same time, some of the regional players will benefit more from higher energy prices." Still, with little updated information on bank exposure ahead of the spring borrowing base redetermination season, many would rather not risk it: "There is some uncertainty on how significant these oil credits are going to mean to the credit costs for these banks going forward,” said Daniel Werner, an analyst at Chicago-based Morningstar Inc. "Investors are right to be cautious with names in the Texas and Oklahoma area. That’s a fair assessment by investors until we figure out what’s going on with oil.” What is going on is nothing good, and we expect fundamental impairments, charges and reserve increases to continue for the conceivable future. However, the right trade here is not to pile on in what is becoming the next bandwagon trade, but to think one step ahead, the same step which we said is inevitable in the oil trade in late January - the imminent, and massive, short covering squeeze, which has the added benefit that forced buyers are completely price indiscriminate when the market is ripping in their face, and will pay any price beyond the moment of max pain just to get out of a trades which, at least in theory, have unlimited downside. As such we sit back and look forward to the inevitable regional bank "rip your face off" short squeeze, one which is inevitable especially since as Yellen showed today, the Fed will do anything and everything to reflate asset prices, consequences and most certainly credibility be damned.

19 февраля 2016, 23:40

Bank Stock Roundup: No Signs of Imminent Recovery; Citigroup, Capital One Offset the Slump

Over the last four trading days, bank stocks were on a roller coaster ride. Though nothing changed much on the fundamental front, overall performance of banking stocks were not negative.

16 февраля 2016, 17:30

The Zacks Analyst Blog Highlights: BOK Financial, Wells Fargo, U.S. Bancorp, KeyCorp and First Niagara Financial Group

The Zacks Analyst Blog Highlights: BOK Financial, Wells Fargo, U.S. Bancorp, KeyCorp and First Niagara Financial Group

10 февраля 2016, 14:03

Агентство S&P снизило рейтинги четырех американских региональных банков

Международное агентство Standard & Poor's заявило о снижении кредитных рейтингов четырех американских региональных банков, сославшись на ухудшение качества их займов, имеющих отношение к нефтегазовой отрасли. Так, долгосрочные кредитные рейтинги BOK Financial и Comerica были снижены с "А-" до "ВВВ+", в то время как рейтинги банков Cullen/Frost Bankers и Texas Capital Bancshares были ухудшены с "А" до "А-" и с "ВВВ-" до "ВВ+" соответственно. Заметим, что прогнозы по рейтингам всех четырех банков "негативные".

10 февраля 2016, 01:35

S&P Downgrades Banks With Highest Energy Exposure; Expects "Sharp Increase" In Non-Performing Assets

Moments ago S&P continued its downgrade cycle, this time taking the axe to the regional banks with the highest energy exposure due to "expectations for higher loan losses." Specifically, its lowered its long-term issuer credit ratings on four U.S. regional banks by one notch: BOK Financial Corp., Comerica Inc., Cullen/Frost  Bankers Inc., and Texas Capital Bancshares. The  outlooks on these banks are negative. It also revised the outlook on BBVA Compass Bancshares to negative from stable and affirmed the 'BBB+/A-2' issuer  credit ratings. We assume the non-regional mega banks are insulated from such actions because they are the primary beneficiaries of the Fed's generous $2.5 trillion in excess reserves which will allow banks to mask as much of O&G portfolio deterioration as is necessary to "weather the cycle." What is notable is that among the S&P non-sugarcoated comments are some true fire and brimstone gems, which suggest that the big picture for banks with substantial energy exposure is about to get far worse. Here is what S&P said: These rating actions follow a review of U.S. regional banks with large energy  loan portfolios as a percentage of both total loans and Tier 1 capital. Since we revised our outlooks to negative on five regional banks in January 2015, energy prices have declined by more than one-third and the asset quality of energy loan portfolios has deteriorated materially, albeit from fairly benign levels. Throughout 2015, criticized and classified assets climbed significantly, and in the fourth quarter, several regional banks with large energy loan portfolios reported increases in loan loss provisions and energy loss reserves to varying degrees, and, in certain cases, nonperforming assets (NPAs) also rose.   Given further declines in energy prices in recent months, less hedging activity by borrowers, and potentially more difficulty for borrowers to cure (i.e., resolve) borrowing base deficiencies through capital raises or asset sales, we think troubled debt restructurings and NPAs in the energy sector will increase, possibly sharply, in coming quarters. We also think banks will increasingly emphasize the potential loss content among rising levels of NPAs that we expect to see throughout 2016. In addition, we think regulatory scrutiny of energy loan portfolios will increase in 2016, including during the upcoming Shared National Credit (SNC) exams (two will be conducted in 2016) and the annual stress tests regulators mandate, which may encourage the use of higher loss assumptions.   Many banks have been lowering their energy price assumptions ("price decks") for exploration and production (E&P) loans throughout 2015, resulting in reduced borrowing bases (the value of a borrower's reserves against which banks typically lend). In the next semiannual borrowing-base determination this spring, we expect that borrowing bases will decline further, mainly because of lower energy prices (i.e., valuations) and possibly lower reserve replacement, which could lead to more borrower deficiencies (i.e., loan balances that are greater than the borrowing base). Although banks typically allow borrowers as long as six months to resolve a deficiency, we think many borrowers will have fewer options to cure through debt capital issuances or asset sales and dispositions, which were more common last year. Specifically, the cost of capital has increased for many borrowers, and private equity firms may be less willing to commit additional capital to resolve deficiencies. In addition, E&P borrowers may have unsecured debt in addition to their reserve-based loans, which could pressure their overall finances and push them into default or bankruptcy.   Equally as important, we think the performance of indirect credit exposures in local energy-focused markets could deteriorate somewhat over the next two years. Although deterioration has not yet been meaningful, we still think the energy price slump could hurt commercial real estate (CRE) in these local markets, such as Houston or smaller cities in Texas, throughout 2016 and 2017. However, we recognize that lower energy prices could have a broad-based positive impact on U.S. consumers and corporations where energy is a significant input cost. We are also wary of strategies that some banks may execute to aggressively grow their loan portfolios in other loan segments, such as CRE, in order to offset contraction in their energy loan portfolios.   Although we expect that banks will likely continue to increase their loan loss provisions and reserves within their energy loan portfolios over the next several quarters, we consider that currently low NPAs, solid preprovision earnings generation, and, in some cases, high risk-adjusted capital (RAC) ratios offer the banks a cushion to absorb higher loan loss provisions. This was a key factor in our decision to limit our rating actions to one notch at this point.   In our analysis of these companies, we evaluate the potential impact of certain adverse scenarios, based on default and net loan loss assumptions for different types of energy lending. For example, we expect that E&P reserve-based lending will have lower net loss rates than energy services lending because of conservative advance rates on reserve collateral. We will continue to consider the array of possible assumptions regarding energy loan default and net loss rates, as the cycle develops. At this time, however, we do not believe that these banks' loan loss provisions would exceed preprovision earnings under most foreseeable scenarios, and, thus, our rating actions following this review were limited to a one-notch downgrade.   The following table presents a few of the key metrics we are tracking and lists the banks that are included in today's actions, as well as others we believe have above-average exposure to energy.   Is that the end of it? Not even close. Expect much more pain - initially among the regional lenders, many of whom have been given explicit instructions to extend and pretnd as long as possible by the Dallas Fed as reported exclusively here before - before we reach a true bottom in bank exposure. Finally, for the full list, here is a breakdown from Raymond James laying out the US banks, both regional and national, with the highest exposure to energy: while some of these were just downgraded, this was for a reason: expect much more negative surprises from these lenders in the coming months as more shale stop servicing their debts.

18 января 2016, 11:54

Rumors on Mark-to-Market Accounting and Loan Loss Provisions: What's the Real Story?

Energy-Related Losses MountBank loan loss impairments related to the energy sector are set to rise rapidly.Banks have made drilling loans to companies that are only profitable at oil prices above $50. And the price of oil just closed under $30 for the first time in about 12 years.  Diving Into RumorsZero Hedge has an interesting post on Saturday entitled Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears.In his post, ZeroHedge claims "The Dallas Fed met with the banks a week ago and effectively suspended mark-to-market on energy debts and as a result no impairments are being written down. Furthermore, as we reported earlier this week, the Fed indicated 'under the table' that banks were to work with the energy companies on delivering without a markdown on worry that a backstop, or bail-in, was needed after reviewing loan losses which would exceed the current tier 1 capital tranches."Mark-to-Market Accounting HistoryYou cannot suspend what has already been suspended. On April 3, 2009, the Wall Street Journal reported FASB Eases Mark-to-Market Rules. Suspension of mark-to-market account was one of the factors that ignited the stock market in Spring of 2009.Wikipedia has these notes on Mark-to-Market Accounting. On September 30, 2008, the SEC and the FASB issued a joint clarification regarding the implementation of fair value accounting in cases where a market is disorderly or inactive. Section 132 of the Emergency Economic Stabilization Act of 2008, which passed on October 3, 2008, restated the SEC's authority to suspend the application of FAS 157.  On October 10, 2008, the FASB issued further guidance to provide an example of how to estimate fair value in cases where the market for that asset is not active at a reporting date.  On December 30, 2008, the SEC issued its report under Sec. 133 and decided not to suspend mark-to-market accounting. [Mish Comment: Markets that rallied into the end of the year, collapsed again in January and February]  On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting. On April 2, 2009, after a 15-day public comment period and a contentious testimony before the U.S. House Financial Services subcommittee, FASB eased the mark-to-market rules through the release of three FASB Staff Positions (FSPs). Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this eliminates the unnecessary "positive feedback loop" that can result in a weakened economy. [Mish Comment: Markets took off just ahead of the change and never looked back]  On April 9, 2009, FASB issued an official update to FAS 157 that eases the mark-to-market rules when the market is unsteady or inactive. Early adopters were allowed to apply the ruling as of March 15, 2009, and the rest as of June 15, 2009. It was anticipated that these changes could significantly increase banks' statements of earnings and allow them to defer reporting losses.No Subsequent Mark-to-Market ChangesThere have been no subsequent changes. And here we are, back in bubble land, with hidden losses mounting again.By, how much? Who the hell knows because mark-to-market accounting has already been effectively suspended.We do have some facts, however. More Banks Take Energy HitsThe Wall Street Journal reports More Banks Take Hits on Energy Loans. Months of low oil prices are starting to take a toll on banks. Large U.S. banks reporting earnings Friday said they saw more energy loans go bad in the fourth quarter. Many lenders also added millions of dollars to reserves in anticipation that more oil-and-gas loans will sour.“It’s starting to spread,” said William Demchak, chief executive of PNC Financial Services Group Inc. on a conference call after the bank’s earnings were announced. Credit issues from low energy prices are affecting “anybody who was in the game as the oil boom started,” he said.Citigroup Inc. added to its rainy-day reserves for soured loans for the first time since 2009, adding $250 million specifically for energy and $494 million overall. “Obviously there is some pressure in the energy-related markets at this point in time,” John Gerspach, Citigroup’s chief financial officer, said on a conference call Friday.As many as one-third of American oil-and-gas producers could tip toward bankruptcy and restructuring by mid-2017, according to Wolfe Research. Survival, for some, would be possible if oil rebounded to at least $50 a barrel, many analysts say. Concerns about oil and gas exposure have battered the stocks of banks with big energy portfolios. Zions Bancorp shares are down 18% since the beginning of the year, while BOK’s are down 20% and Cullen/Frost Bankers Inc. shares are down 22% during that period. The KBW Nasdaq Bank Index is down 13% amid a broad market decline.Still, banks continue to maintain that any energy losses remain manageable.Wells Fargo & Co. had $90 million in higher losses in its oil-and-gas portfolio during the fourth quarter, and the bank said it boosted its commercial-loan reserves as a result. Wells Fargo played down the potential impact of the energy problems, noting that oil and gas loans remained around only 2% of its total loans, and that more than 90% of the problem oil-and-gas loans in its portfolio were current on their interest payments as of the end of 2015. J.P. Morgan Builds Loss Reserves for the First Time in Six YearsOn January 14, The Wall Street Journal asked: Turning Point? J.P. Morgan Builds Loss Reserves for the First Time in Six YearsJ.P. Morgan Chase & Co. built up its reserves for bad loans, a shift that spotlights Wall Street’s mounting concerns about the fate of oil and gas companies.J.P. Morgan added $136 million to its loan-loss reserves in the fourth quarter of 2015, according to the bank, or $187 million if provisions for lending-related commitments are included.The New York bank, the largest in the country by assets, said the bulk of its added reserves, $124 million, were related to its portfolio of loans to oil and gas companies.But the bank doesn’t expect to drastically reduce its energy lending, Chief Executive James Dimon said on a call with analysts. “If banks just completely pull out of markets every time something gets volatile or scary, you’ll be sinking companies left and right.”Citigroup Inc. said in December it was likely to add $300 million to $400 million to its reserves, primarily because of low oil prices. Citigroup and Wells Fargo & Co. announce their fourth-quarter earnings Friday, with Bank of America Corp. to follow on Tuesday. Spokesmen for Citigroup and BofA declined to comment. A Wells Fargo spokesman couldn’t immediately be reached.J.P. Morgan’s move on Thursday was the first time any of the big four U.S. banks has added to its loan-loss reserves since the fourth quarter of 2009.The buildup was also notable as it indicates the potential end of an era in which “releases” of loan-loss reserves flowed into and offered a welcome boost to banks’ earnings, at a time when the banks often had difficulty generating profits from their operating businesses. Over the past six years, those releases have contributed nearly $25 billion to J.P. Morgan’s pretax income, and about $86 billion to the four banks’ total pretax income.“You can’t release loan-loss reserves forever,” said Jason Goldberg, an analyst at Barclays PLC. “We’re actually surprised reserve levels got this low.”Bankruptcies Coming RegardlessZeroHedge's initial rumor the "Dallas Fed members had met with banks in Houston and explicitly told them not to force energy bankruptcies and to demand asset sales instead." could very well be true. There's not much shocking in that statement actually.ZeroHedge concluded "The Dallas Fed, whose new president Robert Steven Kaplan previously worked at Goldman Sachs for 22 years rising to the rank of vice chairman of investment banking, has not responded to our request for a comment as of this writing."Regardless of what Kaplan instructed the banks to do, bankruptcies cannot be avoided by selling assets. Sell what assets? At what price? The assets in question are rigs, land, and drilling rights. What demand is there for used rigs? And what near-term value do energy properties have at current energy prices? Oil reserves and the value of those reserves have both collapsed. Bankruptcies are coming and with them so will loan losses. Either loan loss provisions rise now, or bankruptcies impose unannounced losses in the not so distant future.Wells Fargo Is Bad, But Citi Is WorseIn an update on Sunday, ZeroHedge posted Wells Fargo Is Bad, But Citi Is Worse. Earlier we reported that Wells Fargo may have an energy problem because as CFO John Shrewsbury revealed, of the $17 billion in energy exposure, "most of it" was junk rated. But, while one can speculate what the terminal cumulative losses, cumulative defaults and loss severities on this loan book will be, at least Wells was honest enough to reveal its energy-related loan loss estimate: it was $1.2 billion, or 7% of total - as Mike Mayo pointed out, one of the highest on the street. Whether it is high, or low, is anyone's guess, but at least Wells disclosed it. Citi did not. Note the following perplexing exchange between analyst Mike Mayo and Citi CFO John Gerspach: Mike Mayo: Can we move to energy, though? I don't want you being the only bank not disclosing reserves to energy - oil and gas loans. I mean, I think most others have disclosed that who have reported so far. And I mean, your stock's down 7%. The whole market is down a whole lot, but I don't - even if it's a low number, it can't hurt too much more from here. And so can you - how much in oil and gas loans do you have, and what are the reserves taken against that? I know you were asked this already, but I'm going back for a second try. John Gerspach: When you take a look at the overall portfolio, Mike, we've reduced the amount of exposure. Our funded exposure to energy-related companies this quarter is down 4%. It's about $20.5 billion. The overall exposure also came down about 4%. The overall exposure now is about $58 billion, that includes unfunded. When you take a look at the composition of the funded portfolio, about 68% of that portfolio would be investment grade. That's up from the 65% that we would have had at the end of the third quarter. And the unfunded book is about 87% investment grade. So while we are taking what we believe to be the appropriate reserves for that, I'm just not prepared to give you a specific number right now as far as the amount of reserves that we have on that particular book of business. That's just not something that we've traditionally done in the past. One wonders just how much of Gerspach's decision was dictated by the Fed's under the table suggestion to avoid mark to market in energy entirely, and thus to stop marking its loan book. Finally, we eagerly await for someone from the Dallas Fed to contact us and to comment on our article from yesterday that the "Dallas Fed Quietly Suspends Energy Mark-To-Market On Default Contagion Fears." Because with megabanks such as Citi refusing to disclose energy losses, the longer the Fed remains mute on just what it knows that nobody else does, the more concerned the market will be that the subprime crisis is quietly playing out under its nose all over again. Citi Math and a Bit of RealismCiti refused to provide its loan loss provisions on energy. But it did provide exposure information. Funded exposure is $20.5 billion. 68% of that is investment grade. That makes $6.56 billion junk.I am not here to defend Citi. I am here to inject a bit of realism.Losses related to energy, whatever they may be, will be much smaller than losses related to the housing bubble crash. Let's explore that idea with a series of charts.Loan Loss Reserves to Total Loans Loan loss provisions kept rising in spite of mark-to-market suspension. The market imposed losses, but admission was at a "pace that was measured".  Loan loss reserves as a percentage of total loans hit a record high 3.70% in first quarter of 2010. Loan losses for the Dallas region peaked in third quarter of 2011 at 2.11%.Let's now investigate loan loss allowances in dollar amounts, starting with the Dallas region.Allowance for Loans and Lease Losses, DallasThe allowance for loans an lease losses in the Dallas region peaked at $4.412 billion in the third quarter of 2010. It is currently at $3.08 billion.Allowance for Loans and Lease Losses, All Commercial BanksThe allowance for loans and lease losses for all commercial banks peaked in April 2010 at $235.8 billion vs. $4.4 billion for the Dallas region alone. Even if fears over energy-related oil losses are a bit overblown, problems are beginning to mount and it's highly likely to spill over into many other sectors of the economy.The consumer is not doing all that well. Home prices are once again well beyond affordable. Manufacturing is in an outright recession. The rest of the economy is poised to follow manufacturing, or already has.Turning PointDeclining loan loss provisions are net accruals to earning. Rising loan loss provisions are subtractions from earnings. Between April 2010 and December 2014 loan loss provisions shrank by $126.8 billion, directly padding bank bottom lines. In 2015, the decline in loan loss provisions was a mere $2.4 billion. The real story is not the alleged suspension of mark-to-market rules. Rather, the real story is rising loan and lease loss provisions, across numerous segments, not just energy.I expect loan loss provisions for housing, construction loans, subprime autos, credit cards, malls, and of course energy, will all rise. This is a significant turning point. Loan and lease losses have only one way to go: Up. How high remains to be seen, but the effect on earnings won't be pretty. To top it off, Iran About to Unleash Tidal Wave of Oil Into Depressed Markets.Mike "Mish" ShedlockMike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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13 января 2016, 16:52

Cullen/Frost Bankers downgraded to underweight from equal weight at Barclays

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02 января 2015, 21:30

Cullen/Frost (CFR) Exhibits Growth with High Revenues - Analyst Blog

On Dec 26, 2014, we issued an updated research report on Cullen/Frost Bankers, Inc. (CFR).