Markets
News
Analysis
User
24/7
Economic Calendar
Education
Data
- Names
- Latest
- Prev
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
P: --
A:--
F: --
A:--
F: --
A:--
F: --
A:--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
--
F: --
P: --
No matching data
Latest Views
Latest Views
Trending Topics
To quickly learn market dynamics and follow market focuses in 15 min.
In the world of mankind, there will not be a statement without any position, nor a remark without any purpose.
Inflation, exchange rates, and the economy shape the policy decisions of central banks; the attitudes and words of central bank officials also influence the actions of market traders.
Money makes the world go round and currency is a permanent commodity. The forex market is full of surprises and expectations.
Top Columnists
Enjoy exciting activities, right here at FastBull.
The latest breaking news and the global financial events.
I have 5 years of experience in financial analysis, especially in aspects of macro developments and medium and long-term trend judgment. My focus is maily on the developments of the Middle East, emerging markets, coal, wheat and other agricultural products.
BeingTrader chief Trading Coach & Speaker, 8+ years of experience in the forex market trading mainly XAUUSD, EUR/USD, GBP/USD, USD/JPY, and Crude Oil. A confident trader and analyst who aims to explore various opportunities and guide investors in the market. As an analyst I am looking to enhance the trader’s experience by supporting them with sufficient data and signals.
Latest Update
Risk Warning on Trading HK Stocks
Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
Hongkong, China
Ho Chi Minh, Vietnam
Dubai, UAE
Lagos, Nigeria
Cairo, Egypt
White Label
Data API
Web Plug-ins
Affiliate Program
View All
No data
Not Logged In
Log in to access more features
FastBull Membership
Not yet
Purchase
Log In
Sign Up
Hongkong, China
Ho Chi Minh, Vietnam
Dubai, UAE
Lagos, Nigeria
Cairo, Egypt
White Label
Data API
Web Plug-ins
Affiliate Program
Camden National Corp. CAC has signed an agreement to acquire Northway Financial, Inc. (“Northway”) in an all-stock transaction valued at roughly $86.6 million.
Key Details of the Acquisition by Camden National
Northway, founded in 1881, and based in North Conway, New Hampshire, operates with 17 full-service branches with a stable and high-quality deposit base. As of June 30, 2024, it had roughly $1.3 billion in total assets, $0.9 billion in total loans and $1 billion in deposits.
Upon the closure of the transaction, Northway will be merged with Camden National, with an anticipated pre-tax merger expense of $13.5 million.
The combined entity will operate under Camden National Bank with 74 branches across New Hampshire and Maine and is anticipated to have roughly $7 billion in total assets, $5.5 billion in deposits, $5.1 billion in loans and $2 billion in assets under administration. Per the agreement, CAC will pay 0.83 shares of its stock for each share of Northway’s common stock.
Upon the completion of the deal, Camden National’s shareholders will own roughly 86% of the combined entity, while Northway’s shareholders will own roughly 14%.
Also, upon the closure of the deal, one Northway director will join the board of Camden National and its subsidiary, Camden National Bank. The agreement has been unanimously approved by the board of directors of both entities and is expected to be closed by the first quarter of 2025, subject to customary closing conditions, and Northway shareholders’ approval.
What Makes This Deal Financially Compelling for CAC?
CAC will likely benefit from expected cost savings of 35% of Northway’s non-interest expense, 75% of which will be phased in 2025, and the rest will be realized thereafter. The entire restructuring costs will be realized upon the completion of the transaction.
The deal is anticipated to be 19.9% and 32.7% accretive to 2025 and 2026 earnings per share, respectively, assuming the phased-in cost savings. Also, tangible book value is expected to dilute by 16.2%, with a projected earn-back period of approximately 3.3 years.
Further, CAC projects a roughly 24% internal rate of return. Also, following the merger, the company’s capital ratios are anticipated to be significantly “well-capitalized” above the regulatory requirements.
This transaction is likely to strengthen the deposit franchise through low-cost deposits. Also, it will expand the company’s footprint in attractive markets alongside improving the profitability profile with a return on average assets of more than 1%.
Simon Griffiths, president and CEO of Camden National, stated, “The merger will build upon our existing presence in New Hampshire and provide the opportunity to leverage our significant technology investments and advice capabilities across an expanded customer base. Together, we will be able to unlock meaningful growth opportunities and create additional capacity for further strategic technology investments to deliver an enhanced offering for customers.”
CAC’s Zacks Rank & Price Performance
Year to date, shares of Camden National have risen 0.8% against the industry’s decline of 1.5%.
Currently, CAC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Steps by Other Banks
Last week, ConnectOne Bancorp, Inc. CNOB agreed to acquire The First of Long Island Corp. (FLIC). The all-stock transaction is valued at $284 million.
CNOB will likely benefit from expected cost savings of 35% of FLIC’s non-interest expense, 50% of which will be phased in 2025, and the rest will be realized thereafter.
The deal is anticipated to be 36% accretive to CNOB’s 2025 earnings per share, assuming the execution of cost savings. Also, tangible book value is expected to dilute by 12% with a projected earn-back period of approximately 2.9 years.
Similarly, The Bank of New York Mellon Corporation BK agreed to acquire Archer Holdco, LLC, a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry.
With this acquisition, BK should be able to enhance its enterprise platform to support retail managed accounts. Along with augmenting the company’s existing asset servicing capabilities for managed accounts, Archer will provide BNY Investments and BNY Pershing’s Wove wealth platform for advisors with the expanded distribution of model portfolios and access to its multi-custodial network.
Zacks Investment Research
The Toronto-Dominion Bank TD has agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers’ credit information and failing to make necessary amendments to its practices.
Allegations Against TD
TD signed a consent agreement with the CFPB on Wednesday admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its shortcomings in rectifying the failures that took place.
Rohit Chopra, director of the CFPB, stated, “The CFPB's investigation found that TD Bank illegally threatened the consumer reports of its customers with fraudulent information and then barely lifted a finger to fix it. Rather than treating its customers fairly and following the law, TD Bank's management clearly cared more about growth and expanding its empire through mergers.”
The alleged violations comprise the sharing of imprecise data regarding credit card delinquencies and the submission of bad information about certain accounts that it suspected to be fraudulent. The CFPB claims certain accounts remained open despite the voluntary closure of the said accounts by the clients.
Toronto Dominion Bank’s Response to the Allegations
The bank has neither admitted nor denied the allegations raised by the CFPB as per the consent order. Toronto Dominion Bank’s spokesperson Miranda Garrison stated in an email that the bank “cooperated fully to resolve this matter.”
“Long before this settlement, TD self-identified these matters and voluntarily and proactively implemented enhancements to our furnishing and dispute handling practices,” Garrison added.
Redressal Mechanism & Fines To be Paid by TD
Toronto Dominion Bank must pay $20 million into the CFPB’s fund for victims of consumer financial protection law violations. An additional $7.76 million will be used to compensate affected customers, each of whom will receive $150. Any of the unclaimed funds will be transferred to the CFPB.
Further, TD is required to develop a compliance plan to address the CFPB’s allegations, improving its recordkeeping protocols for credit reporting and preparing a progress report for the bureau.
Toronto Dominion Bank’s Other Regulatory Issues
This action comes amid the massive sanctions and charges faced by the bank from other U.S. regulators concerning violation of anti-money laundering (AML) practices.
Last month, the bank announced an additional provision of $2.6 billion in its fiscal third-quarter results to meet the estimated cost of $3 billion for compliance failures regarding AML practices.
Last year, after Toronto-Dominion Bank’s landmark $13.4 billion deal to acquire First Horizon collapsed, the Canadian lender started receiving inquiries from the U.S. Department of Justice, financial regulators and the Treasury Department regarding its AML practices.
The core allegations have been that TD failed to catch money laundering and other financial crimes at several branches in the United States, where customer-facing employees took bribes to help move money.
In 2020, the bank faced a $122 million fine by the CFPB post an investigation revealing that it deceptively marketed a debit card advance service as free while levying fees on overdraft transactions.
TD’s Zacks Rank & Price Performance
Year to date, shares of Toronto Dominion Bank have lost 4.5% against the industry’s growth of 7.2%.
Currently, TD carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Issues Faced by Other Finance Firms
Earlier this month, in a settlement with the California Department of Justice over crypto withdrawals, Robinhood Markets, Inc.’s HOOD cryptocurrency platform is set to pay $3.9 million. Per the claims, HOOD prevented its customers from withdrawing cryptocurrency from their accounts between 2018 and 2022.
Per California’s Attorney General Rob Bonta, Robinhood violated California law as it failed to deliver cryptocurrencies that its customers bought and because of this, customers were unable to withdraw their assets, forcing them to sell the same to exit the platform.
Bonta also said that Robinhood misled its customers about where their crypto assets were held. Also, the trading platform falsely advertised that it would connect customers to multiple trading venues so that they would get competitive prices.
Similarly, last month, an order was issued by the Commodity Futures Trading Commission (“CFTC”) for The Bank of New York Mellon Corporation BK to pay a civil penalty of $5 million for failing to report millions of swap transactions to a registered swap data repository in violation of a prior CFTC order.
BNY Mellon also failed to supervise its swap dealer business as required by the Commodity Exchange Act and CFTC regulations.
In addition to the monetary penalty, BNY Mellon has agreed to retain an independent compliance consultant to review and provide advice regarding its compliance program.
Zacks Investment Research
NEW YORK, NY / ACCESSWIRE / September 11, 2024 /Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:
Camden National Corp. (Nasdaq:CAC), relating to its proposed merger with Northway Financial, Inc. Under the terms of the agreement, Camden common stock will automatically be converted into the right to receive 0.83 shares of Northway stock.
Click here for more informationhttps://monteverdelaw.com/case/camden-national-corp/. It is free and there is no cost or obligation to you.
Blue Owl Capital Corporation III (NYSE:OBDE), relating to its proposed merger with Blue Owl Capital Corporation. Under the terms of the agreement, ODBE shareholders will receive newly issued shares of Blue Owl Capital Corp. according to an exchange ratio to be determined prior to closing.
Click here for more informationhttps://monteverdelaw.com/case/blue-owl-capital-corporation-iii/. It is free and there is no cost or obligation to you.
Blue Owl Capital Corporation (NYSE:OBDC), relating to its proposed merger with Blue Owl Capital Corporation III. Under the terms of the agreement, Blue Owl Capital Corporation III shareholders will receive newly issued shares of OBDC according to an exchange ratio to be determined prior to closing.
Click here for more informationhttps://monteverdelaw.com/case/blue-owl-capital-corporation/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?
About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq. MONTEVERDE & ASSOCIATES PCThe Empire State Building 350 Fifth Ave. Suite 4740 New York, NY 10118 United States of Americajmonteverde@monteverdelaw.com Tel: (212) 971-1341
Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
SOURCE: Monteverde & Associates PC
View the original press release on accesswire.comTop Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying DPZ stock? Here’s what analysts think:
Latest Ratings for DPZ
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | Loop Capital | Downgrades | Buy | Hold |
Mar 2022 | Guggenheim | Maintains | Neutral | |
Mar 2022 | Citigroup | Maintains | Neutral |
View More Analyst Ratings for DPZ
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
White Label
Data API
Web Plug-ins
Poster Maker
Affiliate Program
The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.
Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.