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** U.S. regional banks gain in afternoon trading after Federal Reserve lowers interest rates by 50 basis points, kicking off what is expected to be a steady easing of monetary policy
** KBW Regional Banking index .KRX, a key benchmark to track investor sentiment toward the sector, gains 2.7%; SPDR S&P Regional Banking ETF up ~2.5%
** Among individual movers, US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N and Western Alliance WAL.N rise between 1.7% and 4%
** Regional lenders expected to benefit as Fed lowers rates, driven by recovery in loan demand and normalization of elevated deposit costs
** Investor sentiment toward the sector had taken a hit after three major players collapsed in early 2023, in part due to higher rates racking up unrealized losses on their loan books
** The worries returned earlier this year, when New York Community Bancorp NYCB.N reported a surprise loss and cut its dividend due to pressure on its commercial real estate loan book; the bank's stock, which is expected to benefit from lower rates, last up 2.3%
** Meanwhile, major U.S. banks also up in volatile trading after Fed decision; KBW Bank index .BKX - tracking large-cap banks - last trading ~1% higher
** .KRX up ~7% YTD, including session moves, underperforming broader markets
(Reporting by Jaiveer Singh Shekhawat and Manya Saini in Bengaluru)
** Shares of regional U.S. lenders up after Federal Reserve cut benchmark interest rate for the first time in four years
** US Bancorp USB.N, Fifth Third Bancorp FITB.O, M&T Bank MTB.N, Keycorp KEY.N, Western Alliance WAL.N rise between 0.3% and 1.6%
** KBW Banks Index .BKXup 0.2%
** Rate cut is expected to reignite the loan demand and deals activity which will take away the heat off from rising deposit costs for these lenders that even led to several bank runs
** Fed cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)
Wells Fargo & Company WFC expanded its Application Programming Interfaces (APIs) portfolio with the launch of specialized APIs for its Commercial Banking clients.
Manufacturers, distributors and dealers can use Wells Fargo's API platform to connect directly from their preferred system. This automated setup permits effortless data transfer among trading partners, reducing delays in sending and receiving information. Customers do not have to input data, upload it to the server, or download it anymore, they can access essential business insights instantly.
Other banks are also making efforts to enhance the payment interface. Fifth Third Bancorp’s FITB embedded payments platform, Newline, entered into a collaborative agreement with Trustly this month. By collaborating, FITB’s Newline and Trustly will advance pay-by-bank arrangements and payments made through the ACH and Real Time Payments networks.
In June, U.S. Bancorp’s USB wholly-owned subsidiary, Elavon, launched the Elavon Cloud Payments Interface. This advanced API is intended to simplify managing digital and in-person payment experiences for hotels and other entities related to hospitality. This new Payments Interface by USB’s subsidiary integrates payments seamlessly and securely for its guests and business clients.
Benefits of WFC’s Latest APIs Launch
WFC’s new APIs offer faster order processing, enabling instant credit checks and approvals within their own systems, reducing invoice times and allowing for flexible credit adjustments to its commercial banking clients.
It provides real-time inventory data for precise forecasting and supply chain control, eliminating delays from manual updates. Instant invoicing speeds up revenue recognition by removing delays due to processing issues. Seamless integration with client systems removes the need for manual data entry and simplifies inventory and payment tasks.
Additionally, the APIs streamline money management, offering instant transaction reconciliation by reducing manual processes.
Reetika Grewal, Wells Fargo’s head of Digital for Commercial Banking and Corporate & Investment Banking, said, “This expansion of our portfolio will allow our clients to be even more connected to the platforms they are using and ensure they have an end-to-end view that can streamline their business operations and provide information at a faster speed.”
Final Words on WFC’s New APIs Launch
The new APIs provides clients with real-time, on-demand information, allowing them to easily and seamlessly manage inventory, supply chain and payments. By expanding its APIs technology, WFC took a step forward in removing the hassle of navigating several systems, allowing clients to incorporate the functionality required to manage their inventories and processes in their preferred system.
Such strategic innovation will help the bank to solidify customer loyalty and attract new clients seeking advanced digital solutions. This could lead to increased transaction volumes and higher revenue streams.
Additionally, as industry players increasingly adopt digital tools, WFC’s efforts to expand its API technology will open new market opportunities for the company and foster innovation in commercial banking services.
However, such innovation could lead to a rapid increase in expenses if not managed carefully and could adversely affect the company’s financials.
Over the past month, shares of WFC have lost 3.4% compared with the industry’s decline of 1.9%.
Wells Fargo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Investors interested in stocks from the Banks - Midwest sector have probably already heard of Huntington Bancshares (HBAN) and Commerce Bancshares (CBSH). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, both Huntington Bancshares and Commerce Bancshares are holding a Zacks Rank of # 2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one factor that value investors are interested in.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
HBAN currently has a forward P/E ratio of 12.25, while CBSH has a forward P/E of 15.74. We also note that HBAN has a PEG ratio of 2.98. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. CBSH currently has a PEG ratio of 10.29.
Another notable valuation metric for HBAN is its P/B ratio of 1.24. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, CBSH has a P/B of 2.55.
These are just a few of the metrics contributing to HBAN's Value grade of B and CBSH's Value grade of C.
Both HBAN and CBSH are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that HBAN is the superior value option right now.
Zacks Investment Research
Fifth Third Bancorp , with a market cap of $28.8 billion, is a major player in the financial services industry. Based in Cincinnati, Ohio, the company offers a wide range of services, including commercial banking, consumer lending, and wealth management.
Companies valued at $10 billion or more are generally considered “large-cap” stocks, and Fifth Third Bancorp fits this criterion perfectly. Fifth Third Bancorp is renowned for its extensive branch and ATM network, providing comprehensive financial services across 11 states, and its unique historical merger legacy that combines the heritage of Third National Bank and Fifth National Bank.
Even after a slight pullback from its 10.9% gain over the same period.
Over the longer term, FITB's stock is up 22.9% on a YTD basis, outpacing XLF's 19.9% gains. Additionally, FITB's shares have surged 54.5% over the past 52 weeks, while XLF has returned 29.5% during the same period.
To confirm the bullish price trend, FITB's stock has been trading above its 200-day and 50-day moving averages since November last year despite some fluctuations.
Fifth Third Bancorp has outperformed primarily because of its low exposure to commercial real estate, successful expansion and deposit growth in the Southeast, and effective digital transformation strategies that have enhanced customer service and operational efficiency. Moreover, the stock rose 1.9% on Jul. 19 after the bank reported better-than-expected Q2 adjusted EPS of $0.86, despite a revenue miss. However, the bank lowered its 2024 revenue guidance, anticipated a decline in non-interest income, and faced concerns about high interest rates and weak loan demand.
Also, FITB has outperformed its rival, KeyCorp . KEY's shares have increased 38.8% over the past 52 weeks and nearly 13% on a YTD basis, compared to FITB's stronger performance in both these periods.
Despite Fifth Third Bancorp’s strong price action, analysts are cautiously optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 23 analysts covering it, and the mean price target of $43.86 indicates a premium of just 3.5% to current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
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