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The Wall Street Greek blog is the sexy & syndicated financial securities markets publication of former Senior Equity Analyst Markos N. Kaminis. Our stock market blog reaches reputable publishers & private networks and is an unbiased, independent Wall Street research resource on the economy, stocks, gold & currency, energy & oil, real estate and more. Wall Street & Greece should be as honest, dependable and passionate as The Greek.



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Tuesday, May 17, 2016

Bank of America - Ignore the Downgrade Says Former Wall Streeter

Bank of America
Bank of America (NYSE: BAC) shares received a downgrade Monday morning, but I'm advising shareholders not to give the move too much credit. As a former analyst, I know that downgrades to neutral that coincide with changes in the analyst covering the stock can be influenced by factors other than fundamentals. When such a downgrade takes a stock opinion to a "hold" or neutral view with a price target still 15% above market price, that possibility is even more likely. See the whole story at Insider Insight on Why the Downgrade of Bank of America is Unimportant.

DISCLOSURE: Kaminis is long BAC. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

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Wednesday, April 13, 2016

Bank of America EPS Preview – Don’t Fear the Reaper

bull
Heading into its earnings report, Bank of America (NYSE: BAC) holders and prospectors may fear the reaper so to speak. The bank’s earnings estimates have been cut significantly over the last 90 days, mostly due to altered interest rate expectations. However, I anticipate the Fed’s tightening rate trajectory is still intact, and expanding net interest margins will come. Also, the major consumer lender may be feeling some pressure of late due to February economic data, but I believe there is an anomalous cause for that. The latest GDP estimates are reflecting February’s softness and so are BAC shares apparently, but I believe March will show better. I suggest Bank of America (NYSE: BAC) holders look past the period and sit tight, and those seeking entry find value here. So don’t fear the reaper as the company reports its earnings this week. Better days are ahead. See the full story at Bank of America Q1 Preview - Don't Fear the Reaper.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

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Thursday, March 31, 2016

Bank of America & the Big Bad Fed Fairytale

time to relax
Bank of America (NYSE: BAC) sold off Tuesday, likely due to the media and market interpretation of Fed Chair Yellen’s speech. It has been portrayed as extremely dovish, which portends a poor interest rate outlook for the bank and its net interest margin. It’s a factor that could weigh against the stock long-term if it were to persist. Luckily, I believe the Fed perspective and the tone of its Fed Chair will turn in BAC’s favor over the next two months as her cause of concern is cleared up. So, I’m suggesting investors buy BAC on any weakness caused by a seemingly softer Fed perspective. It is a fairytale. See more of this report on Bank of America shares here.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

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Wednesday, March 30, 2016

Bank of America – Prepare to Bear Another Oil Spoil

oil prices
Bank of America (NYSE: BAC) shares have come a good distance from their mid-February trough, along with the broader market and oil prices. While I continue to favor Bank of America shares for the long-term, holders should prepare to bear another oil price swoon near-term. However, if BAC shares are impacted, it would mark another buying opportunity to participate in the appreciation I see for the financial sector and this stock ahead. See the full warning for Bank of America & oil near-term.

Big Bank
% of Loans to Energy
% of Reserves to Energy Loans
Bank of America (NYSE: BAC)
2.4%
2.3%
Morgan Stanley (NYSE: MS)
5.0%
3.0%
Citigroup (NYSE: C)
3.3%
3.0%
J.P. Morgan Chase (NYSE: JPM)
1.6%
4.0%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

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Thursday, March 10, 2016

Buy Bank of America on Every Oil Dip

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Photo property of WallStreetGreek.com
Bank of America (NYSE: BAC) shares were dipping with oil again as I started this report on Tuesday… and I was salivating. Every time the cyclical big bank is penalized by dips in energy prices it should be bought. It is an egregious exaggeration for BAC shares to be penalized by 3.5% on an oil decline in kind. Yes, the bank bears risk to energy companies and energy relative regions of the country, but that risk is limited and the bank is a national lender with much broader exposure than that. And there is opportunity for it in the growing U.S. national economy, with expanding employment and relatively lower gasoline prices serving consumers. And let’s not forget to mention an interest rate outlook that I believe still favors it, though that fact is still not perfectly understood by markets. Given its deep discount to a growing book value, I find it irresistible. Plus, you’ll get paid a 1.5% dividend yield while you wait for the stock to get its due recognition. See the full report on why Buy Bank of America on Every Oil Induced Dip.

DISCLOSURE: Kaminis is long BAC. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

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Wednesday, October 07, 2015

What Just Happened to Bank of America (BAC)!?!

Shareholders of Bank of America (NYSE: BAC) were likely stricken with financial whiplash last week. Many of you may be wondering why the wild swing in your BAC shares, which exaggerated a similar move for the broader market. Let me lay out the reason for you, because it’s likely to come back into play again. I continue to favor the bank for the long-term. See my full report on BAC here. 

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Tuesday, June 16, 2015

Bank of America – Why a BAC Breakout Happens on Lending Growth

May Motor Vehicle Sales offered fantastic evidence of robust business activity for Bank of America (NYSE: BAC). That fact is not just because the bank does a good deal of auto lending generally, but because it implies banks and BAC are lending more freely now after meeting the Fed’s raised capital requirements. While the interest rate outlook is certainly a support for the banks, this driver of lending activity will serve the top and bottom lines in an important manner. Thus, Bank of America remains of one my favorite long ideas. See the report on BAC here.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Tuesday, March 24, 2015

What’s Good for Citigroup is Great for Real Estate Too

When the Federal Reserve recently released the results of its stress tests of the financial sector, namely the major money center banks like Citigroup (NYSE: C), we got some fantastic news. All of the major money lenders passed the first round of the stress test with flying colors, and all got through the second round with permission to move ahead with their capital plans. The news was especially wonderful for Citigroup (NYSE: C), which was coming off its prior year failure. The stock is valued at a discount to even its weakest peers, and has upside to gain. But what many are missing here is that this is absolutely fantastic news for the real estate sector as well as for Citi. See my full report here.

Banking Peers
Tangible Book Value
Price-to-TB
Implied Value of C
Implied Gain to Peer Value
Citigroup (NYSE: C)
56.83
0.9X


Bank of America (NYSE: BAC)
14.43
1.1X
62.51
+10%
J.P. Morgan Chase (NYSE: JPM)
44.69
1.4X
79.56

Wells Fargo (NYSE: WFC)
30.81
1.8X
102.29

Morgan Stanley (NYSE: MS)
27.41
1.3X
73.88

Goldman Sachs (NYSE: GS)
153.79
1.25X
71.04

U.S. Bancorp (NYSE: USB)
17.38
2.6X
147.76

AVERAGE


$89.51
+58%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Tuesday, February 17, 2015

Bank of America – Why A Greek Fix Fast-Tracks BAC to $18

Obviously, Greece does not have a significant direct tie to Bank of America (NYSE: BAC), but in my view the future of the euro does matter a great deal to BofA’s operational performance. It’s not an easy read, but for the discerning analyst you can see how a solidified euro-zone can help the dollar lower against the euro and help U.S. interest rates move higher. That is what matters to Bank of America’s profit margin and so a favorable resolution to the Greek issue can drive its stock upward to $18 quickly in my opinion. See the report on Bank of America. Report also interests Citigroup (NYSE: C), J.P. Morgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS).

DISCLOSURE: Kaminis is long BAC. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Wednesday, February 04, 2015

Bank of America (BAC) - A Must Buy Here

Bank of America (NYSE: BAC) shares dropped significantly after its EPS report a couple weeks ago. Bank of America and its peers were harmed by an unexpected drop in interest rates that has squeezed their net interest margins. Central bank easing outside the United States has weakened foreign currencies against the dollar. Turmoil overseas has also driven capital to the safe haven store in U.S. treasuries. So interest rates have come down, and the margins of the banks have been squeezed as a result. Click to see the Bank of America (BAC) Report.

DISCLOSURE: Kaminis is long BAC. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Wednesday, December 31, 2014

Bank of America & Oil Contagion Fear

A new fear is grabbing a hold of the financial sector. It’s forcing the sector to succumb to recent energy sector led market decline. It is behind the recent drop in Bank of America (NYSE: BAC) shares, and it is opening up an opportunity in the stock. But don’t buy just yet, not until we see the whites of their eyes, likely after the holidays. See our report on Bank of America here.

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Saturday, May 31, 2014

Bank of America is a Gift from God Here

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Bank of America (NYSE: BAC) took a hard fall after its executive team failed to accurately report its regulatory capital ratios to the Federal Reserve. The company had its capital plans frozen as a result. With expectations for a sharp dividend increase and share repurchases built into the stock price, investors were disappointed. And then the company’s earnings outlook required a second look, given the accounting errors and the absence of share repurchases. That leveled the stock, cutting 6% off its value in one day. But, after all that, I suggest Bank of America (NYSE: BAC) is now a gift for those who do not yet own the stock. The company has resubmitted its third-party reviewed capital figures and its financial plans to the Fed, and is now on a 75 day wait for approval. The stock is deeply discounted to peers, trading at just 1.1X tangible book value, versus 1.65X for Wells Fargo (NYSE: WFC), 1.34X for J.P. Morgan Chase (NYSE: JPM) and 2.05X for U.S. Bancorp (NYSE: USB). If BofA could attain the average value of itself and those peers and trade at a conservative 1.5X tangible book, it would be worth 37% more than it is today. That is a gift from God for new entrants. Please see our full report here for a more detailed analysis of Bank of America.

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Wednesday, January 15, 2014

Hold Your Horses! The Mortgage Report is Misleading

no
The Mortgage Bankers Association (MBA) today reported is Weekly Applications Survey, which measures applications for mortgages. It showed a surge in activity, giving real estate relative stocks and especially mortgage originators, a lift in early Wednesday trading. Temper your enthusiasm, though, as the latest gains are not to be misread; the mortgage market is not quite that hot.

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Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Mortgage Activity Report


The MBA showed that its Market Composite Index of mortgage activity gained by a seasonally adjusted 11.9% in the period ending January 10, 2014. Purchase activity, or mortgage applications on home purchases, rose by 12%, while refinancing activity improved by 11% on the week. That is amazing right? Wrong!

I have been following the real estate sector for over two decades now, and have gained some familiarity with the regular reports and their flaws. I have noticed something in particular about the MBA’s weekly mortgage report that keeps me from writing wildly varying summaries from week to week on the often volatile data point. For instance, last week we might have said the sky was falling given the decline in mortgage activity. This week, we would have climbed back off the ledge and celebrated life. Let’s take a closer look shall we?

Obviously, a weekly measure is going to vary around holidays. “But the report is seasonally adjusted Greek!” you might yelp in response. Yes, it is seasonally adjusted, as evidenced by the unadjusted 61% increase in the Market Composite Index week-to-week. Still, I have noted that around holidays, activity still seems to be more volatile than through regular periods. In the past, I’ve noted my belief that while the report may be adjusted for the one-day holiday, it may not adequately account for business drop-off that occurs on the day before and the first workday after the holiday, as Americans prepare for it and recover from it. This is something that number counters focused on the pure math might miss, but it makes perfect sense nonetheless. And the evidence is in the wild swings week-to-week, which I have noted in my regular following of this data point.



As you can see, the shares of nation’s most important mortgage originators are moving sharply higher Wednesday. Now, a good bit of that is due to the strong EPS report from Bank of America (NYSE: BAC), which we recommended again yesterday in our EPS preview piece. BAC is up more than 3% today after a gap open start to the morning, and we are proud to have recently called it our top real estate play of 2014.

Mortgage Originator
1/15/14 Morning Gain
Bank of America (NYSE: BAC)
+3.1%
Wells Fargo (NYSE: WFC)
+1.5%
J.P. Morgan Chase (NYSE: JPM)
+1.1%
Citigroup (NYSE: C)
+1.1%
U.S. Bancorp (NYSE: USB)
+0.9%

Certainly, the company’s good news had something to do with the gains of the other major mortgage originators for real estate today, but it did not have everything to do with it. That is evidenced by the 1.0% gain on the morning by mortgage insurer MGIC Investment (NYSE: MTG). This latest stellar mortgage report from the MBA certainly is providing some uplift. Unfortunately, it is a bit overdone, and so I suggest you temper your enthusiasm in the real estate relative stocks today.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Wednesday, September 12, 2012

Mortgage Activity Misleads

multi-family construction
The Mortgage Bankers Association (MBA) reported its Market Composite Index jumped 11.1% in the week ending September 7. However, the Labor Day weekend inclusive result contains risk of adjustment error. Thus, real estate enthusiasts would be wise to avoid reading too much into the latest result. This is well illustrated by the 12% decrease in the index when left unadjusted.

NYC real estate
According to the MBA, the seasonally adjusted Purchase Index, which measures mortgage applications for home purchases, increased 8% week-to-week. However, the unadjusted version fell by more than 15%. Housing stocks are on fire, but it’s most likely due to the European crisis alleviation and anticipation of Federal Reserve help Thursday.

Company & Ticker
Change at 2:15 PM
SPDR S&P Homebuilders (NYSE: XHB)
+1.6%
PulteGroup (NYSE: PHM)
+7.0%
Toll Brothers (NYSE: TOL)
+3.6%


Mortgage rates eased in the period, after a recent stalling of a declining trend, perhaps leading those who had been waiting for another basis point to refinance. Mortgage rates on 30-year fixed rate FHA sponsored mortgages fell to a new survey low of 3.5% on average, down from 3.54% the week before. Average contracted rates fell across conforming loan balances, jumbo loan balances, 15-year mortgages and 5/1 ARMS.

The MBA’s Refinance Index, which is adjusted, increased 12% through the period. The MBA speculated that this might have benefited some from online mortgage application filing. As I said before, it also could have been driven by imperfect adjustment, or as implied above, by the drop in mortgage rates. Major mortgage lenders shares are mostly rising today, save Bank of America (BAC), though again more likely on the broader macroeconomic driver than on this data. Bank of America had started higher like the rest of the group, but I’m speculating it moved lower after a story was published indicating a change in management and possibly strategy was imminent.

Company & Ticker
Change at 2:15 PM
Bank of America (NYSE: BAC)
-1.4%
Wells Fargo (NYSE: WFC)
+0.5%
Citigroup (NYSE: C)
+1.0%
J.P. Morgan Chase (NYSE: JPM)
+0.9%


Real estate enthusiasts will probably be well served by approaching the market cautiously. While Fed action might further help mortgage rates, those gains would likely be on a diminishing scale. That’s because the issue for most American home shoppers is not rates. Rather, Americans are contending with higher scrutiny in qualifying for loans and other crisis created and economic related problems.

Moving forward, while the publicly traded builders continue to benefit from industry dynamics, global macroeconomic and other concerns still pose serious threat to undermine the chances of a robust and broad real estate recovery. That said, I see prices rising against an eventually weakening dollar, and view the current period right for home purchase. As for the publicly traded homebuilders, in the individual cases where market share gains and the benefits from multi-family construction continue to support operating results, the stocks might keep support until the midnight hour, unlike most other cyclical stocks.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Tuesday, August 07, 2012

Knight Capital Group's Ironic Imaginary Valuation

valuation
At $3.07 a share, after its 24% drop Monday, Knight Capital Group (NYSE: KCG) looks to be priced exactly right. That’s because, while it secured funding to stay afloat, it did so at great cost to legacy shareholders while admittedly saving what they had left. So I find it ironic that some are seeing KCG worthy of a higher value now. To me, that is amusingly anomalous to the mathematic malfunction that nearly erased the company.

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Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Knight Capital Group


Knight Capital Group (KCG) secured a lifeline of $400 million in equity financing from a consortium of investors including Jefferies (NYSE: JEF), Blackstone (NYSE: BX), GETCO LLC, Stephens, Stifel Financial (NYSE: SF) and TD Ameritrade (Nasdaq: AMTD). In doing so, the company stayed afloat, yes, but it gave up 70% of equity, the equity of legacy shareholders.

Some are talking today about the franchise value of Knight, the potential gain for the new shareholders, and the ongoing opportunity for all parties moving forward. While it’s true the company avoided bankruptcy, the odds of it rising from here back to $10, representing a 233% gain, are equal to the odds that the company sported in July to rise from its price then of $10 to $33. In other words, the only thing that was saved was the $3 per share investors have left and the jobs of the executives and the employees of Knight. The potential of the company is probably unchanged despite whatever creative capital minds might construct to sooth the wound. What was lost, and it was lost, was $7 per share or 70% of capital for each legacy shareholder of Knight who not long ago saw quotes of $10 a share for their stock.

Knight Capital Group KCG Chart


The stock is priced right according to the efficient market (in theory), but I would say from here there is more likelihood of downside, given the potential for shareholder lawsuits and regulatory penalty. Given the broad reaching impact of mankind’s colossal failures in finance, more recently made famous by algorithmic trading and also the mortgage security malfunction at the hands of Wall Street and the rating agencies, these latest algorithmic errors are likely to bring down the hammer of Capitol Hill once again. So, I would avoid Knight’s shares rather than imagine value where it is not.

Article should also interest Goldman Sachs (NYSE: GS), J.P. Morgan (NYSE: JPM), Citigroup (NYSE: C), Morgan Stanley (NYSE: MS), McGraw-Hill (NYSE: MHP) and Moody's (NYSE: MCO) investors. Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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Wednesday, May 16, 2012

Mortgage Refinancing Opportunity Born of Greek Strife

mortgage refinancing
The troubles of Greece and Europe make for terrifying television indeed, and the horrible effects to real human life over there is difficult to bear. Yet, for many Americans, the effects to mortgage rates have been a Godsend. A flight to safety over the last week has driven U.S. Treasury demand, leading yields lower. As a result, mortgage rates have reached their lowest point in the history of the Mortgage Bankers Association (MBA) Weekly Application Survey. The MBA is already reporting a response in refinancing activity, which stands to benefit aggressive bankers, while lowering the cost of living for many Americans.

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Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers include Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Citigroup (NYSE: C), Fannie Mae (OTC: FNMA.OB), Freddie Mac (OTC: FMCC.OB), U.S. Bancorp (NYSE: USB), PHH Corp. (NYSE: PHH), Flagstar (NYSE: FBC) and BB&T (NYSE: BBT).

Americans Find Mortgage Refinancing Opportunity


In the week ending May 11, 2011, the MBA’s Market Composite Index of mortgage application volume increased 9.2% on a seasonally adjusted basis. Behind the rise was a 13% drive higher in refinancing activity, as mortgage rates dipped into record territory across the spectrum of loan types.

Each loan type marked record territory and saw effective rate decrease, except for FHA sponsored loans, which saw an effective rate rise. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.96 percent, from 4.01 percent. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.20 percent, from 4.29 percent. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.75 percent, from 3.81 percent. The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.26 percent, from 3.29 percent.

Over the last six months, mortgage refinancing has increased by 50% on the Home Affordable Refinance Program (HARP), driven by Fannie Mae (OTC: FNMA.OB) and Freddie Mac (OTC: FMCC.OB). The program was designed to assist homeowners in refinancing their mortgages even if they owe more money than the home’s current value. Something like a third of all refinancing applications have been HARP driven lately. However, over the last week, the MBA reports the HARP share of refinances fell to 28%, from 30%, as conventional refinancing increased 14% on the week versus the 4% increase of HARP driven activity. This is the direct result of the drop in mortgage rates.

The nation’s most important mortgage originators in 2011 ranked Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), J.P. Morgan Chase (NYSE: JPM), Citigroup (NYSE: C), Ally, PHH Corp. (NYSE: PHH), U.S. Bancorp (NYSE: USB), Quicken, Flagstar Bancorp (NYSE: FBC) and BB&T (NYSE: BBT). Perhaps helped by today’s MBA news, the shares of the top four were up between 1% and 2%.

Still, purchase activity, or mortgage applications filed for the purchase of a home, decreased 4.2% on a seasonally adjusted basis last week. While refinancing is booming, the housing market remains sickly, and I just suggested homebuilder shareholders take profits on Tuesday’s builder confidence inspired climb higher for stocks including Toll Brothers, Ryland Group and others.

While it’s a shame that the driver of the day’s helpful mortgage activity is the direct result of the strife of others overseas, Americans might help themselves now by lowering their cost of living. Considering the economic situation I see developing, it’s all the more a good idea.

Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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