Financials

Goldman Sachs CEO: People Living Paycheck to Paycheck Are Cutting Back Even More

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By Steve Gelsi ‘The lower part of the economy is a little softer,’ says David Solomon ‘I’ve talked to a bunch of CEOs that operate businesses that would have good insight into what I’ll call a more paycheck-to-paycheck kind of spending behaviors. I think that in the last few months you see a pattern of those behaviors tightening up, which means that the lower part of the economy is a little softer.’David Solomon, chief executive, Goldman Sachs The U.S. consumer continues to feel squeezed with less purchasing power than they had four years ago, especially among people living paycheck to paycheck, Goldman Sachs Group Inc. Chief Executive David Solomon said Tuesday. While the service economy is strong, and the upper half of the economy in the U.S. remains robust, Solomon said the average American feels strained by prices that remain higher than before the COVID-19 pandemic, he said at the […]

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Raymond James Eyes Potential Acquisitions, But a Deal Could Still Be Years Away — Barrons.com

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By Andrew Welsch Raymond James Financial has cash to spend and it is actively pursuing potential acquisitions, but any deal announcement could still be a long way off, CFO Paul Shoukry said Tuesday. Shoukry, who spoke Tuesday at UBS’ Financial Services Conference in Key Biscayne, Fla., said the wealth management company had hired a new head of corporate development and was “in the flow” with investment bankers. “We are having conversations with firms we have wanted to have conversations with for years,” he said. “But you can’t time these things. Our approach is going out and looking for good cultural fits.” He pointed to the company’s acquisition of U.K.-based Charles Stanley Group as an example of a potential timeline. Raymond James closed the acquisition in 2022, but had its initial conversation with Charles Stanley eight years earlier. “We take a long term approach,” Shoukry said. “We’re thinking three to five

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CFRA Raises Opinion To Buy From Hold On Shares Of Citigroup Inc.

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target by $11 to $65 (consensus $61) on a forward P/E of 10.8x, which is in line with its five-year historic average. Our target would still be a 20% discount to net tangible book value (NTBV) of $81.65, while direct peers trade at par or a premium to NTBV. We see C executing its strategy to streamline the bank and drive growth in areas where it is a market leader. C has a leading franchise in corporate treasury services that is realizing recurring fee revenue and new account growth, global banking for institutions, and personal banking outside the U.S. Management has targets for operating efficiency with $1.5B in restructuring and severance costs in 2023 and another $700M to $1.0B in 2024, which should drive

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Morgan Stanley’s Path to 30% Margins in Wealth Management — Barrons.com

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By Andrew Welsch Morgan Stanley’s wealth unit fell short of its target for pretax profit margin in the fourth quarter, but the goal is still achievable and the company has a plan to hit its target, said Jed Finn, head of wealth management at Morgan Stanley. “We can add significantly more clients and assets without having to add significantly more to the infrastructure,” said Finn, who spoke at the BofA Securities Financial Services Conference on Thursday. Morgan Stanley has finished integrating recent acquisitions, which frees up resources, Finn said. It now has a robust platform for serving a wide range of clients and customer needs. Plus, it has a pipeline of future full-service wealth management clients. “Once the relationships are here, they grow over time,” he said. “It might start in a brokerage account, but it then grows into an advisory relationship. Or maybe it starts with a checking account.

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Stifel Reports January 2024 Operating Data：Client Assets Under Administration And Fee-Based Assets Increased 1% From The Prior Month

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Stifel Financial Corp. (NYSE:SF) today reported selected operating results for January 31, 2024 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Client assets under administration and fee-based assets increased 1% from the prior month and reached record levels of $447 billion and $167 billion, respectively, as we continue to benefit from strong equity markets and solid recruiting pipelines. Client money market and insured products declined by 1% from year-end levels as the expected seasonal decline in sweep deposits was partially offset by the increase in Smart Rate balances. Overall client cash, inclusive of money market funds and short-term treasuries, was essentially flat in January compared to the prior month.” Selected Operating Data (Unaudited) As of % Change (millions) 1/31/2024

Stifel Reports January 2024 Operating Data：Client Assets Under Administration And Fee-Based Assets Increased 1% From The Prior Month Read Post »

S&P Global (NYSE:SPGI) Stock Analyst Ratings

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S&P Global (NYSE:SPGI) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/12/2024 15.64% RBC Capital → $500 Reiterates Outperform → Outperform 02/09/2024 15.64% RBC Capital → $500 Reiterates Outperform → Outperform 01/09/2024 4.54% Raymond James $422 → $452 Maintains Outperform 10/05/2023 -6.79% Raymond James $421 → $403 Maintains Outperform 10/03/2023 -1.94% Morgan Stanley $450 → $424 Maintains Overweight 07/28/2023 4.31% Baird $460 → $451 Maintains Outperform 07/28/2023 2% Oppenheimer $425 → $441 Maintains Outperform 07/28/2023 8.7% Barclays $425 → $470 Maintains Overweight 07/13/2023 4.08% Wells Fargo $415 → $450 Maintains Overweight 07/12/2023 -2.63% Raymond James $413 → $421 Maintains Outperform 07/10/2023 -1.24% Morgan Stanley $400 → $427 Maintains Overweight 06/15/2023 7.55% B of A Securities → $465 Initiates Coverage On → Buy 06/14/2023 0.38% RBC Capital → $434 Reiterates Outperform → Outperform 05/09/2023 -4.02% Wells Fargo → $415 Initiates Coverage On →

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Moody’s (NYSE:MCO) Q4 2023 Adj. EPS $2.19 Misses $2.32 Estimate, Sales $1.48B Inline

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Moody’s (NYSE:MCO) reported quarterly adjsuted earnings of $2.19 per share which missed the analyst consensus estimate of $2.32 by 5.6 percent. This is a 36.87 percent increase over earnings of $1.60 per share from the same period last year. The company reported quarterly sales of $1.48 billion which met the analyst consensus estimate. This is a 14.73 percent increase over sales of $1.29 billion the same period last year.

Moody’s (NYSE:MCO) Q4 2023 Adj. EPS $2.19 Misses $2.32 Estimate, Sales $1.48B Inline Read Post »

Moody’s Corporation’s 2024 Guidance: Expects Revenue To Increase In The High-Single-Digit To Low-Double-Digit Percent Range; Sees Adjusted EPS Of $10.25-$11.00 Vs. $11.15 Est.

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Full Year 2024 Moody’s Corporation Guidance as of February 13, 2024 MOODY’S CORPORATION Current guidance Revenue Increase in the high-single-digit to low-double-digit percent range Operating Expenses Increase in the mid-to-high-single-digit percent range Operating Margin 37% to 39% Adjusted Operating Margin (1) 44% to 46% Interest Expense, Net $240 – $260 million Effective Tax Rate 22% to 24% Diluted EPS $9.45 to $10.20 Adjusted Diluted EPS (1) $10.25 to $11.00 Operating Cash Flow $2.3 to $2.5 billion Free Cash Flow (1) $1.9 to $2.1 billion Share Repurchases Approximately $1.0 billion (subject to available cash, market conditions, M&A opportunities, and other ongoing capital allocation decisions) Moody’s Analytics (MA) Current guidance MA Revenue Increase of approximately 10% ARR (2) Increase in the low-double-digit percent range MA Adjusted Operating Margin 30% to 31% Moody’s Investors Service (MIS) Current guidance MIS Revenue Increase in the high-single-digit to low-double-digit percent range MIS Adjusted Operating Margin 55.5%

Moody’s Corporation’s 2024 Guidance: Expects Revenue To Increase In The High-Single-Digit To Low-Double-Digit Percent Range; Sees Adjusted EPS Of $10.25-$11.00 Vs. $11.15 Est. Read Post »

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