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Commerce Bancshares: Solid Operator But A Rich Valuation Limits Share Price Upside (NASDAQ:CBSH)

October 8, 2020

Investment Thesis

Based in Kansas City, Missouri, Commerce Bancshares, Inc. (CBSH) is a $30.5 billion asset holding company and parent to Commerce Bank. CBSH has a rich history of lending to the Midwest for more than 150 years. It currently operates a little over 160 branches with serving its local markets located in Colorado, Illinois, Kansas, Missouri, Oklahoma and Texas.

To me, CBSH is a bank that you would want to own in the beginning of a recession and but not necessarily today. Since the bank has a solid net interest margin and operating expense base it is typically more profitable than the average peer bank, and because of this has a that valuation is typically higher than peers. As one can see from the chart below, it currently trades at ~2.2x price to tangible book value per share.

While I do think that CBSH has a great mouse-trap, the

Kronos Bio Seeks $175 Million IPO For AML And Solid Tumor Treatments (Pending:KRON)

October 5, 2020

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Quick Take

Kronos Bio (KRON) has filed to raise $175 million in an IPO of its common stock, according to an S-1 registration statement.

The company is a clinical stage biopharma advancing treatment candidates for various cancer conditions.

KRON has produced intriguing Phase 1b/2 trial results for its lead candidate and has a significant collaboration relationship with Gilead.

For life science investors with a hold time frame of 24 to 36 months, the IPO may be worth consideration.

Company & Technology

San Mateo, California-based Kronos was founded to develop inhibitor treatments for acute myeloid leukemia and MYC-amplified solid tumors.

Management is headed by president and CEO Mr. Norbert Bischofberger, Ph.D., who has been with the firm since April 2018 and was previously EVP, Research & Development and Chief Scientific Officer at Gilead Sciences (GILD).

Below is a brief overview video of the causes and symptoms of acute myeloid leukemia [AML]:

China’s factory activity accelerates at solid pace in Sept on boost from overseas demand

September 30, 2020

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Eurasia Group President Ian Bremmer discusses the status of the US-China trade deal and the Trump administration holding China accountable.

China’s factory activity expanded at a faster pace in September helped by a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction.

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Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the

China’s factory activity accelerates at solid pace in September on boost from overseas demand

September 30, 2020

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By Gabriel Crossley

BEIJING (Reuters) – China’s factory activity extended solid growth in September, twin surveys showed, as the nation’s crucial exports engine revved up on improving overseas demand and underlined a steady economic recovery from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, according to data from the National Bureau of Statistics (NBS) on Wednesday, remaining above the 50-point mark that separates growth from contraction for the seventh month.

Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports propel a recovery.

The official PMI,

China’s Factory Activity Accelerates at Solid Pace in Sept on Boost From Overseas Demand | Investing News

September 30, 2020

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BEIJING (Reuters) – China’s factory activity expanded at a faster pace in September helped by a return to exports growth after several months of shrinking sales, bolstering a steady recovery for the economy as it rebounds from the coronavirus shock.

The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, data from the National Bureau of Statistics (NBS) showed on Wednesday, and remained above the 50-point mark that separates growth from contraction.

Analysts had expected it to pick up slightly to 51.2.

A private survey, also released on the day, painted a similar picture of the manufacturing sector gaining momentum backed by stronger overseas demand.

China’s vast industrial sector is steadily returning to the levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, stimulus-driven infrastructure expansion and surprisingly resilient exports propel a recovery.

The official PMI, which largely focuses

F.N.B. Corporation: Great Credit Profile Provides A Solid Entry Point (NYSE:FNB)

September 28, 2020

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Investment Thesis

Headquartered in Pittsburgh, Pennsylvania, F.N.B. Corporation (FNB) is a diversified financial holding company for First National Bank of Pennsylvania. FNB provides a wide range of financial services across the Atlantic seaboard through its 350+ bank branches. FNB has four main reported business segments: (1) Community Banking, (2) Wealth Management, (3) Insurance, and (4) Consumer Finance. With over $37 billion in assets and a leading deposit market share position in multiple MSAs located throughout its six state footprint, FNB is a force to be reckoned with.

While FNB is currently trading at a discount to peers, due to lower capital levels versus peers, I would look toward its sound credit policy and sustainable 7%+ dividend yield for reasons to invest today. FNB has a near sterling credit track record that I think should lead to greater earnings stability through this recession and could regain some of the multiple degradation

Pick BJ’s Wholesale for Solid Returns Amid Coronavirus Woes

September 28, 2020

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BJ’s Wholesale Club Holdings, Inc. BJ has emerged as one of the top-notch performers amid the COVID-19 jitters, courtesy of its sound fundamentals and growth efforts that reinforce its position in the ultra-competitive environment. A robust second-quarter fiscal 2020 performance is a testimony to the same. Impressively, shares of this operator of warehouse clubs have climbed 76.7% so far in the year against the industry’s decline of 14.8%.

This Westborough, MA-based company has also comfortably outperformed the S&P 500 Index that has advanced 2.4% in the aforementioned time frame. Further, the stock is hovering close to its 52-week high of $47.46. There is a likelihood that BJ’s Wholesale Club with a long-term earnings growth rate of 15.8% can attain new highs. A VGM Score of B highlights this Zacks Rank #2 (Buy) stock’s upside potential.

Markedly, the Zacks Consensus Estimate for its current financial year sales and earnings indicates an

Dow Futures Surge, Dollar Retreats After Solid China Data Lifts Global Stocks; Trump Tax Returns, US Politics in Focus

September 28, 2020

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The Monday Market Minute

Global stocks rebound from September losses heading into a busy week for political headline risk and a key reading for the U.S. job market.
President Donald Trump and former Vice President Joe Biden meet for their first of two debates this week, while lawmakers in Washington debate ways to avoid a government shutdown and add more stimulus to the sputtering economy.
China industrial profits continued to surge in August, helping boost stocks in Europe and Asia and providing an early market lift for Wall Street.
U.S. equity futures suggest a firmer open for U.S. stocks ahead of a week of big data readings, including second quarter GDP on Wednesday and September payrolls on Friday.

U.S. equity futures powered higher Monday, while the dollar retreated from a two-month high and oil prices slipped, as markets look to reverse a full month of losses ahead of a busy

Dow Future Surge, Dollar Retreats After Solid China Data

September 28, 2020

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The Monday Market Minute

Global stocks rebound from September losses heading into a busy week for political headline risk and a key reading for the U.S. job market.
President Donald Trump and former Vice President Joe Biden meet for their first of two debates this week, while lawmakers in Washington debate ways to avoid a government shutdown and add more stimulus to the sputtering economy.
China industrial profits continued to surge in August, helping boost stocks in Europe and Asia and providing an early market lift for Wall Street.
U.S. equity futures suggest a firmer open for U.S. stocks ahead of a week of big data readings, including second quarter GDP on Wednesday and September payrolls on Friday.

U.S. equity futures powered higher Monday, while the dollar retreated from a two-month high and oil prices slipped, as markets look to reverse a full month of losses ahead of a busy

First Financial: Great Footprint And Earnings Power Set Up A Solid Long-Term Buy (NASDAQ:FFIN)

September 28, 2020

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Investment Thesis

Headquartered in Abilene, Texas, First Financial Bankshares (FFIN) just crossed the ever important $10 billion threshold. The company operates multiple banking regions with its 78 locations and 9 trust company offices. The FFIN footprint stretches from Hereford, Texas, throughout the Panhandle to Orange, located in southeast Texas.

Bank investors need to beware of the Durbin amendment and what happens once a bank crosses that dreaded $10 billion line. The Durbin amendment is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which limits a few key noninterest income segments.

More specifically, interchange fees collected by the bank from debit transactions take the biggest hit. Since FFIN just crossed the $10 billion threshold in the second quarter, starting next year, management will need to start complying with yearly examinations from the Consumer Financial Protection Bureau. When its all said and done, FFIN will likely need to find