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2021-12-27

Bank stocks may struggle to repeat gains of 2021 next year, but analysts see some grounds for optimism<blockquote>银行股明年可能难以重复2021年的涨幅，但分析师认为有一些乐观的理由</blockquote>

JPMorgan analyst spotlights Bank of America, U.S. Bancorp and PNC as stocks likely to benefit from r

Bank stocks may struggle to repeat gains of 2021 next year, but analysts see some grounds for optimism<blockquote>银行股明年可能难以重复2021年的涨幅，但分析师认为有一些乐观的理由</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":696910916,"tweetId":"696910916","gmtCreate":1640595860388,"gmtModify":1640595861272,"author":{"id":3581537424279866,"idStr":"3581537424279866","authorId":3581537424279866,"authorIdStr":"3581537424279866","name":"7e4d1591","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>1</body></html>","htmlText":"<html><head></head><body>1</body></html>","text":"1","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/696910916","repostId":2193118706,"repostType":4,"repost":{"id":"2193118706","kind":"highlight","pubTimestamp":1640593318,"share":"https://www.laohu8.com/m/news/2193118706?lang=zh_CN&edition=full","pubTime":"2021-12-27 16:21","market":"us","language":"en","title":"Bank stocks may struggle to repeat gains of 2021 next year, but analysts see some grounds for optimism<blockquote>银行股明年可能难以重复2021年的涨幅，但分析师认为有一些乐观的理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2193118706","media":"MarketWatch","summary":"JPMorgan analyst spotlights Bank of America, U.S. Bancorp and PNC as stocks likely to benefit from r","content":"JPMorgan analyst spotlights Bank of America, U.S. Bancorp and PNC as stocks likely to benefit from rising interest rates, recovery from COVID and M&amp;A savings<blockquote>摩根大通分析师重点关注美国银行、美国合众银行和PNC，因为这些股票可能受益于利率上升、新冠疫情复苏和并购节省</blockquote> <img src=\"https://static.tigerbbs.com/0955831a01209bbd081a6b28584b764b\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\">Bank of America is one of the stocks expected to do well when interest rates rise next year.<blockquote>美国银行是预计明年加息时表现良好的股票之一。</blockquote> Megabanks and regional lenders alike will see a boost from higher interest rates and potential loan growth in 2022, but may be challenged to extend their big stock market gains from 2021.<blockquote>大型银行和地区银行都将在2022年看到利率上升和潜在贷款增长的提振，但可能会面临从2021年开始延续股市大幅涨幅的挑战。</blockquote> The banking sector is facing a tougher regulatory and possibly economic environment in the New Year, but lenders will likely see a boost to their margins as central banks lift interest rates to combat inflation.<blockquote>银行业在新的一年里面临着更严格的监管和可能的经济环境，但随着央行提高利率以对抗通胀，银行的利润率可能会有所提高。</blockquote> The view from Wall Street has been bullish, with shares of the larger financial institutions and regional banks turning in strong performances in 2021. As of Dec. 22, Dow components Goldman Sachs&nbsp;and JPMorgan&nbsp;have rallied about 45% and 23% respectively in 2021. Wells Fargo&nbsp; has gained 59%, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>&nbsp;has risen about 44% . Citigroup&nbsp;has fared less well, falling 3%.<blockquote>华尔街的观点一直看涨，大型金融机构和地区性银行的股票在2021年表现强劲。截至12月22日，道指成分股高盛和摩根大通在2021年分别上涨了约45%和23%。富国银行上涨了59%，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>上涨了约44%。花旗集团表现不佳，下跌3%。</blockquote> The Dow Jones Industrial Average is up about 16.7% for the year while the S&amp;P 500 has risen by 24.7%.<blockquote>道琼斯工业平均指数今年上涨了约16.7%，而标普500上涨了24.7%。</blockquote> With regional banks boosted by record M&amp;A in the sector, the KBW Bank Index BKX is up about 33%.<blockquote>随着地区银行受到该行业创纪录并购的提振，KBW银行指数BKX上涨约33%。</blockquote> While it may be difficult to sustain those types of gains in 2022, analysts have found at least a few things to be cheerful about.<blockquote>尽管2022年可能很难维持这些类型的涨幅，但分析师至少发现了一些值得高兴的事情。</blockquote> ‘Large bank stocks have sold off and have sharply lagged the S&amp;P 500 since the Omicron news hit. Valuations are attractive and should rise as the Fed starts tightening.’” — Vivek Juneja, bank analyst, JPMorgan <blockquote>“自Omicron消息传出以来，大型银行股遭到抛售，并大幅落后于标普500。估值很有吸引力，随着美联储开始收紧政策，估值应该会上升。”——摩根大通银行分析师Vivek Juneja</blockquote> JPMorgan analyst Vivek Juneja said bank stocks look healthy for the balance of 2022 but will likely start the year choppy due to omicron variant concerns. The business would then outperform as the Fed focuses on fighting inflation, but the key challenge is whether these actions will manage to tame prices without throwing cold water on economic expansion.<blockquote>摩根大通分析师Vivek Juneja表示，银行股在2022年剩余时间内看起来健康，但由于对奥密克戎变体的担忧，今年年初可能会出现波动。随着美联储专注于对抗通胀，该业务将表现出色，但关键挑战是这些行动是否能够在不给经济扩张泼冷水的情况下抑制价格。</blockquote> \"Large bank stocks have sold off and have sharply lagged the S&amp;P 500 since the omicron news hit,\" Juneja said in his Dec. 16 research note. \"Valuations are attractive and should rise as the Fed starts tightening.\"<blockquote>Juneja在12月16日的研究报告中表示：“自omicron消息传出以来，大型银行股遭到抛售，并大幅落后于标普500。”“估值很有吸引力，随着美联储开始紧缩，估值应该会上升。”</blockquote> Consumer spending and travel may be dampened near term by variant concerns but should recover as COVID-19 trends start to improve, he added. Other complicating factors include potential credit losses, higher expenses for technology and compliance costs, and a \"harsher\" regulatory environment, he said.<blockquote>他补充说，消费者支出和旅行在短期内可能会受到各种担忧的抑制，但随着COVID-19趋势开始改善，应该会恢复。他表示，其他复杂因素包括潜在的信用损失、更高的技术和合规成本以及“更严酷”的监管环境。</blockquote> Bank of America&nbsp;is seen as a larger beneficiary of higher rates, JPMorgan said. U.S. Bancorp&nbsp;is poised to benefit from a pickup in airline and travel spending later in 2022, while PNC&nbsp;will reap short-term rewards from merger cost savings, as it invests its \"large excess liquidity.\"<blockquote>摩根大通表示，美国银行被视为利率上升的更大受益者。U.S.Bancorp有望在2022年晚些时候受益于航空和旅行支出的回升，而PNC将从合并成本节省中获得短期回报，因为它投资了“大量过剩流动性”。</blockquote> Another potential plus for banks is loan activity. According to data from the U.S. Federal Reserve, commercial and industrial (C&amp;I) loans are up 1.9% in the fourth quarter-to-date at large banks, an improvement from the third quarter.<blockquote>银行的另一个潜在优势是贷款活动。根据美联储的数据，大型银行第四季度迄今的商业和工业（C&amp;I）贷款增长了1.9%，较第三季度有所改善。</blockquote> \"If this faster loan growth continues into 2022, it would be positive for banks,\" Juneja said. \"However, competition from non-banks is likely to remain very intense with rates still relatively low.\"<blockquote>Juneja表示：“如果这种更快的贷款增长持续到2022年，这对银行来说将是积极的。”“然而，由于利率仍然相对较低，来自非银行机构的竞争可能仍然非常激烈。”</blockquote> On the regulatory front, President Joe Biden has yet to name a candidate as head of the Office of the Comptroller of the Currency after Saule Amarova withdrew her name earlier this month. Another major vacancy is a replacement for Randal Quarles, the first confirmed Fed vice chairman for banking supervision.<blockquote>在监管方面，在Saule Amarova本月早些时候撤回提名后，总统乔·拜登尚未提名货币监理署署长候选人。另一个主要空缺是兰德尔·夸尔斯(Randal Quarles)的继任者，他是第一位确认的美联储负责银行监管的副主席。</blockquote> Allen Denson, partner at Strook &amp; Strook &amp; Lavan LLP, said uncertainty on the federal regulatory front could stifle innovation at banks.<blockquote>Strook&amp;Strook&amp;Lavan LLP合伙人艾伦·丹森(Allen Denson)表示，联邦监管方面的不确定性可能会扼杀银行的创新。</blockquote> \"A bank is less likely to introduce a new product if the regulatory environment is unknown,\" he said. \"Banks prefer stability.\"<blockquote>“如果监管环境未知，银行就不太可能推出新产品，”他说。“银行更喜欢稳定。”</blockquote> Meanwhile, banks must pivot toward changing consumer behavior by investing in technology to offer more online banking services. Banks may also face challenges to their loan portfolios if they have exposure to commercial properties impacted by lower office occupancy or drops in retail activity.<blockquote>与此同时，银行必须通过投资技术来提供更多的网上银行服务，从而改变消费者行为。如果银行的商业地产受到写字楼入住率下降或零售活动下降的影响，其贷款组合也可能面临挑战。</blockquote> Overall, the Biden administration has signaled it wants to slow down bank consolidation and support community banks, in an effort to protect consumers, Denson said.<blockquote>丹森表示，总体而言，拜登政府已表示希望减缓银行整合并支持社区银行，以保护消费者。</blockquote> Climate change issues also loom large on the radar for banks in 2022.<blockquote>2022年，气候变化问题也成为银行关注的焦点。</blockquote> The Office of the Comptroller of the Currency last week released proposed principles that would increase bank disclosure on climate risk from fossil fuels in loans.<blockquote>美国货币监理署上周发布了拟议原则，将增加银行对贷款中化石燃料气候风险的披露。</blockquote> The outlook is different for regional banks and mid-sized banks, however. Hovde Group analyst Brett Rabatin said the firm organized nearly 20 meetings in recent weeks with institutional investors in the banking sector and most remain bullish on the sector.<blockquote>然而，地区性银行和中型银行的前景有所不同。Hovde Group分析师Brett Rabatin表示，该公司最近几周与银行业的机构投资者组织了近20次会议，大多数人仍然看好该行业。</blockquote> Hovde's regional bank picks include Colony Bankcorp, <a href=\"https://laohu8.com/S/FRBA\">First Bank</a> (N.J.) (FRBA), <a href=\"https://laohu8.com/S/INBK\">First Internet Bancorp</a>, <a href=\"https://laohu8.com/S/MVBFO\">MVB Financial Corp.</a>&nbsp;and <a href=\"https://laohu8.com/S/STL\">Sterling Bancorp</a>. Mid-cap picks include First Merchants Corp., <a href=\"https://laohu8.com/S/ONB\">Old National Bancorp</a>&nbsp;and Veritex Holdings.<blockquote>Hovde选择的地区银行包括Colony Bankcorp、<a href=\"https://laohu8.com/S/FRBA\">第一银行</a>（新泽西州）（FRBA），<a href=\"https://laohu8.com/S/INBK\">第一互联网银行</a>,<a href=\"https://laohu8.com/S/MVBFO\">MVB金融公司。</a>和<a href=\"https://laohu8.com/S/STL\">斯特林银行</a>中型股包括First Merchants Corp.,<a href=\"https://laohu8.com/S/ONB\">旧国家银行</a>和Veritex控股公司。</blockquote> \"From our conversations, nearly all the investors we met with think the space is primed to outperform the broader market again in 2022,\" Rabatin said in his Dec. 17 research note. \"Probably the most debated topic of conversation was around loan growth outlooks and whether banks will be able to hit their growth targets next year.\"<blockquote>拉巴廷在12月17日的研究报告中表示：“从我们的谈话来看，我们会见的几乎所有投资者都认为该领域的表现将在2022年再次跑赢大盘。”“最有争议的话题可能是贷款增长前景以及银行明年是否能够实现增长目标。”</blockquote> Some investors believe excess liquidity will be drawn down before significant commercial loan growth transpires, while others were more positive and expect solid growth trends in 2022, he said.<blockquote>他表示，一些投资者认为，在商业贷款大幅增长之前，过剩的流动性将被提取，而另一些投资者则更为乐观，预计2022年将出现稳健的增长趋势。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bank stocks may struggle to repeat gains of 2021 next year, but analysts see some grounds for optimism<blockquote>银行股明年可能难以重复2021年的涨幅，但分析师认为有一些乐观的理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBank stocks may struggle to repeat gains of 2021 next year, but analysts see some grounds for optimism<blockquote>银行股明年可能难以重复2021年的涨幅，但分析师认为有一些乐观的理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-12-27 16:21\n\n</h4>\n</header>\n<article>\nJPMorgan analyst spotlights Bank of America, U.S. Bancorp and PNC as stocks likely to benefit from rising interest rates, recovery from COVID and M&amp;A savings<blockquote>摩根大通分析师重点关注美国银行、美国合众银行和PNC，因为这些股票可能受益于利率上升、新冠疫情复苏和并购节省</blockquote> <img src=\"https://static.tigerbbs.com/0955831a01209bbd081a6b28584b764b\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\">Bank of America is one of the stocks expected to do well when interest rates rise next year.<blockquote>美国银行是预计明年加息时表现良好的股票之一。</blockquote> Megabanks and regional lenders alike will see a boost from higher interest rates and potential loan growth in 2022, but may be challenged to extend their big stock market gains from 2021.<blockquote>大型银行和地区银行都将在2022年看到利率上升和潜在贷款增长的提振，但可能会面临从2021年开始延续股市大幅涨幅的挑战。</blockquote> The banking sector is facing a tougher regulatory and possibly economic environment in the New Year, but lenders will likely see a boost to their margins as central banks lift interest rates to combat inflation.<blockquote>银行业在新的一年里面临着更严格的监管和可能的经济环境，但随着央行提高利率以对抗通胀，银行的利润率可能会有所提高。</blockquote> The view from Wall Street has been bullish, with shares of the larger financial institutions and regional banks turning in strong performances in 2021. As of Dec. 22, Dow components Goldman Sachs&nbsp;and JPMorgan&nbsp;have rallied about 45% and 23% respectively in 2021. Wells Fargo&nbsp; has gained 59%, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>&nbsp;has risen about 44% . Citigroup&nbsp;has fared less well, falling 3%.<blockquote>华尔街的观点一直看涨，大型金融机构和地区性银行的股票在2021年表现强劲。截至12月22日，道指成分股高盛和摩根大通在2021年分别上涨了约45%和23%。富国银行上涨了59%，<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>上涨了约44%。花旗集团表现不佳，下跌3%。</blockquote> The Dow Jones Industrial Average is up about 16.7% for the year while the S&amp;P 500 has risen by 24.7%.<blockquote>道琼斯工业平均指数今年上涨了约16.7%，而标普500上涨了24.7%。</blockquote> With regional banks boosted by record M&amp;A in the sector, the KBW Bank Index BKX is up about 33%.<blockquote>随着地区银行受到该行业创纪录并购的提振，KBW银行指数BKX上涨约33%。</blockquote> While it may be difficult to sustain those types of gains in 2022, analysts have found at least a few things to be cheerful about.<blockquote>尽管2022年可能很难维持这些类型的涨幅，但分析师至少发现了一些值得高兴的事情。</blockquote> ‘Large bank stocks have sold off and have sharply lagged the S&amp;P 500 since the Omicron news hit. Valuations are attractive and should rise as the Fed starts tightening.’” — Vivek Juneja, bank analyst, JPMorgan <blockquote>“自Omicron消息传出以来，大型银行股遭到抛售，并大幅落后于标普500。估值很有吸引力，随着美联储开始收紧政策，估值应该会上升。”——摩根大通银行分析师Vivek Juneja</blockquote> JPMorgan analyst Vivek Juneja said bank stocks look healthy for the balance of 2022 but will likely start the year choppy due to omicron variant concerns. The business would then outperform as the Fed focuses on fighting inflation, but the key challenge is whether these actions will manage to tame prices without throwing cold water on economic expansion.<blockquote>摩根大通分析师Vivek Juneja表示，银行股在2022年剩余时间内看起来健康，但由于对奥密克戎变体的担忧，今年年初可能会出现波动。随着美联储专注于对抗通胀，该业务将表现出色，但关键挑战是这些行动是否能够在不给经济扩张泼冷水的情况下抑制价格。</blockquote> \"Large bank stocks have sold off and have sharply lagged the S&amp;P 500 since the omicron news hit,\" Juneja said in his Dec. 16 research note. \"Valuations are attractive and should rise as the Fed starts tightening.\"<blockquote>Juneja在12月16日的研究报告中表示：“自omicron消息传出以来，大型银行股遭到抛售，并大幅落后于标普500。”“估值很有吸引力，随着美联储开始紧缩，估值应该会上升。”</blockquote> Consumer spending and travel may be dampened near term by variant concerns but should recover as COVID-19 trends start to improve, he added. Other complicating factors include potential credit losses, higher expenses for technology and compliance costs, and a \"harsher\" regulatory environment, he said.<blockquote>他补充说，消费者支出和旅行在短期内可能会受到各种担忧的抑制，但随着COVID-19趋势开始改善，应该会恢复。他表示，其他复杂因素包括潜在的信用损失、更高的技术和合规成本以及“更严酷”的监管环境。</blockquote> Bank of America&nbsp;is seen as a larger beneficiary of higher rates, JPMorgan said. U.S. Bancorp&nbsp;is poised to benefit from a pickup in airline and travel spending later in 2022, while PNC&nbsp;will reap short-term rewards from merger cost savings, as it invests its \"large excess liquidity.\"<blockquote>摩根大通表示，美国银行被视为利率上升的更大受益者。U.S.Bancorp有望在2022年晚些时候受益于航空和旅行支出的回升，而PNC将从合并成本节省中获得短期回报，因为它投资了“大量过剩流动性”。</blockquote> Another potential plus for banks is loan activity. According to data from the U.S. Federal Reserve, commercial and industrial (C&amp;I) loans are up 1.9% in the fourth quarter-to-date at large banks, an improvement from the third quarter.<blockquote>银行的另一个潜在优势是贷款活动。根据美联储的数据，大型银行第四季度迄今的商业和工业（C&amp;I）贷款增长了1.9%，较第三季度有所改善。</blockquote> \"If this faster loan growth continues into 2022, it would be positive for banks,\" Juneja said. \"However, competition from non-banks is likely to remain very intense with rates still relatively low.\"<blockquote>Juneja表示：“如果这种更快的贷款增长持续到2022年，这对银行来说将是积极的。”“然而，由于利率仍然相对较低，来自非银行机构的竞争可能仍然非常激烈。”</blockquote> On the regulatory front, President Joe Biden has yet to name a candidate as head of the Office of the Comptroller of the Currency after Saule Amarova withdrew her name earlier this month. Another major vacancy is a replacement for Randal Quarles, the first confirmed Fed vice chairman for banking supervision.<blockquote>在监管方面，在Saule Amarova本月早些时候撤回提名后，总统乔·拜登尚未提名货币监理署署长候选人。另一个主要空缺是兰德尔·夸尔斯(Randal Quarles)的继任者，他是第一位确认的美联储负责银行监管的副主席。</blockquote> Allen Denson, partner at Strook &amp; Strook &amp; Lavan LLP, said uncertainty on the federal regulatory front could stifle innovation at banks.<blockquote>Strook&amp;Strook&amp;Lavan LLP合伙人艾伦·丹森(Allen Denson)表示，联邦监管方面的不确定性可能会扼杀银行的创新。</blockquote> \"A bank is less likely to introduce a new product if the regulatory environment is unknown,\" he said. \"Banks prefer stability.\"<blockquote>“如果监管环境未知，银行就不太可能推出新产品，”他说。“银行更喜欢稳定。”</blockquote> Meanwhile, banks must pivot toward changing consumer behavior by investing in technology to offer more online banking services. Banks may also face challenges to their loan portfolios if they have exposure to commercial properties impacted by lower office occupancy or drops in retail activity.<blockquote>与此同时，银行必须通过投资技术来提供更多的网上银行服务，从而改变消费者行为。如果银行的商业地产受到写字楼入住率下降或零售活动下降的影响，其贷款组合也可能面临挑战。</blockquote> Overall, the Biden administration has signaled it wants to slow down bank consolidation and support community banks, in an effort to protect consumers, Denson said.<blockquote>丹森表示，总体而言，拜登政府已表示希望减缓银行整合并支持社区银行，以保护消费者。</blockquote> Climate change issues also loom large on the radar for banks in 2022.<blockquote>2022年，气候变化问题也成为银行关注的焦点。</blockquote> The Office of the Comptroller of the Currency last week released proposed principles that would increase bank disclosure on climate risk from fossil fuels in loans.<blockquote>美国货币监理署上周发布了拟议原则，将增加银行对贷款中化石燃料气候风险的披露。</blockquote> The outlook is different for regional banks and mid-sized banks, however. Hovde Group analyst Brett Rabatin said the firm organized nearly 20 meetings in recent weeks with institutional investors in the banking sector and most remain bullish on the sector.<blockquote>然而，地区性银行和中型银行的前景有所不同。Hovde Group分析师Brett Rabatin表示，该公司最近几周与银行业的机构投资者组织了近20次会议，大多数人仍然看好该行业。</blockquote> Hovde's regional bank picks include Colony Bankcorp, <a href=\"https://laohu8.com/S/FRBA\">First Bank</a> (N.J.) (FRBA), <a href=\"https://laohu8.com/S/INBK\">First Internet Bancorp</a>, <a href=\"https://laohu8.com/S/MVBFO\">MVB Financial Corp.</a>&nbsp;and <a href=\"https://laohu8.com/S/STL\">Sterling Bancorp</a>. Mid-cap picks include First Merchants Corp., <a href=\"https://laohu8.com/S/ONB\">Old National Bancorp</a>&nbsp;and Veritex Holdings.<blockquote>Hovde选择的地区银行包括Colony Bankcorp、<a href=\"https://laohu8.com/S/FRBA\">第一银行</a>（新泽西州）（FRBA），<a href=\"https://laohu8.com/S/INBK\">第一互联网银行</a>,<a href=\"https://laohu8.com/S/MVBFO\">MVB金融公司。</a>和<a href=\"https://laohu8.com/S/STL\">斯特林银行</a>中型股包括First Merchants Corp.,<a href=\"https://laohu8.com/S/ONB\">旧国家银行</a>和Veritex控股公司。</blockquote> \"From our conversations, nearly all the investors we met with think the space is primed to outperform the broader market again in 2022,\" Rabatin said in his Dec. 17 research note. \"Probably the most debated topic of conversation was around loan growth outlooks and whether banks will be able to hit their growth targets next year.\"<blockquote>拉巴廷在12月17日的研究报告中表示：“从我们的谈话来看，我们会见的几乎所有投资者都认为该领域的表现将在2022年再次跑赢大盘。”“最有争议的话题可能是贷款增长前景以及银行明年是否能够实现增长目标。”</blockquote> Some investors believe excess liquidity will be drawn down before significant commercial loan growth transpires, while others were more positive and expect solid growth trends in 2022, he said.<blockquote>他表示，一些投资者认为，在商业贷款大幅增长之前，过剩的流动性将被提取，而另一些投资者则更为乐观，预计2022年将出现稳健的增长趋势。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/bank-stocks-may-struggle-to-repeat-gains-of-2021-next-year-but-analysts-see-some-grounds-for-optimism-11640203454?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","BK4195":"互助储蓄与抵押信贷金融服务","C":"花旗","BK4501":"段永平概念","BK4553":"喜马拉雅资本持仓","PNC":"PNC金融","GS":"高盛","SBT":"Sterling Bancorp, Inc.","BK4534":"瑞士信贷持仓","FRBA":"First Bank","BK4127":"投资银行业与经纪业","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","VBTX":"Veritex Holdings, Inc.","WFC":"富国银行","USB":"美国合众银行","BAC":"美国银行","BK4504":"桥水持仓","BK4559":"巴菲特持仓","FRME":"第一招商股份","BK4550":"红杉资本持仓","BK4552":"Archegos爆仓风波概念","CBAN":"科勒尼","ONB":"Old National Bancorp","JPM":"摩根大通","BK4207":"综合性银行","BK4211":"区域性银行","MVBF":"MVB Financial Corp.","INBK":"First Internet Bancorp"},"source_url":"https://www.marketwatch.com/story/bank-stocks-may-struggle-to-repeat-gains-of-2021-next-year-but-analysts-see-some-grounds-for-optimism-11640203454?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2193118706","content_text":"JPMorgan analyst spotlights Bank of America, U.S. Bancorp and PNC as stocks likely to benefit from rising interest rates, recovery from COVID and M&A savings\nBank of America is one of the stocks expected to do well when interest rates rise next year.\nMegabanks and regional lenders alike will see a boost from higher interest rates and potential loan growth in 2022, but may be challenged to extend their big stock market gains from 2021.\nThe banking sector is facing a tougher regulatory and possibly economic environment in the New Year, but lenders will likely see a boost to their margins as central banks lift interest rates to combat inflation.\nThe view from Wall Street has been bullish, with shares of the larger financial institutions and regional banks turning in strong performances in 2021. As of Dec. 22, Dow components Goldman Sachs and JPMorgan have rallied about 45% and 23% respectively in 2021. Wells Fargo  has gained 59%, Morgan Stanley has risen about 44% . Citigroup has fared less well, falling 3%.\nThe Dow Jones Industrial Average is up about 16.7% for the year while the S&P 500 has risen by 24.7%.\nWith regional banks boosted by record M&A in the sector, the KBW Bank Index BKX is up about 33%.\nWhile it may be difficult to sustain those types of gains in 2022, analysts have found at least a few things to be cheerful about.\n\n\n ‘Large bank stocks have sold off and have sharply lagged the S&P 500 since the Omicron news hit. Valuations are attractive and should rise as the Fed starts tightening.’”\n\n\n — Vivek Juneja, bank analyst, JPMorgan\n\n\nJPMorgan analyst Vivek Juneja said bank stocks look healthy for the balance of 2022 but will likely start the year choppy due to omicron variant concerns. The business would then outperform as the Fed focuses on fighting inflation, but the key challenge is whether these actions will manage to tame prices without throwing cold water on economic expansion.\n\"Large bank stocks have sold off and have sharply lagged the S&P 500 since the omicron news hit,\" Juneja said in his Dec. 16 research note. \"Valuations are attractive and should rise as the Fed starts tightening.\"\nConsumer spending and travel may be dampened near term by variant concerns but should recover as COVID-19 trends start to improve, he added. Other complicating factors include potential credit losses, higher expenses for technology and compliance costs, and a \"harsher\" regulatory environment, he said.\nBank of America is seen as a larger beneficiary of higher rates, JPMorgan said. U.S. Bancorp is poised to benefit from a pickup in airline and travel spending later in 2022, while PNC will reap short-term rewards from merger cost savings, as it invests its \"large excess liquidity.\"\nAnother potential plus for banks is loan activity. According to data from the U.S. Federal Reserve, commercial and industrial (C&I) loans are up 1.9% in the fourth quarter-to-date at large banks, an improvement from the third quarter.\n\"If this faster loan growth continues into 2022, it would be positive for banks,\" Juneja said. \"However, competition from non-banks is likely to remain very intense with rates still relatively low.\"\nOn the regulatory front, President Joe Biden has yet to name a candidate as head of the Office of the Comptroller of the Currency after Saule Amarova withdrew her name earlier this month. Another major vacancy is a replacement for Randal Quarles, the first confirmed Fed vice chairman for banking supervision.\nAllen Denson, partner at Strook & Strook & Lavan LLP, said uncertainty on the federal regulatory front could stifle innovation at banks.\n\"A bank is less likely to introduce a new product if the regulatory environment is unknown,\" he said. \"Banks prefer stability.\"\nMeanwhile, banks must pivot toward changing consumer behavior by investing in technology to offer more online banking services. Banks may also face challenges to their loan portfolios if they have exposure to commercial properties impacted by lower office occupancy or drops in retail activity.\nOverall, the Biden administration has signaled it wants to slow down bank consolidation and support community banks, in an effort to protect consumers, Denson said.\nClimate change issues also loom large on the radar for banks in 2022.\nThe Office of the Comptroller of the Currency last week released proposed principles that would increase bank disclosure on climate risk from fossil fuels in loans.\nThe outlook is different for regional banks and mid-sized banks, however. Hovde Group analyst Brett Rabatin said the firm organized nearly 20 meetings in recent weeks with institutional investors in the banking sector and most remain bullish on the sector.\nHovde's regional bank picks include Colony Bankcorp, First Bank (N.J.) (FRBA), First Internet Bancorp, MVB Financial Corp. and Sterling Bancorp. Mid-cap picks include First Merchants Corp., Old National Bancorp and Veritex Holdings.\n\"From our conversations, nearly all the investors we met with think the space is primed to outperform the broader market again in 2022,\" Rabatin said in his Dec. 17 research note. \"Probably the most debated topic of conversation was around loan growth outlooks and whether banks will be able to hit their growth targets next year.\"\nSome investors believe excess liquidity will be drawn down before significant commercial loan growth transpires, while others were more positive and expect solid growth trends in 2022, he said.","news_type":1,"symbols_score_info":{"MS":0.9,"FRBA":0.9,"BAC":0.9,"MVBF":0.9,"WFC":0.9,"SBT":0.9,"VBTX":0.9,"FRME":0.9,"GS":0.9,"ONB":0.9,"USB":0.9,"END":0.9,"PNC":0.9,"INBK":0.9,"JPM":0.9,"CBAN":0.9,"C":0.9}},"isVote":1,"tweetType":1,"viewCount":259,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}