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Silvergate Capital and Bally's have been highlighted as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – April 22, 2022 – Zacks Equity Research shares Silvergate Capital as the Bull of the Day and Bally’s (BALY - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Northern Trust Corp. (NTRS - Free Report) , SouthState Corp. (SSB - Free Report) and Prosperity Bancshares, Inc. (PB - Free Report) .
Silvergate Capital is a Zacks Rank #1 (Strong Buy) that is a bank holding company for Silvergate Bank. The company provides banking products and services to business and individual clients, with a niche focus in digital assets.
The stock took off in late 2021 because of its crypto focused approach. However, as the crypto markets fell apart, so did the Silvergate stock price. But after a recent positive earnings report, the bulls are coming back into the stock.
More About Silvergate
The company was founded in 1988 and is headquartered in La Jolla, CA. It employs 279 people and has a market cap of $4.1 billion.
Silvergate's focus in digital currency is to provide innovative financial infrastructure and services for institutions and investors. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.
While the Zacks Rank for SI is high, investors have the right to question the valuation. The stock has a Zacks Style Score of "F" in Value due to a Forward PE of 40. This isn't bad for a tech company, but high for a bank. That being said, recent earnings are proving that Silvergate could grow into that valuation if the crypto industry can remain robust.
Q1 Earnings Beat
On April 19th, Silvergate reported a 71% EPS beat for Q1. This was a nice rebound from the 4% miss last quarter, the only miss since the company came to market in 2019.
While the EPS number was solid, revenues came in below expectations. However, digital customer deposits came in at $14.7B v 13.3B last quarter. This was partly because the amount of digital currency customers jumped 36% from the prior year.
CEO Alan Lane had the following comments about the quarter:
"We started off 2022 on a strong note, driven by the power of our platform and continued progress on our strategic initiatives. I'm particularly pleased with our first quarter results when you consider that this was one of the most challenging periods for the broader crypto ecosystem since the beginning of the pandemic. While volume on the Silvergate Exchange Network was impacted by broader industry trends, I remain encouraged by the continued growth we saw in customers, SEN Leverage commitments, and average deposits, which reached a record $14.7 billion."
Estimates Rising
Because of the big earnings beat, we have seen earnings estimates shoot higher over the last 7 days. For next quarter, numbers have gone up 4.5%, from $0.87 to $0.91. For next year, estimates have surged 13% higher, from $5.96 to $6.73.
Analysts are commenting that higher interest rates and the ability to put cash to work in higher yielding assets will have a strong impact on Silvergate's earnings power.
For that reason, analysts are lifting their price targets for the stock.
Upgrades
Since earnings, we have seen a handful of upgrades and price targets significantly above current trading levels.
In a note from Wedbush, the firm comments that Silvergate's ability to deploy excess liquidity and lower expenses should drive EPS higher. The firm has an Outperform rating and a $200 price target, which is almost 50% above current levels.
Wedbush isn't the only bull, as both Canaccord ($200) and B.Riley ($260) have similar targets. Goldman Sachs also reiterated SI with a Buy, but cut its target to $180 from $210. This is still over 30% from current levels.
The Technical Take
Because of its dealing in the crypto markets, SI is a very volatile name. The stock had a big run from late 2020 into late 2021. During this time, SI moved from $15 to a high of $239, before dropping to $85 earlier this year.
This drop was a little more than a 61.8% retracement from the lows to highs. After some back and forth, the stock started moving higher off that level and is now testing some moving averages.
The 50-day MA is at $130, the 200-day at $134 and the 21-day at $140. All these levels were taken out after earnings, but the stock has pulled back to the 200-day in the mid-$130s.
The bulls have established the long-term support at the 61.8% retracement. However, they will want to maintain the moving averages if they want the momentum to continue.
Look for the $143 level to be a breakout spot, that could take the stock above the march highs at $160.
In Summary
Despite the struggles in Bitcoin and Ethereum over the last quarter, Silvergate performed above expectations. The bulls are pushing the stock higher on the news, but will want to hold the moving averages in this volatile name.
Investors looking to get in should watch support around the $130 level and be willing to add above $143 for a run above those March highs.
If crypto markets improve and come out of the crypto bear market, look for the bulls to push the stock close to those analyst targets at $200.
Bally's is a Zacks Rank #5 (Strong Sell) that is a gaming, hospitality, and entertainment company that engages in casinos, resorts, and online gaming businesses.
The stock did fairly well in 2020, but is now trading 60% off the 2021 highs. Investors are now wondering if it's time to buy or if the stock has more room to go lower.
While there might be a bargain coming for investors soon, a recent earnings report has the stock dragging lower.
About the Company
Bally's is headquartered in Providence, RI and employs almost 9,500. The company was founded in 2004 and in 2020 changed its name from Twin River Holdings to Bally's.
The company's properties include Twin River Casino Hotel, Tiverton Casino Hotel, Hard Rock Hotel & Casino, Casino Vicksburg, Dover Downs Hotel & Casino, Casino KC, Golden Gates Casino, Golden Gulch Casino, Mardi Gras Casino and Arapahoe Park racetrack.
The stock has a Zacks Style Scores of "F" in both Growth and Momentum, while sporting a "C" in Value.
Q4 Earnings and Estimates
Bally's reported earnings in late February, missing expectations by 96%. Revenues missed as well, coming in at $547.7M v the $577M expected.
The miss was the fourth straight since the Bally's blew out their numbers in Q1 of 2021.
Over the 60 days, estimates have plummeted. For the current quarter, we see a drop from $0.40 to -$0.44. For the current year, estimates went from $1.72 to -1.07.
In January the company received a buyout from Standard General at $38 a share. The hedge fund already owns over 20% of the company and wants to take the company public.
While the board continues to examine the offer, the stock is trading a 20% discount to the offer. So, the market clearly thinks this deal won't happen.
Technical Take
Investors might be thinking they are getting a deal because the stock has fallen so much, but they should take caution. The stock is in a clear down trend and not far off 2022 lows. While there might be some upside on a potential buyout, the stock is still technically weak.
Additionally, the stock is trading under the 50-day moving average and 25% below the 200-day moving average.
If the stock were to fail the $28 level, the January lows of $26.11 would likely be taken out.
In Summary
Bally's continues to struggle in a saturated gambling market that has a lot of new players on the scene. Until the company turns the earnings story around, investors should avoid the stock.
Additional content:
3 More Banks Set to Outperform on Q1 Earnings
JPMorgan Chase kick-started first-quarter 2022 earnings for the banking industry on Apr 13. This global banking giant wasn't able to surpass the Zacks Consensus Estimate due to dismal capital markets performance and reserve build over the ongoing Russia-Ukraine conflict.
Yet, JPM recorded a rise in net interest income (NII) driven by higher loan balance despite relatively lower rates. Management anticipates steadily rising loan demand and expectations of further rate hikes this year to positively impact NII in the quarters ahead.
While JPMorgan wasn't able to meet the earnings expectations, there are a number of industry players that might be able to post an earnings beat this time. But the task of finding such stocks from the vast universe of the banking industry can be daunting. But by using our proprietary methodology, you can easily find such stocks. By using the Zacks Stock Screener, we have identified three banks, namely, Northern Trust Corp., SouthState Corp. and Prosperity Bancshares, Inc., that are poised to outshine the Zacks Consensus Estimate in first-quarter earnings.
These stocks have the ideal combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better — to surpass expectations. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Our proprietary methodology, Earnings ESP, shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. And research shows that for stocks with this combination of rank and ESP, chances of a positive earnings surprise are as high as 70%.
Factors to Influence Q1 Results
We all know that the financial performance of bank stocks is considered one of the barometers of the nation's overall health. As economic growth gained traction, the overall lending scenario improved during the first quarter. Thus, despite relatively low-interest rates and flattening of the yield curve, banks' NII is expected to have been positively impacted by robust loan growth.
Now coming to fee income, after several quarters of impressive performance, the trend reversed this time on geopolitical and economic concerns. These made the operating backdrop challenging for banks to drive up non-interest income. Thus, fee income, which had been a source of major support to banks' revenues, is expected to have recorded disappointing performance in the first quarter.
On the cost front, increased investments in technology to boost digital offerings, business streamlining efforts, initiatives to expand into newer areas and rising inflation resulted in higher operating expenses.
Now coming to credit costs, unlike the past several quarters, banks build reserves to factor in the effects of a rise in loan balance and expectations of economic slowdown due to geopolitical and inflation concerns. Thus, banks are expected to have witnessed a bit higher provision for loan losses in the first quarter.
3 Potential Safe Bets
Northern Trust, with its footprint across 23 U.S. states, Washington, DC, and 23 international locations, is a leading provider of wealth management, asset servicing, asset management and banking solutions. A robust lending scenario is likely to have more than offset the adverse impact of relatively lower rates on the company's NII.
Further, as the company uses a lag effect to calculate its corporate custody and investment management fees, the same is likely to have registered a rise in the first quarter. NTRS is scheduled to announce first-quarter numbers on Apr 26.
The Zacks Consensus Estimate for first-quarter earnings of $1.66 indicates a fall of 2.4% from the year-ago reported figure. NTRS has an Earnings ESP of +0.06% and a Zacks Rank #3.
SouthState Corp. provides a range of banking services and products through more than 275 branches located in Florida, South Carolina, Alabama, Georgia, North Carolina and Virginia. On Mar 1, SSB completed the merger deal with Atlantic Capital Bancshares, Inc., thus making the combined company expand its presence in the Atlanta market and rank 8th in market share.
Solid loan demand and the above-mentioned merger deal are expected to have offered some support to SouthState Corporation's NII. However, the industry-wide disappointing performance of fee income is also likely to have an adverse impact on the company's non-interest income.
Prosperity Bancshares provides a wide range of financial products and services — traditional loan and deposit products, including digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management. PB's impressive organic growth strategy driven by robust growth in loans and solid deposit mix is expected to have supported top-line growth.
On the expense front, management expects first-quarter non-interest expenses to be in the range of $118-$120 million. PB is slated to announce results on Apr 27.
The Zacks Consensus Estimate for Prosperity Bancshares' first-quarter earnings is pegged at $1.29, implying a decline of 10.4% year over year. PB has an Earnings ESP of +0.26% and a Zacks Rank #3.
Our 5 best-performing strategies have blown away the S&P's impressive +28.8% gain in 2021. Amazingly, they soared +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Today you can access their live picks without cost or obligation.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Silvergate Capital and Bally's have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – April 22, 2022 – Zacks Equity Research shares Silvergate Capital as the Bull of the Day and Bally’s (BALY - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Northern Trust Corp. (NTRS - Free Report) , SouthState Corp. (SSB - Free Report) and Prosperity Bancshares, Inc. (PB - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Silvergate Capital is a Zacks Rank #1 (Strong Buy) that is a bank holding company for Silvergate Bank. The company provides banking products and services to business and individual clients, with a niche focus in digital assets.
The stock took off in late 2021 because of its crypto focused approach. However, as the crypto markets fell apart, so did the Silvergate stock price. But after a recent positive earnings report, the bulls are coming back into the stock.
More About Silvergate
The company was founded in 1988 and is headquartered in La Jolla, CA. It employs 279 people and has a market cap of $4.1 billion.
Silvergate's focus in digital currency is to provide innovative financial infrastructure and services for institutions and investors. The company accepts deposit products, including interest and noninterest bearing demand accounts, money market and savings accounts, and certificates of deposit accounts.
While the Zacks Rank for SI is high, investors have the right to question the valuation. The stock has a Zacks Style Score of "F" in Value due to a Forward PE of 40. This isn't bad for a tech company, but high for a bank. That being said, recent earnings are proving that Silvergate could grow into that valuation if the crypto industry can remain robust.
Q1 Earnings Beat
On April 19th, Silvergate reported a 71% EPS beat for Q1. This was a nice rebound from the 4% miss last quarter, the only miss since the company came to market in 2019.
Silvergate Capital Corporation price-eps-surprise | Silvergate Capital Corporation Quote
While the EPS number was solid, revenues came in below expectations. However, digital customer deposits came in at $14.7B v 13.3B last quarter. This was partly because the amount of digital currency customers jumped 36% from the prior year.
CEO Alan Lane had the following comments about the quarter:
"We started off 2022 on a strong note, driven by the power of our platform and continued progress on our strategic initiatives. I'm particularly pleased with our first quarter results when you consider that this was one of the most challenging periods for the broader crypto ecosystem since the beginning of the pandemic. While volume on the Silvergate Exchange Network was impacted by broader industry trends, I remain encouraged by the continued growth we saw in customers, SEN Leverage commitments, and average deposits, which reached a record $14.7 billion."
Estimates Rising
Because of the big earnings beat, we have seen earnings estimates shoot higher over the last 7 days. For next quarter, numbers have gone up 4.5%, from $0.87 to $0.91. For next year, estimates have surged 13% higher, from $5.96 to $6.73.
Analysts are commenting that higher interest rates and the ability to put cash to work in higher yielding assets will have a strong impact on Silvergate's earnings power.
For that reason, analysts are lifting their price targets for the stock.
Upgrades
Since earnings, we have seen a handful of upgrades and price targets significantly above current trading levels.
In a note from Wedbush, the firm comments that Silvergate's ability to deploy excess liquidity and lower expenses should drive EPS higher. The firm has an Outperform rating and a $200 price target, which is almost 50% above current levels.
Wedbush isn't the only bull, as both Canaccord ($200) and B.Riley ($260) have similar targets. Goldman Sachs also reiterated SI with a Buy, but cut its target to $180 from $210. This is still over 30% from current levels.
The Technical Take
Because of its dealing in the crypto markets, SI is a very volatile name. The stock had a big run from late 2020 into late 2021. During this time, SI moved from $15 to a high of $239, before dropping to $85 earlier this year.
This drop was a little more than a 61.8% retracement from the lows to highs. After some back and forth, the stock started moving higher off that level and is now testing some moving averages.
The 50-day MA is at $130, the 200-day at $134 and the 21-day at $140. All these levels were taken out after earnings, but the stock has pulled back to the 200-day in the mid-$130s.
The bulls have established the long-term support at the 61.8% retracement. However, they will want to maintain the moving averages if they want the momentum to continue.
Look for the $143 level to be a breakout spot, that could take the stock above the march highs at $160.
In Summary
Despite the struggles in Bitcoin and Ethereum over the last quarter, Silvergate performed above expectations. The bulls are pushing the stock higher on the news, but will want to hold the moving averages in this volatile name.
Investors looking to get in should watch support around the $130 level and be willing to add above $143 for a run above those March highs.
If crypto markets improve and come out of the crypto bear market, look for the bulls to push the stock close to those analyst targets at $200.
Bear of the Day:
Bally's is a Zacks Rank #5 (Strong Sell) that is a gaming, hospitality, and entertainment company that engages in casinos, resorts, and online gaming businesses.
The stock did fairly well in 2020, but is now trading 60% off the 2021 highs. Investors are now wondering if it's time to buy or if the stock has more room to go lower.
While there might be a bargain coming for investors soon, a recent earnings report has the stock dragging lower.
About the Company
Bally's is headquartered in Providence, RI and employs almost 9,500. The company was founded in 2004 and in 2020 changed its name from Twin River Holdings to Bally's.
The company's properties include Twin River Casino Hotel, Tiverton Casino Hotel, Hard Rock Hotel & Casino, Casino Vicksburg, Dover Downs Hotel & Casino, Casino KC, Golden Gates Casino, Golden Gulch Casino, Mardi Gras Casino and Arapahoe Park racetrack.
The stock has a Zacks Style Scores of "F" in both Growth and Momentum, while sporting a "C" in Value.
Q4 Earnings and Estimates
Bally's reported earnings in late February, missing expectations by 96%. Revenues missed as well, coming in at $547.7M v the $577M expected.
The miss was the fourth straight since the Bally's blew out their numbers in Q1 of 2021.
Over the 60 days, estimates have plummeted. For the current quarter, we see a drop from $0.40 to -$0.44. For the current year, estimates went from $1.72 to -1.07.
Bally's Corporation price-consensus-chart | Bally's Corporation Quote
Buyout?
In January the company received a buyout from Standard General at $38 a share. The hedge fund already owns over 20% of the company and wants to take the company public.
While the board continues to examine the offer, the stock is trading a 20% discount to the offer. So, the market clearly thinks this deal won't happen.
Technical Take
Investors might be thinking they are getting a deal because the stock has fallen so much, but they should take caution. The stock is in a clear down trend and not far off 2022 lows. While there might be some upside on a potential buyout, the stock is still technically weak.
Additionally, the stock is trading under the 50-day moving average and 25% below the 200-day moving average.
If the stock were to fail the $28 level, the January lows of $26.11 would likely be taken out.
In Summary
Bally's continues to struggle in a saturated gambling market that has a lot of new players on the scene. Until the company turns the earnings story around, investors should avoid the stock.
Additional content:
3 More Banks Set to Outperform on Q1 Earnings
JPMorgan Chase kick-started first-quarter 2022 earnings for the banking industry on Apr 13. This global banking giant wasn't able to surpass the Zacks Consensus Estimate due to dismal capital markets performance and reserve build over the ongoing Russia-Ukraine conflict.
Yet, JPM recorded a rise in net interest income (NII) driven by higher loan balance despite relatively lower rates. Management anticipates steadily rising loan demand and expectations of further rate hikes this year to positively impact NII in the quarters ahead.
While JPMorgan wasn't able to meet the earnings expectations, there are a number of industry players that might be able to post an earnings beat this time. But the task of finding such stocks from the vast universe of the banking industry can be daunting. But by using our proprietary methodology, you can easily find such stocks. By using the Zacks Stock Screener, we have identified three banks, namely, Northern Trust Corp., SouthState Corp. and Prosperity Bancshares, Inc., that are poised to outshine the Zacks Consensus Estimate in first-quarter earnings.
These stocks have the ideal combination of the two key ingredients — a positive Earnings ESP and a Zacks Rank #3 (Hold) or better — to surpass expectations. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Our proprietary methodology, Earnings ESP, shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. And research shows that for stocks with this combination of rank and ESP, chances of a positive earnings surprise are as high as 70%.
Factors to Influence Q1 Results
We all know that the financial performance of bank stocks is considered one of the barometers of the nation's overall health. As economic growth gained traction, the overall lending scenario improved during the first quarter. Thus, despite relatively low-interest rates and flattening of the yield curve, banks' NII is expected to have been positively impacted by robust loan growth.
Now coming to fee income, after several quarters of impressive performance, the trend reversed this time on geopolitical and economic concerns. These made the operating backdrop challenging for banks to drive up non-interest income. Thus, fee income, which had been a source of major support to banks' revenues, is expected to have recorded disappointing performance in the first quarter.
On the cost front, increased investments in technology to boost digital offerings, business streamlining efforts, initiatives to expand into newer areas and rising inflation resulted in higher operating expenses.
Now coming to credit costs, unlike the past several quarters, banks build reserves to factor in the effects of a rise in loan balance and expectations of economic slowdown due to geopolitical and inflation concerns. Thus, banks are expected to have witnessed a bit higher provision for loan losses in the first quarter.
3 Potential Safe Bets
Northern Trust, with its footprint across 23 U.S. states, Washington, DC, and 23 international locations, is a leading provider of wealth management, asset servicing, asset management and banking solutions. A robust lending scenario is likely to have more than offset the adverse impact of relatively lower rates on the company's NII.
Further, as the company uses a lag effect to calculate its corporate custody and investment management fees, the same is likely to have registered a rise in the first quarter. NTRS is scheduled to announce first-quarter numbers on Apr 26.
The Zacks Consensus Estimate for first-quarter earnings of $1.66 indicates a fall of 2.4% from the year-ago reported figure. NTRS has an Earnings ESP of +0.06% and a Zacks Rank #3.
Northern Trust Corporation price-eps-surprise | Northern Trust Corporation Quote
SouthState Corp. provides a range of banking services and products through more than 275 branches located in Florida, South Carolina, Alabama, Georgia, North Carolina and Virginia. On Mar 1, SSB completed the merger deal with Atlantic Capital Bancshares, Inc., thus making the combined company expand its presence in the Atlanta market and rank 8th in market share.
Solid loan demand and the above-mentioned merger deal are expected to have offered some support to SouthState Corporation's NII. However, the industry-wide disappointing performance of fee income is also likely to have an adverse impact on the company's non-interest income.
SSB is also scheduled to announce results on Apr 27. The Zacks Consensus Estimate for SouthState Corporation's first-quarter earnings of $1.31 implies a plunge of 39.6% from the year-ago reported figure. SSB has an Earnings ESP of +1.97% and a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
SouthState Corp. price-eps-surprise | SouthState Corp. Quote
Prosperity Bancshares provides a wide range of financial products and services — traditional loan and deposit products, including digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management, and treasury management. PB's impressive organic growth strategy driven by robust growth in loans and solid deposit mix is expected to have supported top-line growth.
On the expense front, management expects first-quarter non-interest expenses to be in the range of $118-$120 million. PB is slated to announce results on Apr 27.
The Zacks Consensus Estimate for Prosperity Bancshares' first-quarter earnings is pegged at $1.29, implying a decline of 10.4% year over year. PB has an Earnings ESP of +0.26% and a Zacks Rank #3.
Prosperity Bancshares, Inc. price-eps-surprise | Prosperity Bancshares, Inc. Quote
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.