CFR is a great bank. The good news is that deposit growth is just smoking. The bad news is that it remains hard to lend/invest. While the company signed off on analyst consensus for 2013 (which is flat), the tone was much better. Interestingly, they flipped a block of Treasuries for a $4.4mm gain - this may account for the "beat" and isn't really sustainable. I was surprised to hear that they did this (take a quick profit). They also pointed to a horrible lending environment in Q4 (fiscal cliff, elections) but a better one in Q1.
The stock isn't cheap at about 15PE, but it's not real expensive and they are doing well despite lots of challenges. I don't think that there is a lot of risk, and I think that the next move is up, but it might make some sense to lighten up at 60 area - not sure.
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