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Last $89.91 USD
Change Today +0.17 / 0.19%
Volume 592.7K
CYN On Other Exchanges
Symbol
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As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

city national corp (CYN) Key Developments

City National Corporation Declares Quarterly Common Stock Cash Dividend, Payable on August 19, 2015; Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015

City National Corporation approved a quarterly common stock cash dividend of $0.35 per share, payable on August 19, 2015 to stockholders of record on August 5, 2015. The company reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net income available to common shareholders was $68.5 million or $1.13 per common share against $65.5 million or $1.09 per common share a year ago. Return on average assets was 0.84% against 0.88% a year ago. Return on average tangible common equity was 12.33% against 12.36% a year ago. Fully taxable-equivalent net interest income for the first half of 2015 was $470.6 million, up 9% from the year-ago period. For the six months, Fully taxable-equivalent net interest income was $245.8 million, up 9% from the same period of 2014 of $226.1 million. Net income totaled $130.1 million, up 9% from $119.3 million in the first half of 2014. Earnings per share were $2.14, up 8% from $1.98 in the first half of last year. In the second quarter of 2015, the company recorded a $4.2 million net impairment charge to reflect results of the quarterly update of cash-flow projections for the FDIC-covered loans. The second-quarter charge reflects a $1.1 million provision for losses on covered loans.

City National Corporation Declares Quarterly Cash Dividend on Preferred Stock, Payable on August 13, 2015 and Payable on August 7, 2015 Respectively

City National Corporation announced that it has declared cash dividends on its outstanding series of preferred stock. A quarterly cash dividend of $13.75 per share was declared on its 5.50% Non-Cumulative Perpetual Preferred Stock, Series C (equivalent to $0.34375 per related depositary share), payable on August 13, 2015 to shareholders of record on July 28, 2015. A quarterly cash dividend of $16.875 per share was declared on its 6.750% Fixed Rate/Floating Rate Non-Cumulative Preferred Stock, Series D (equivalent to $0.421875 per related depositary share), payable on August 7, 2015 to shareholders of record on July 28, 2015.

City National Corporation to Report Q2, 2015 Results on Jul 23, 2015

City National Corporation announced that they will report Q2, 2015 results After-Market on Jul 23, 2015

City National Settles Merger-Related Lawsuit

City National Corp. settled a putative class-action lawsuit alleging the company's directors of breaching fiduciary duties in connection with the company's proposed merger with Royal Bank of Canada. The suit filed April 29 alleged that the directors agreed to the proposed merger at an inadequate price and pursuant to an inadequate process that involved self-dealing, and failed to disclose purportedly material information to stockholders in connection with the merger. The settlement on May 15 requires, among other things, City National to make certain supplemental disclosures relating to the merger. Although the defendants deny the allegations made in the suit and believe that no supplemental disclosure is required under applicable laws, in order to avoid the burden and expense of further litigation, City National agreed to make such supplemental disclosures. The stipulation of settlement is subject to confirmatory discovery and customary conditions, including court approval following notice to City National's stockholders. A hearing will be scheduled at which the California state court will consider the fairness, reasonableness and adequacy of the settlement.

City National Corporation, Special/Extraordinary Shareholders Meeting, May 27, 2015

City National Corporation, Special/Extraordinary Shareholders Meeting, May 27, 2015., at 16:00 Pacific Standard Time. Location: City National Plaza, Thirteenth Floor. Agenda: To adopt the agreement and plan of merger, dated as of January 22, 2015, as it may be amended from time to time, by and among the company, Royal Bank of Canada and RBC USA Holdco Corporation; to approve a certain compensation that may be paid or become payable to its named executive officers in connection with the merger; and to consider a proposal for adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes at the time of the special meeting to adopt the merger agreement.

 

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CYN

Industry Average

Valuation CYN Industry Range
Price/Earnings 20.5x
Price/Sales 3.8x
Price/Book 1.8x
Price/Cash Flow 19.0x
TEV/Sales 2.2x
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