Summit Wireless Technologies Inc
Change company Symbol lookup
Select an option...
WISA Summit Wireless Technologies Inc
JNJ Johnson & Johnson
VIPS Vipshop Holdings Ltd
CAT Caterpillar Inc
AAPL Apple Inc
ESLT Elbit Systems Ltd
AZO Autozone Inc
DITTF Daito Trust Construction Co Ltd
MYO Myomo Inc
CRVS Corvus Pharmaceuticals Inc
Go

*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Information Technology : Semiconductors & Semiconductor Equipment |
Company profile

Summit Wireless Technologies Inc., formerly Summit Semiconductor, Inc. is an early-stage company that develops and sells wireless audio integrated circuits for home entertainment and professional audio markets. The Company develops and provides semiconductors and wireless audio modules to consumer electronics companies, which transmits and receives audio directly to speakers. Its technologies focus on providing wireless, interference free and uncompressed high-definition audio signals. Its subsidiaries include Summit Semiconductor, Inc., Summit Semiconductor K.K., and WiSA, LLC.

Postmarket

Last Trade
Delayed
$2.35
-0.06 (-2.49%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$2.41
Day's Change
-0.22 (-8.37%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
2.54
Day's Low
2.29
Volume
(Average)
Volume:
464,301

10-day average volume:
425,464
464,301

UPDATE: Wells Fargo leads list of bank stocks at risk for dividend cuts

6:39 am ET May 15, 2020 (MarketWatch)
Print

By Philip van Doorn, MarketWatch

Analysts at Keefe, Bruyette & Woods say U.S. banks' dividends are 'broadly safe,' but pointed out 21 'potential dividend-cut candidates'

A recession is a time for dividend cuts, and even though most U.S. banks are in much better shape than they were at the start of the 2008 financial crisis, investors are showing no confidence in the industry.

Here's a chart comparing total returns (with dividends reinvested) of the KBW Bank Index to the S&P 500 Index this year through May 13:

Investors are looking ahead to a difficult credit cycle. The Dodd-Frank legislation in 2010 raised banks' capital requirements and strengthened regulatory oversight. There is no talk of bank bailouts this time around.

Then again, Federal Reserve Chairman Jerome Powell said Wednesday that a survey by the central bank found that 40% of people in households earning less than $40,000 a year that were counted on payrolls in February had lost their jobs in March (http://www.marketwatch.com/story/more-fiscal-spending-may-be-worth-it-as-the-recovery-will-take-time-to-gain-strength-feds-powell-says-2020-05-13).

That points not only to loan forbearances and credit losses, but also to continued pain for countless businesses of all sizes that owe money to the banks.

So it is not surprising that some banks have already reduced their dividends to shore up cash.

Analysts at Keefe, Bruyette & Woods, led by Christopher McGratty, on Wednesday listed 21 banks they say are "potential dividend cut candidates," even though they think dividends are "'broadly safe' for 90% of the banks, a sharp contrast relative to the financial crisis" of 2008.

The largest potential candidate listed for a dividend cut is Wells Fargo & Co. (WFC), the only "universal bank" on the list. Wells Fargo's quarterly dividend is 51 cents a share, for a yield of 9.10%, based on the stock's closing price of $22.42 on May 13. That high yield reflects investors' worry over a possible dividend cut. In comparison, the S&P 500's weighted dividend yield is 2.04%, according to FactSet. The yield on 30-year U.S. Treasury bonds is 1.29%.

Here's KBW's entire list of 21 banks that are potential candidates for dividend cuts, sorted by total assets:

Bank Ticker Headquarters Total assets ($ billions) - March 31, 2020 Dividend yield - current Dividend payout ratio - trailing Dividend payout ratio - KBW's estimate for 2020 Total return - 2020 through May 13

Wells Fargo & Co. US:WFC San Francisco $1,981.3 9.05% 72% 222% -57%

Citizens Financial Group Inc. US:CFG Providence, R.I. $176.7 7.76% 53% 89% -51%

KeyCorp US:KEY Cleveland $156.2 7.66% 54% 79% -52%

Huntington Bancshares Inc. US:HBAN Columbus, Ohio $113.9 8.12% 61% 88% -50%

Comerica Inc. US:CMA Dallas $76.3 9.31% 51% 89% -58%

CIT Group Inc. US:CIT New York $58.9 10.50% N/A N/A -70%

Synovus Financial Corp. US:SNV Columbus, Ga. $50.6 8.47% 45% 147% -59%

Umpqua Holdings Corp. US:UMPQ Portland, Ore. $27.5 8.91% N/A 263% -46%

First Hawaiian Inc. US:FHB Honolulu $20.8 7.33% 54% 124% -50%

Hope Bancorp Inc. US:HOPE Los Angeles $16.0 6.92% 46% 80% -44%

First Financial Bancorp. US:FFBC Cincinnati $15.1 7.83% 50% 84% -53%

Berkshire Hills Bancorp Inc. US:BHLB Boston $13.2 9.63% 91% 204% -69%

Northwest Bancshares Inc. US:NWBI Warren, Pa. $10.7 8.32% 87% 123% -43%

Provident Financial Services Inc. US:PFS Jersey City, N.J. $10.1 7.92% 62% 81% -52%

Boston Private Financial Holdings Inc. US:BPFH Boston $8.7 7.63% 66% 155% -46%

Flushing Financial Corp. US:FFIC New York $7.2 8.42% 74% 147% -53%

Midland States Bancorp Inc. US:MSBI Effingham, Ill. $6.2 7.89% 61% 87% -53%

Washington Trust Bancorp Inc. US:WASH Westerly, R.I. $5.6 7.18% 56% 88% -46%

Financial Institutions Inc. US:FISI Warsaw, N.Y. $4.5 7.27% 45% 78% -55%

Heritage Commerce Corp. US:HTBK San Jose, Calif. $4.1 7.60% 81% 124% -45%

BCB Bancorp Inc. US:BCBP Bayonne, N.J. $2.9 6.41% 56% 93% -35%

Sources: KBW, FactSet

Scroll the table to see all of the data.

The trailing dividend payout ratio was calculated by dividing the current annual dividend rate per share by earnings per share for the past four quarters. A payout ratio of "N/A" means the current annual dividend rate exceeds the past four quarters' EPS, or in the case of the forward KBW estimates, that the current annual dividend rate will exceed 2020 EPS.

To be sure, the KBW analysts wrote that their analysis "suggests that the risk of a potential cut is more priced in" for Wells Fargo, along with CIT Group Inc. (CIT), Comerica Inc. (CMA), Berkshire Hills Bancorp (BHLB) and Synovus Financial Corp. (SNV).

The analysts wrote that "Wells Fargo's issues appear self-isolated," as the bank continues to operate under strict regulatory supervision in the wake of several customer-service scandals. KBW analyst Brian Kleinhanzl wrote in a separate report May 13 that "WFC's high payout ratio is the primary driver of investor fear that a dividend cut could happen," and cited an estimated dividend payout of 221% for 2020, compared with KBW's estimates of a median payout ratio of 59% for universal banks covered by the firm.

KBW also listed six small to mid-sized banks that have reduced their dividends recently:

Cadence Bancorp (CADE), Great Western Bancorp (GWB), Hanmi Finanial Corp. (HAFC), PacWest Bancorp (PACW), RBB Bancorp (RBB) and 1st Source Corp. (SRCE).

-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

May 15, 2020 06:39 ET (10:39 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.