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CRH plc
Type
Public limited company
Traded as ISEQ: CRG
LSE: CRH
NYSE: CRH
FTSE 100 Component
Industry Building materials
Founded Irish Cement Limited (1936), Roadstone Limited (1949) & merger (1970)
Headquarters Dublin, Ireland
Key people
Nicky Hartery, (Chairman)
Albert Manifold, (CEO)
Products Cement, aggregates, readymixed concrete, asphalt/bitumen and agricultural and/or chemical lime
Revenue €27,104 million (2016)
Operating income
€2,082 million (2016)
Net income
€1,270 million (2016)
Number of employees
87,000 (2017)
Website www.crh.ie

CRH plc is the parent company for an international group of diversified building materials businesses which are engaged in the manufacture and supply of a wide range of building materials and in the operation of builders’ merchanting and DIY stores. The company is incorporated and domiciled in Ireland where it ranks as the largest Irish company. CRH has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has secondary listings on the Irish Stock Exchange (where it is a constituent of the ISEQ 20) and New York Stock Exchange.

The company, whose name is an abbreviation of Cement Roadstone Holdings, was formed through the merger in 1970 of Cement Ltd (established in 1936) and Roadstone Ltd (established in 1949). According to Jonathan Guthrie of the Financial Times, it is pronounced “Cee Orr Haitch.” The company went public on the Irish Stock Exchange in 1973.

CRH entered the United States in 1978 by buying Amcor, a concrete products group in Utah which would then form the basis of the company's U.S. division, which is now called Oldcastle Inc.. Subsequent large purchases in the US included Callanan Industries, a New York State based aggregates and asphalt producer in 1985. In 1987, CRH was listed on London's FTSE 100 index.

In the 1990s the company moved into France with a number of buys including Raboni SA, a builders merchant company and drainage systems and concrete vault manufacturing group Prefaest SA.

In 1995, CRH made its first entry into new or emerging markets when it bought Holding Cement Polski, which later gained majority control of Cementownia Ozarow, one of the Poland's major cement producers. That acquisition also marked the first CRH cement manufacturing operation outside Ireland. By the end of the decade, CRH numbered more than a dozen operations in Poland and it has since invested in cement production in neighbouring Ukraine, most recently with the announcement of an agreement to buy Mykolaiv Cement from rival Lafarge. In 1999 CRH bought Finnsementti Oy, Finland's only cement producer, and Lohja Rudus Oy, Finland's country's top producer of aggregates and ready-mix concrete.

In the 1990s, US acquisitions by CRH included Betco Block & Products Inc, of Bethesda, Maryland in 1990. CRH acquired Balf Co. in Connecticut, Lebanon Rock in Pennsylvania, Keating in Massachusetts and Sullivan Lafarge in New York state in 1994. It acquired Allied Building Products, which specialized in roofing and cladding products and Tilcon, a major road construction specialist in the Northeast United States in 1996.

The company entered Switzerland in 2000 with the EUR 425 million purchase of Jura Group, adding cement, concrete and aggregates operations, as well as a regional distribution network. In the following year, CRH took an interest in Nesher Israel Cement Works, the only cement producer in that country, by taking a 25% stake in its holding company Mashav. In July 2003 it agreed to pay EUR 693 million to acquire Cementbouw - a market-leading do-it-yourself store chain and building materials producer in the Netherlands. In 2004 CRH paid €429m to purchase a 49 percent stake in Portuguese cement producer Secil. It sold that stake again in 2012 for €574m following a ruling on a shareholder dispute by an arbitration tribunal at the Paris-based International Chamber of Commerce

In the United States, CRH also acquired Ohio's Shelly Group in 2000, and CRH acquired Mount Hope Rock Products, based in New Jersey in 2002 and Ashland Paving And Construction (APAC) of Atlanta in 2006. APAC was the company's largest ever deal. In 2007 CRH purchased four companies, worth a total of $350 million (€251 million) to add to its US materials division: these companies are Conrad Yelvington Distributors Inc. (CYDI), Eugene Sand & Gravel, Cessford Construction and McMinn's Asphalt and Prospect Agrregates. Also in 2008 CRH agreed to purchase a landscape paver, Pavestone, for $540 million.

In 2006 CRH took a new turn and invested in a cement factory based in the Heilongjiang region in China. It has built on that presence acquiring a 26% stake in the Jilin Yatai Group and an option to acquire 49% in the future. In 2008 CRH agreed to buy a 50 percent stake in Indian cement company My Home Industries Ltd. for €290 million ($452 million).

CRH confirmed in 2013 that it was interested in looking at other opportunities in India. n 2015, CRH remained listed in both London and Dublin. In February 2015, CRH agreed to purchase the UK building materials producer Lafarge Tarmac. In 2015, CRH purchased US $6.5 billion of assets from the newly formed company LafargeHolcim. The acquisition almost tripled CRH's net debt, bringing it to €6.6 billion. The LafargeHolcim acquisition made CRH "the world’s third-largest building materials group by market value." A week after CEO Albert Manifold announced that CRH was looking for large-scale acquisitions, in August 2015, CRH paid $1.3 billion for CR Laurence, a glazing company based in California. At the time, CRH already had a similar business in North America called BuildingEnvelope, with 4,500 employees, which it said it would integrate with CRH. By November 2015, CRH was getting about a fifth of its operating earnings from US infrastructure.

In June 2016, the Financial Times reported that CRH earned twice as much profit from the Americas versus Europe. As of November 2016, half the asphalt, aggregates and assorted material it sold went to the United States. Headquartered in Dublin, CRH was also the biggest producer of asphalt in the US, and the third largest producer of ready-mixed concrete. Sales for 2016 were €27.1 billion, an increase of 15 percent from the year before. Profit after tax was €1.3 billion. In April 2017, the Irish Times noted that chief executive Albert Manifold’s package almost doubled in 2016 to €10 million, despite disagreement among shareholders the year before on pay. As of April 27, 2017, CRH was Ireland's biggest company. Chief executive was Albert Manifold. That quarter, sales were up in its three divisions in Europe, while the Americas materials unit had higher sales as well. At the time, it did 65 percent of its business in the Americas, while the market in the Philippines proving to be "challenging," and weighing down performance in Asia. On April 27, 2017, CRH held their annual general meeting in Dublin, at which point 17 percent of shareholders voted against the company's executive pay structure. The year prior, 40 percent had voted against. At the meeting, chairman Nick Hartery noted that share price in the company had increased 80 percent since 2014. Also in April 2017, it was reported that CRH was expecting to make a large-scale acquisition in 2018. At the time, over the earlier part of the year CRH had spent €500 million on eight acquisitions. In early May 2017, BlackRock increased its stake in CRH plc.

CRH is registered in Ireland and headquartered in Dublin, Ireland. It has a board of 11 members

Two Directors are executives of the Group

Each of the nine remaining sits as a Non-Executive Director

Mark Towe (Chairman, CRH Americas) retired from the plc board on 31 December 2016.

The CRH business today is structured into four activities:

The holding company for CRH's American operations is Oldcastle Inc.

Some of CRH's operating companies include:

The following is a summary of financial data:

In Poland in 2007, CRH was fined €530,000 by the Polish Competition and Consumer Protection Commission for interfering with evidence that Polish authorities were gathering for a price-fixing investigation. In 2009, Grupa Ożarów (in which CRH first invested in 1995) was fined €26 million for operating a price fixing cartel in Poland. The Polish Competition Regulator stated that seven companies, which accounted for almost 100 per cent of the market, had fixed minimum prices for grey cement, and agreed on a market share for each operator. CRH has stated its belief that Ozarów operated an independent commercial policy in Poland and the fine has been appealed.

In Ireland in 1994, Irish Cement Limited, a wholly owned subsidiary of CRH, was determined by the European Commission to be part of price fixing and market sharing cartel across Europe which it said had illegally and artificially inflated the price of cement throughout the continent. A fine of over €3.5 million was levied. Two years later, in Ireland also in 1996, High Court proceedings were initiated against CRH, its subsidiaries and two competitors in which the plaintiffs accused CRH and the others of operating a cartel and employing an illegal and anti-competitive eviction strategy in order to put them out of business. In 2012, CRH applied successfully to have the claim dismissed on the basis of the "inordinate and inexcusable delay" in bringing forward any evidence in the case. That judgement was appealed to the Supreme Court in 2012. At the time of the appeal it emerged that the presiding judge in the proceedings had ownership of some shares in CRH and was forced to stand down. In 2011, a separate Irish High Court action was initiated against CRH by another company who claimed CRH operated a cartel and abused a position of dominance in order to evict it from the market. As of 2012, the Irish cement and concrete industry at large was under investigation by the Irish Competition Authority.

In 2006, an antitrust lawsuit was filed in California against Oldcastle Precast (CRH subsidiary) and three AT&T affiliates. The defendants were alleged to have unreasonably restrained trade and conspired to monopolize telephone vaults for land-line connections. Plaintiffs challenged a contract requiring developers to purchase Oldcastle Precast product for properties served by AT&T infrastructure. They also contended the arrangement led to Oldcastle Precast capturing northern California sales of precast electrical vaults, which were often placed concurrently with telephone structures. In 2010, an American Court of Appeal ruled that the Plaintiff’s counsel had failed to provide enough evidence to show that the defendants Oldcastle Precast Inc. and three AT&T affiliates harmed competition in California and Nevada telephone vault markets.

In October 2009, a cement and concrete price fixing class action lawsuit was filed in Florida against Oldcastle Materials (CRH subsidiary) and others. The claim alleged that the defendants eliminated competition in the market for cement and concrete by charging artificially high prices from at least the period 2000 to 2009. The claim further alleged that the conspiracy was facilitated through in-personal meetings, telephone conversations and other communications. In 2008 the defendants announced uniform price increases for concrete and cement, bringing their prices to the same level at the same time, the lawsuit claimed. Then in September a number of defendant companies cut the price of concrete in an effort to lure customers away from independently owned concrete firms. The lawsuit stated that the practices alleged in the cement and concrete industry were clearly illegal. In 2012, the case was settled for undisclosed terms.

April 2014, "Ridiculously dangerous" was a construction zone described in Cleveland, Ohio in a construction zone case of CRH's Oldcastle. Attorney Christian Patno, who represented the family of the victim, Randy Roginski, 41, of North Royalton, described the working conditions in the construction zone the night of July 27 as “ridiculously dangerous.” The jury that heard the two-week trial agreed. They awarded Roginski’s wife and three children $19 million in compensation for his wrongful death, and $20 million in punitive damages as punishment to The Shelly Company, one of Ohio’s largest paving companies. The (CRH related) Shelly Company “didn’t take the safety measures needed to protect Mr. Roginski and their own employees,” Patno said. [1]

In 2005, a Polish businessman, Marek Dochnal, alleged to a Polish Parliamentary Inquiry that he had arranged a bribe of almost $1 million for CRH to a former minister for privatisation, Wieslaw Kaczmarek, in connection with the privatisation of a cement plant at Ozarow, in central Poland, in 1995. CRH which now owns and operates the cement plant at Ozarow said the allegations were "without foundation".

It was also revealed in 2005, that CRH contributed €125,000 to a charity founded by the wife of Poland’s President, Jolanta Kwasniewska. Both CRH and the Polish first lady denied any sinister motive behind the transaction.

In 2003, CRH was accused of making corrupt payments to Ireland’s former Taoiseach (Prime Minister) Charles J. Haughey as details emerged of how Mr. Haughey received crooked payments from various companies and businessmen in return for political favours. In 1969, Roadstone Ltd (CRH) sold 80 acres of land to Mr. Haughey, the then Minister of Finance, for £120,000. In 1973, Mr. Haughey sold 17.5 acres of that land back to CRH for £140,000. Within four years, Mr. Haughey had made a net profit of £20,000 and 62.5 acres at CRH’s expense. Charles J. Haughey was also offered chairmanship of CRH in 1972. 2011 to date 2017: Seamus Maye and Shane Ross of Ireland have been among longstanding investigative resources centering on the CRH corruption dealings in a most historical perspective. These notorious behaviors continue today on a larger international scale as regulators of multiple regions struggle to keep the omni potentent powerful company in check. There is even a mafia movie "The Irishman" in the works for 2019 release that features the lands and roads near a CRH Tilcon Haverstraw quarry at 101 Riverside Avenue, Haverstraw, NY hidden in a quaint villages and hamlets of Haverstraw and another shoot near the quarry location in Suffern, NY where the infamous pollution by mafia andFord Motor Company trial took place. in the USA. At this time the movie is titled "The Irishman" by Martin Scorsese including actors Al Pacino and Robert Dinero among the cast.

The existence of a clandestine bank illegally providing off shore accounts first emerged in 1997 during the McCracken Tribunal set up to investigate reports of secret payments to corrupt former Taoiseach (Irish Prime Minister) Charles Haughey and former cabinet minister Michael Lowry.

It emerged this illegal bank was founded in the 1970s and was being run by Des Traynor who was chairman of CRH from 1989 to 1994 and who ran his bank during that period out of CRH’s registered office in Dublin's Fitzwilliam Square where the company provided an office for its chairman. Mr. Traynor was also personal financier to Charles Haughey.

During the investigation it materialised that Justice Moriarty held approximately £500,000 in CRH shares and while that in his opinion precluded him from investigating certain matters concerning CRH he was not, he said, precluded from inquiring into banking activities conducted from Des Traynor's offices at Fitzwilliam Square Sharp criticism was laid upon those in charge of appointing Moriarty given his shareholding

In 1999, as evidence on the scale of the Ansbacher accounts grew Taniste (Irish Deputy Prime Minister) and PD Minister Mary Harney asked the High Court to appoint inspectors who could identify the account holders.

The High Court Inspectors' report was published in 2002 It found that eight out of fifteen CRH directors held Ansbacher accounts, including four former Chairmen. It also concluded (Chapter 15, p. 189) that "CRH as a corporation cannot be said to have knowingly assisted in the carrying out of Ansbacher’s activities in Ireland"

After the publication of the report CRH acknowledged publicly that its then Chairman had "misused its facilities and personnel" which "represented a grave breach of trust by Mr. Traynor"

In 1998, further questions were asked about CRH’s influence and political corruption when Dáil Éireann (Ireland’s Parliament) voted against an investigation into why an asset with the potential to produce a yield of £48 million in terms of sand and gravel reserves was sold to Roadstone, a subsidiary company of CRH, without public tender for £1.25 million in 1991.

Many opposition members of parliament voiced concerns that at the time of sale, Charles J. Haughey was Taoiseach and his financier Des Traynor was Chairman of CRH. Dáil Éireann however voted not to investigate whether CRH had donated funds to any political party or politician before or after the purchase of Glen Ding. Subsequently, corrupt findings in unrelated matters have been made against a number of those who voted against the investigation.

The State's Comptroller and Auditor General conducted an investigation into the sale and found that the competing bid fell "far short of" the Roadstone offer and that "The Department acted at all times in the best commercial interests of the State" (Section 9.6). It did also note "even though it is unlikely that the Roadstone offer would have been bettered. The attraction of concluding the sale at what was considered a good price outweighed the imperative to act evenhandedly which is a basic principle when the State is doing business" It was noted by the Department's Accounting Officer that the Roadstone offer "was more than 50% above the only alternative offer received", that another bidder "was afforded every opportunity" to make a better offer and that given subsequent delays and planning issues "In retrospect the deal had proved to be exceptional".

The Glen Ding transaction was further investigated by the Moriarty Tribunal which in 2006 reported its conclusion "that there was no connection, directly or indirectly, between Mr. Charles Haughey and any aspect of this disposal, nor any connection between the operation of the Ansbacher accounts and any aspect of the disposal."

In 2005, opposition TD (Teachta Dála - Irish member of parliament) Phil Hogan, who later became Minister for Environment (2011 - ), stated in Dáil Éireann that "there is a widespread problem with competition in this economy………In the case of CRH, profits have been extracted from the Irish economy by means of a complex industry structure that is both anti-competitive and anti-consumer. The European Court of First Instance and finally the European Court of Justice have upheld findings of serious anti-competitive behaviour against CRH and other. While Sweden, Finland, UK, France and Germany have since levied huge fines against the cement industry, Ireland’s answer has been a stony silence."

In 2011 TD Shane Ross, a repeated critic of CRH as a journalist stated that "CRH disturbs" him and questioned why there had been no investigation of CRH in Ireland considering the adverse findings made against the company elsewhere.

The major international materials groups that would be comparable to CRH include

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2019 2020-02-28 0.00 1.48
Q2 2019 2019-08-22 0.00 0.77
Q4 2018 2019-02-28 0.00 1.31
Q2 2018 2018-08-23 0.00 0.53
Q4 2017 2018-03-01 0.00 2.10
Q2 2017 2017-08-24 0.00 0.46
Q4 2016 2017-03-01 0.00 1.19
Q2 2016 2016-08-25 0.00 0.38
Q4 2015 2016-03-03 0.00 0.89
Q2 2015 2015-08-27 0.00 0.07

Ratings

2016-06-21 Reiterated Rating BNP Paribas Outperform
2016-05-31 Reiterated Rating Deutsche Bank Hold
2016-05-31 Reiterated Rating Deutsche Bank AG Hold
2016-04-28 Reiterated Rating Beaufort Securities Hold
2016-04-25 Upgrade Bank of America Underperform to Neutral
2016-04-25 Upgrade Bank of America Corp. Underperform to Neutral
2016-04-06 Upgrade JPMorgan Chase & Co. Neutral to Overweight
2016-03-18 Upgrade Sanford C. Bernstein Underperform to Market Perform
2016-03-16 Reiterated Rating Jefferies Group Buy
2016-03-11 Reiterated Rating Deutsche Bank Hold
2016-03-09 Upgrade Jefferies Group Hold to Buy
2016-01-27 Upgrade HSBC Hold to Buy
2016-01-15 Upgrade BNP Paribas Neutral to Outperform
2016-01-14 Lower Price Target JPMorgan Chase & Co. $27.00 to $25.00
2016-01-06 Initiated Coverage Barclays Overweight
2016-01-06 Initiated Coverage Barclays PLC Overweight
2015-11-20 Reiterated Rating Cantor Fitzgerald Hold
2015-11-05 Downgrade Bank of America Buy to Underperform
2015-10-10 Reiterated Rating Deutsche Bank Hold
2015-09-20 Reiterated Rating Deutsche Bank Hold
2015-09-08 Reiterated Rating Deutsche Bank Hold
2015-06-20 Reiterated Rating Deutsche Bank Hold
2015-06-08 Reiterated Rating Deutsche Bank Hold
2015-05-29 Reiterated Rating Deutsche Bank Hold
2015-05-27 Reiterated Rating Jefferies Group Hold
2015-05-18 Reiterated Rating BNP Paribas Neutral
2015-05-18 Reiterated Rating Deutsche Bank Hold
2015-05-07 Reiterated Rating Deutsche Bank Hold
2015-05-06 Reiterated Rating Liberum Capital Hold
2015-05-06 Reiterated Rating Cantor Fitzgerald Hold
2015-04-20 Reiterated Rating Deutsche Bank Hold
2015-04-02 Reiterated Rating Deutsche Bank Hold
2015-04-02 Upgrade BNP Paribas Underperform to Neutral
2015-03-23 Reiterated Rating Deutsche Bank Hold
2015-03-16 Reiterated Rating Liberum Capital Hold
2015-03-13 Reiterated Rating Deutsche Bank Hold
2015-03-05 Reiterated Rating Deutsche Bank Hold
2015-02-27 Reiterated Rating Citigroup Inc. Buy
2015-02-26 Reiterated Rating Liberum Capital Hold
2015-02-26 Reiterated Rating Cantor Fitzgerald Hold
2015-02-17 Reiterated Rating Deutsche Bank Hold
2015-02-10 Upgrade Numis Securities Ltd Add
2015-02-09 Reiterated Rating Deutsche Bank Hold
2015-02-05 Downgrade Sanford C. Bernstein Market Perform to Underperform
2015-02-03 Upgrade Societe Generale Hold to Buy
2015-02-02 Reiterated Rating Liberum Capital Hold
2015-02-02 Reiterated Rating Cantor Fitzgerald Hold
2015-01-30 Downgrade Raymond James Outperform to Market Perform
2015-01-30 Downgrade Raymond James Financial Inc. Outperform to Market Perform
2015-01-29 Reiterated Rating Deutsche Bank Hold
2015-01-23 Upgrade HSBC Overweight
2015-01-21 Reiterated Rating Liberum Capital Hold
2015-01-21 Reiterated Rating Deutsche Bank Hold
2015-01-12 Reiterated Rating Deutsche Bank Hold
2015-01-09 Reiterated Rating Jefferies Group Hold
2014-12-22 Reiterated Rating Deutsche Bank Hold
2014-12-15 Reiterated Rating Cantor Fitzgerald Hold
2014-12-12 Reiterated Rating Deutsche Bank Hold
2014-12-05 Upgrade Morgan Stanley Overweight
2014-12-01 Reiterated Rating Deutsche Bank Hold
2014-11-19 Reiterated Rating Deutsche Bank Hold
2014-11-12 Reiterated Rating Numis Securities Ltd Hold
2014-11-12 Upgrade Societe Generale Hold
2014-11-11 Reiterated Rating Cantor Fitzgerald Hold
2014-11-07 Reiterated Rating Deutsche Bank Hold
2014-10-17 Reiterated Rating Deutsche Bank Hold
2014-10-14 Upgrade Citigroup Inc. Neutral to Buy
2014-10-08 Reiterated Rating Liberum Capital Hold
2014-10-03 Reiterated Rating Deutsche Bank Hold
2014-09-22 Reiterated Rating Deutsche Bank Hold
2014-09-18 Reiterated Rating Liberum Capital Hold
2014-09-18 Reiterated Rating Cantor Fitzgerald Hold
2014-09-12 Upgrade Bryan Garnier & Cie Sell to Buy
2014-09-12 Upgrade Bryan, Garnier & Co Sell to Buy
2014-09-11 Upgrade Bank of America Neutral to Buy
2014-09-10 Upgrade Raymond James Underperform to Outperform
2014-09-08 Reiterated Rating Deutsche Bank Hold
2014-09-03 Upgrade HSBC Underweight to Neutral
2014-09-02 Downgrade BNP Paribas Underperform
2014-08-29 Upgrade Goldman Sachs Neutral to Buy
2014-08-29 Upgrade Goldman Sachs Group Inc. Neutral to Buy
2014-08-28 Upgrade Credit Suisse Underperform to Outperform
2014-08-28 Upgrade Credit Suisse Group AG Underperform to Outperform
2014-08-22 Reiterated Rating Deutsche Bank Hold
2014-08-21 Upgrade Sanford C. Bernstein Underperform to Market Perform
2014-08-20 Upgrade Numis Securities Ltd Hold
2014-08-19 Reiterated Rating Liberum Capital Hold
2014-08-04 Reiterated Rating Deutsche Bank Hold
2014-07-25 Reiterated Rating Deutsche Bank Hold
2014-07-14 Reiterated Rating Deutsche Bank Hold
2014-07-09 Reiterated Rating Citigroup Inc. Neutral
2014-06-30 Reiterated Rating Deutsche Bank Hold
2014-06-23 Reiterated Rating Citigroup Inc. Neutral
2014-06-19 Reiterated Rating Liberum Capital Hold
2014-06-16 Downgrade BNP Paribas Outperform to Neutral
2014-06-13 Reiterated Rating Deutsche Bank Hold
2014-05-30 Reiterated Rating Deutsche Bank Hold
2014-05-16 Reiterated Rating Deutsche Bank Hold
2014-05-08 Reiterated Rating Deutsche Bank Hold
2014-04-29 Downgrade Jefferies Group Buy to Hold
2014-04-25 Reiterated Rating Liberum Capital Hold
2014-04-25 Reiterated Rating Deutsche Bank Hold
2014-04-24 Reiterated Rating Numis Securities Ltd Reduce
2014-04-04 Reiterated Rating Deutsche Bank Hold
2014-03-27 Reiterated Rating Deutsche Bank Hold
2014-03-17 Reiterated Rating Deutsche Bank Hold
2014-03-07 Reiterated Rating Deutsche Bank Hold
2014-02-21 Reiterated Rating Jefferies Group Buy
2014-02-21 Reiterated Rating Deutsche Bank Hold
2014-02-07 Reiterated Rating Deutsche Bank Hold
2014-01-28 Downgrade Deutsche Bank Buy to Hold
2014-01-28 Upgrade JPMorgan Chase & Co. Neutral to Overweight
2014-01-20 Reiterated Rating Deutsche Bank Buy
2014-01-08 Reiterated Rating Deutsche Bank Buy
2013-12-16 Reiterated Rating Deutsche Bank Buy
2013-12-16 Upgrade Bank of America Underperform to Neutral
2013-12-09 Upgrade Citigroup Inc. Sell to Neutral
2013-12-02 Reiterated Rating Deutsche Bank Buy
2013-11-15 Reiterated Rating Deutsche Bank Buy
2013-11-13 Downgrade Beaufort Securities Hold
2013-11-13 Downgrade Raymond James Outperform to Underperform
2013-11-08 Reiterated Rating Jefferies Group Buy
2013-11-01 Reiterated Rating Deutsche Bank Buy
2013-10-14 Reiterated Rating Liberum Capital Hold
2013-10-14 Reiterated Rating Deutsche Bank Buy
2013-10-04 Reiterated Rating Deutsche Bank Buy
2013-09-23 Reiterated Rating Deutsche Bank Buy
2013-01-30 Downgrade HSBC Securities Neutral to Underweight
2012-10-23 Downgrade HSBC Securities Overweight to Neutral
2009-10-09 Initiated Deutsche Securities Buy
2009-10-01 Upgrade Citigroup Hold to Buy
2009-07-08 Upgrade Citigroup Sell to Hold
2009-04-22 Downgrade JP Morgan Overweight to Neutral
2009-04-08 Initiated Longbow Neutral
2008-12-22 Downgrade Citigroup Hold to Sell
2008-11-05 Downgrade BB&T Capital Mkts Buy to Hold
2007-07-25 Upgrade UBS Neutral to Buy
2007-07-13 Initiated BB&T Capital Mkts Buy $23
2016-06-21 Reiterated Rating BNP Paribas Outperform
2016-05-31 Reiterated Rating Deutsche Bank Hold
2016-05-31 Reiterated Rating Deutsche Bank AG Hold
2016-04-28 Reiterated Rating Beaufort Securities Hold
2016-04-25 Upgrade Bank of America Underperform to Neutral

There is presents forecasts of rating agencies and recommendations for investors about this ticker

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