First Republic Bank’s stock fell Thursday and was the most actively traded bank stock on the New York Stock Exchange, as it absorbed another credit rating downgrade, while some other bank stocks moved higher.Overall, bank stocks traded mixed after steep losses in the previous... First Republic Bank’s stock fell Thursday and was the most actively traded bank stock on the New York Stock Exchange, as it absorbed another credit rating downgrade, while some other bank stocks moved higher.
Truist analyst Brandon King cut stock price targets and earnings estimates for a host of banks, on expectations that net interest margins will fall, loan growth will slow and credit costs will increase. “[W]e continue to forecast a recession later this year with incrementally higher NCOs [net charge offs], provisioning and reserve levels,” King wrote in a note to clients.
Truist cut PacWest Bancorp’s PACW price target to $13 from $29, while its earnings-per-share estimate was dropped to $1.45 from $3.27.Truist also lowered its price targets for Western Alliance Bancorp WAL to $50 from $86, while Zions Bancorp was reduced to $35 from $59.Western Alliance Bancorp drew praise Thursday for its discounted price and “strong earnings engine” as financial advisor Hovde Group initiated coverage of the beaten-down bank stock with an outperform rating.
Jake Moseley, Matt Trotter, and Ted Wilson have joined the bank as managing directors, with leadership roles in Stifel’s venture banking unit based in the San Francisco Bay area.
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Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »