Christopher F. Davis
Research analyst, REITs, biotech, small-cap

First Niagara Financial Group: A Growing Regional Bank At A 30% Discount To Book

Executive Summary: Trading at over a 30% discount to tangible book value, First Niagara has grown its commercial and residential loan portfolio for 14 consecutive quarters. It has acquired competitors to strengthen its regional footprint and is optimizing existing banking operations, setting the company up for continued growth over the next few years.


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