First Niagara Is Worth Considering
Oct. 23, 2015, 7:30 AM
- First Niagara (NASDAQ:FNFG): Q3 EPS of $0.15 in-line.
- Revenue of $346.93M (-0.5% Y/Y) misses by $6.82M.
Oct. 22, 2015, 5:30 PM
Oct. 2, 2015, 11:33 AM
- The long-awaited regulatory approval of the M&T Bank's purchase of Hudson City Bancorp, and the relatively quick green light for BB&T's acquisition of Susquehanna Bancshares has lifted M&A animal spirits in the regional bank sector.
- Another possible buyer could be Regions Financial (NYSE:RF) - its done well on its annual stress tests, and has expressed a willingness to look into deals. There's also Memphis-based First Horizon National (NYSE:FHN), though at least one activist believes the bank is more target than hunter.
- Possible sellers include First Niagara Financial (NASDAQ:FNFG), which has already put itself on the block.
- A target for BBT or Regions might be Georgia's Synovus Financial (NYSE:SNV), with $27B in assets, and an activist investor pushing for a sale.
- Another target might be Astoria Financial (NYSE:AF), with $15.3B in assets, and a neighbor in New York Community Bancorp (NYSE:NYCB) which might be on the hunt for acquisitions.
Oct. 1, 2015, 2:53 PM
- "At a time when acquirers are seeking deposit-rich franchises, First Niagara (FNFG +1.9%) offers an attractive footprint with a clean balance sheet and a desirable loan/deposit ratio of 82 percent," says Compass Point's Laurie Hunsicker, initiating coverage with a Buy rating and $12 price target.
- She notes the bank's bloated efficiency ratio of 70% offers plenty of fat to trim for enterprising acquirer.
Sep. 23, 2015, 12:40 PM
Sep. 23, 2015, 9:12 AM
Sep. 22, 2015, 8:48 PM
- First Niagara Financial (NASDAQ:FNFG) +4.9% AH reportedly is exploring a sale of the company or other strategic opportunities, and has hired JPMorgan Chase to advise it on possible moves.
- DealReporter said earlier that the bank had contacted possible buyers, and listed New York Community Bancorp (NYSE:NYCB), Toronto-Dominion Bank (NYSE:TD) and Huntington Bancshares (NASDAQ:HBAN) among possible suitors.
Sep. 22, 2015, 5:40 PM
Jul. 24, 2015, 10:14 AM
- First Niagara (NASDAQ:FNFG) declares $0.08/share quarterly dividend, in line with previous.
- Forward yield 3.33%
- Payable Aug. 17; for shareholders of record Aug. 5; ex-div Aug. 3.
Jul. 24, 2015, 8:45 AM
- Q2 net income of $53.5M or $0.15 per share vs. $43.8M and $0.12 in Q1, $68.3M and $0.19 one year ago.
- Net interest income of $263.1M vs. $262.9M in Q1, with NIM slipping five basis points.
- Noninterest income of $90M (after item) vs. $83M in Q1. Deposit service charges up 9%, inline with seasonal patterns. Merchant and card fees up 12% thanks to higher volumes. Wealth management services up 7%. Mortgage banking income up 18%.
- Noninterest expense of $248M slips $13M from Q1 (which included $18M in restructuring charges).
- Total loans up 4% Q/Q, with C&I loans up 9%. Average deposits of $28.2B up 6% annualized Q/Q.
- Conference call is underway.
- Previously: First Niagara beats by $0.01, misses on revenue (July 24)
- FNFG flat premarket
Jul. 24, 2015, 7:08 AM
- First Niagara (NASDAQ:FNFG): Q2 EPS of $0.15 beats by $0.01.
- Revenue of $349.7M (-0.9% Y/Y) misses by $1.4M.
Jul. 23, 2015, 5:30 PM
Jun. 22, 2015, 2:44 PM
- Financials sunk along with Treasury yields last week, but are seeing a strong bounce today alongside a ten basis point gain in the 10-year yield to 2.36%.
- The XLF is up 1.6% versus the S&P 500's 0.7% gain.
- Helping U.S. equity markets is movement toward a Greek debt deal which sent Europe's Stoxx 50 hurtling 4% higher on the session. Yields tumbled in the periphery, but are sharply higher in Germany as well as the U.S.
- Yield-sensitive Bank of America (BAC +1.8%) is leading the TBTF names higher. In regionals: PNC Financial (PCN -0.2%), KeyCorp (KEY +1.2%), Regions Financial (RF +1.4%), SunTrust (STI +1.3%), First Niagara (FNFG +1.2%).
- Life insurers: MetLife (MET +2%), Prudential (PRU +1.6%), Lincoln FInancial (LNC +1.4%). Online brokers: E*Trade (ETFC +3.3%), Schwab (SCHW +2.2%), Ameritrade (AMTD +1.3%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, KIE, IAT, SEF, IYG, IAK, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, KBWP, KBWI, FINZ, KRS
Jun. 16, 2015, 3:19 PM| Jun. 16, 2015, 3:19 PM
Jun. 5, 2015, 10:27 AM
- This morning's strong nonfarm payroll report may put to rest the idea of a continuing economic slowdown and puts on the table a rate hike maybe as soon as September.
- The 10-year Treasury yield is up nine basis points to 2.40%.
- The KRE +1.5%, KBE +1.6%, and the XLF +1.1% amid a flat S&P 500.
- Regional banks: Regions Financial (RF +3.3%), KeyCorp (KEY +2.5%), PNC Financial (PNC +1.9%), SunTrust (STI +2.3%), U.S. Bancorp (USB +2.2%), Zions (ZION +3.7%), First Niagara (FNFG +1.4%)
- Too Big Too Fails: Citigroup (C +2.2%), Bank of America (BAC +3.4%), JPMorgan (JPM +2.2%), Wells Fargo (WFC +1.9%)
- Life insurers: MetLife (MET +2.7%), Prudential (PRU +2.8%), Sun Life (SLF +1.9%), Lincoln Financial (LNC +2.5%)
- Online brokerage: Schwab (SCHW +3.8%), TD Ameritrade (AMTD +2.8%), E*Trade (ETFC +2.3%), Interactive Brokers (IBKR +2.5%)
- Previously: Jobs up 280K in May; UE rate ticks higher (June 5)
- Previously: Treasury yields surge amid strong job gains, boosted wage growth (June 5)
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
May 6, 2015, 10:56 AM
- "We see slowing loan growth, pressures on fees (service charges), a potentially flatter-than-expected yield curve, and low capital levels as headwinds – all of which are not fully reflected in consensus [estimates]." says Goldman Sachs, cutting First Niagara Financial (FNFG -0.7%) to Sell with $8.50 price target.
- The stock is higher by 16% from lows hit in January.
- Previously: First Niagara compensation costs fall, but so do margins (April 24)
- Previously: First Niagara beats by $0.02, misses on revenue (April 24)
First Niagara Financial Group, Inc. operates through its wholly owned subsidiary, First Niagara Bank, N.A., provides a wide range of retail and commercial banking as well as other financial services to individuals, families and businesses across Upstate New York, Pennsylvania, Connecticut and... More
Industry: Savings & Loans
Country: United States
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