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FBP vs. ETF Alternatives
Friday, Mar 1410:06 AM
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Tuesday, Oct 292013, 1:33 PM|Tuesday, Oct 292013, 1:33 PM| Comment!
Wednesday, Oct 232013, 8:48 AM
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Tuesday, Aug 132013, 3:58 PM| Comment!
- Puerto Rico's First Bancorp (FBP -3.7%) prices a 28M share secondary - with Treasury unloading 12M shares, Thomas Lee 8M, and Oaktree 8M. The sale leaves Treasury with about a 10% stake, and the combined stakes of Lee and Oaktree at about 20%.
- The stock's now off about 23% in less than a month, but Sandler O'Neill spots value, upgrading to Buy. Assuming the DTA ($523.4M or $2.53 per share) is recaptured, the $8.50 price target is a modest premium to book value.
- Further, Sandler believes "an inflection point with respect to credit" has been hit which should allow the bank to get back to normal operations.
Wednesday, Jul 242013, 9:42 AM
Friday, Jun 212013, 3:32 PMThe Fed's been continually over-optimistic about the economy throughout the recovery, says Sterne Agee and this time may prove no different. Expecting rates to retreat, the team spies opportunity in a basket of 4 large cap banks - C, JPM, USB, and WFC - as well as a group of regionals: PNC, MTB, RF, KEY. MTB is especially attractive given the roadblock now removed from its Hudson City (HCBK) purchase. A couple of smaller names of interest are First BanCorp (FBP) and PacWest (PACW) following the closing of its First California purchase. |Friday, Jun 212013, 3:32 PM| 1 Comment
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