4 Reasons To Consider Buying First Niagara Financial
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GlobeNewswire (Mon, 8:00AM)
at MarketWatch.com (Apr 9, 2014)
GlobeNewswire (Apr 3, 2014)
Photo Release -- Joseph Saffire Named First Niagara Executive Vice President of Commercial Financial ServicesGlobeNewswire (Mar 31, 2014)
First Niagara Financial Group, Inc. to Attend Keefe, Bruyette & Woods 2014 Regional Bank Investor ConferenceGlobeNewswire (Feb 26, 2014)
First Niagara Financial Group, Inc. to Attend Sterne Agee Financial Institutions Investor ConferenceGlobeNewswire (Feb 12, 2014)
GlobeNewswire (Feb 11, 2014)
GlobeNewswire (Feb 4, 2014)
GlobeNewswire (Jan 28, 2014)
GlobeNewswire (Jan 24, 2014)
GlobeNewswire (Jan 23, 2014)
GlobeNewswire (Jan 14, 2014)
at CNBC.com (Jan 11, 2012)
at CNBC.com (Aug 17, 2011)
at MarketWatch.com (Aug 1, 2011)
FNFG vs. ETF Alternatives
Wednesday, Apr 910:10 AM
Thursday, Mar 2010:54 AM
Thursday, Mar 2010:54 AM| 5 Comments
- Much of the financial sector is lit up bright green, continuing to outperform following yesterday's suggestion by the FOMC and Janet Yellen that rate hikes could come sooner than expected. XLF +1.1%, KBE +1.6%, KRE +1.6%.
- At new 52-week or even multi-year highs are JPMorgan (JPM +2.3%), Wells Fargo (WFC +1.7%), Morgan Stanley (MS +1.4%), and Bank of America (BAC +1.6%).
- Regional lenders: U.S. Bancorp (USB +1%), Huntington (HBAN +1.5%), PNC (PNC +1.3%), BB&T (BBT +1.5%), Fifth Third (FITB +1.8%), First Niagara (FNFG +2.1%).
- Leading among the life insurers are Lincoln National (LNC +1.9%), Protective Life (PL +1.6%), Manulife (MFC +1.2%), and Sun Life (SLF +1.1%).
- ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, KIE, IAT, SEF, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, FNCL, FINU, KRU, RWW, KBWR, RYF, PSCF, KBWI, KBWP, KRS, FINZ
Friday, Feb 712:41 PM
Friday, Feb 712:41 PM| 2 Comments
- Liquidity is becoming an issue at many community and regional banks, says Sterne Agee's Matthew Kelley, noting growing loan-to-deposit ratios. Bank runs are not the worry, but keeping loan pipelines well funded is, and a number of smaller players could be acquisition targets for lenders looking to boost deposits.
- Kelley's list of 12 possibilities in the Northeast: Westfield Financial (WFD +0.1%), Century Bancorp (CNBKA -0.9%), Hudson Valley Holding (HVB +0.1%), Republic First (FRBK +1%), Metro Bancorp (METR +0.4%), Suffolk Bancorp (SUBK +3.3%), Citizens and Northern (CZNC +0.3%), Sun Bancorp (SNBC), First Niagara (FNFG +1.7%), Orrstown Financial (ORRF +0.4%), Camden National (CAC +0.5%), Cambridge Bancorp (CATC +0.2%).
- Under pressure to raise deposits? Susquehanna Bancshares (SUSQ -0.6%) - whose loan-to-deposit ratio rose to 105.5% in Q4 from 102.5% a year earlier. Investors Bancorp (ISBC) with a ratio of 120%, New York Community Bancorp (NYCB), Astoria Financial (AF +0.8%), and People's United (PBCT +0.2%).
Tuesday, Jan 284:19 PM|Tuesday, Jan 284:19 PM| Comment!
Monday, Jan 271:20 PM
Monday, Jan 271:20 PM| Comment!
- RBC Capital says to "buy the dip" on First Niagara (FNFG -2.2%) after its post-earnings implosion on Friday, but not so fast, say another of other sell-siders.
- "Higher operating expenses ... will not be matched by revenue growth," says FBR, removing its Buy rating on the stock. "We consider the 4-5 year time line to achieve FNFG's ROA target of 115 bps-125 bps ROA too long."
- Jefferies too throws in the towel on its Buy rating. "Our Buy thesis rested on estimate stability via cost discipline and a long-term ROA improvement via balance sheet rotation, but both themes are no longer valid given elevated infrastructure investments ($250mm over next three years) and a slower loan growth forecast."
- KBW removes its Buy rating as well and Macquarie downgrades to Sell.
Monday, Jan 277:32 AM
Monday, Jan 277:32 AM| 1 Comment
- Buy the dip in First Niagara (FNFG), says RBC Capital, following Friday's 12.2% post-earnings plunge. The report was about inline, but the market overreacted to the bank's announcement of higher investments in technology which is sure to hit profitability in the near-term.
- RBC keeps its Outperform rating, but lowers the price target by $1 to $11.
Friday, Jan 2411:32 AM
Friday, Jan 2411:32 AM| 3 Comments
- It's a financial crisis-type move for First Niagara Financial (FNFG -9.7%) after its Q4 earnings report as the bank guides for 2014 operating EPS of $0.72-$0.75 vs. expectations of $0.79.
- "We've been underperforming," (no longer interim) CEO Gary Crosby tells analysts. "A combination of higher staffing to execute projects and to operate the new product and service platforms, as well as higher technology and depreciation expenses and professional fees," will likely see expenses on the rise this year.
- Previous earnings coverage
Friday, Jan 247:57 AM
Friday, Jan 247:57 AM| Comment!
- Net interest income of $280.3M gained 1% sequentially, with NIM up 1 basis point to 3.41%.
- Noninterest income of $89.3M fell from $91.8M a year ago. Noninterest expenses of $227.1M fell from $238.8M a year ago.
- Average total loans up 9% annualized from Q3, average commercial loans up 7%. Prepayments remain high "driven by the intense competitive landscape."
- Allowance for loan losses of $209.3M up from $198M the previous quarter. Nonperforming assets to total assets ratio of 0.56% gained 3 basis points.
- Press release, Q4 results
- CC at 8 ET
- FNFG no trades premarket
Friday, Jan 246:51 AM
Friday, Jan 2412:05 AM
Thursday, Jan 235:30 PM
Friday, Dec 202013, 7:27 AM|Friday, Dec 202013, 7:27 AM| Comment!
Thursday, Dec 192013, 3:21 PM
Thursday, Dec 192013, 3:21 PM| 3 Comments
- "Mr. Crosby has done nothing to give us concern that he is not capable of running the bank on a going-forward basis, and we have confidence that he will demonstrate a strong leadership ability in taking the bank to the next level," says KBW's Damon DelMonte in a note to clients following First Niagara's (FNFG -4.4%) hiring of interim CEO Gary Crosby to be permanent CEO.
- DelMonte rates the stock a Buy with $12 price target.
- The stock's in the tank today as investors register disappointment an outsider was unable to be found to lead the bank, says DelMonte. Since Crosby took over in early March, the stock's ahead 22% (including today's decline), not far off the 26% gain in the KBW Regional Banking Index.
Thursday, Dec 192013, 10:36 AM|Thursday, Dec 192013, 10:36 AM| 1 Comment
Friday, Nov 82013, 10:41 AM
Friday, Nov 82013, 10:41 AM| 5 Comments
- Up sharply as interest rates fly higher (the 10-year is up 15 basis points to 2.75%) are the life insurers - all of whom have had their investment returns more than a little constrained by puny yields. IAK +2.4%
- MetLife (MET +5.9%), Prudential (PRU +4.5%), Lincoln National (LNC +6.8%), Hartford (HIG +3.1%).
- Also set to benefit from a steeper yield curve (if we're to believe their models) are the banks, and they're leading the S&P 500 higher. The TBTFs: Bank of America (BAC +3.3%), JPMorgan (JPM +3.1%), CItigroup (C +3.3%), Wells Fargo (WFC +2.6%). The regionals (KRE +3.4%): Huntington (HBAN +2.6%), Regions (RF +4.2%), PNC (PNC +2.8%), FIfth Third (FITB +3.4%), First Niagara (FNFG +2%), Keycorp (KEY +3.5%), Zions (ZION +4.1%), Comerica (CMA +3.1%).
- The XLF +1.9%.
- FInancial sector ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, KIE, SEF, IAT, IAI, IYG, IAK, FXO, PFI, KBWB, RKH, QABA, RWW, FINU, RYF, KRU, KBWR, PSCF, KBWP, KBWI, KRS, FINZ, FNCL
Tuesday, Oct 292013, 5:40 PM|Tuesday, Oct 292013, 5:40 PM| Comment!