Tue, Feb. 17, 1:50 PM
- Towne (TOWN +6%) just-completed $275M purchase of Richmond's Franklin Financial will be slightly dilutive to earnings and book value this year, but should begin paying dividends in 2016, writes David Englander.
- At 1.3x tangible book vs 1.7x for peers, and 12x earnings vs. an 18 multiple for peers, the stock looks cheap. Other than rising earnings, a possible catalyst could be analyst coverage - there currently isn't any thanks to the bank's small size, but January's acquisition could change that.
- Another favorite of Englander's column, State Bank Financial (STBZ +2.2%) is higher since being written up in November, but the stock's still a buy at 1.4x tangible book. The stock yields 1% after boosting the dividend 25% last week.
Jun. 24, 2014, 8:18 AM
- State Bank Financial (STBZ) agrees to acquire Georgia-Carolina Bancshares (GECR) in a cash and stock deal with valuation of roughly $82M, or $22.35 per share (vs. last night's close of $13.71). The deal is expected to close in 2015 Q1.
- State Bank will host a conference call to discuss at 10 ET.
- Source: Press Release
- The acquirer is ahead 4% premarket.
Nov. 14, 2013, 5:57 PM
- Intrexon (XON) +4.8% AH after David Einhorn's Greenlight Capital reveals it opened a ~2.1M-share position in the biotech company that went public in August. (13F)
- Greenlight also started positions in NVR and Tempur Sealy (TPX), and added large stakes in WPX Energy (WPX) and Spirit AeroSystems (SPR); it closed positions on Oaktree Capital (OAK), State Bank Financial (STBZ) and Capital Bank Financial (CBF), while selling 20% of its shares in Rite Aid (RAD).
- Its biggest positions are still in Apple (AAPL), 21.1% of the portfolio; GM, 11.3%; and Marvell Technology (MRVL), 9.4%.
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