Bank of Kentucky Financial Corp. Stock Rating Reaffirmed by DA Davidson (BKYF)
Bank of Kentucky Financial Corp. (NASDAQ:BKYF)‘s stock had its “buy” rating reiterated by investment analysts at DA Davidson in a note issued to investors on Monday, American Banking & Market News reports. They currently have a $35.00 price target on the stock, up from their previous price target of $33.00. DA Davidson’s target price would indicate a potential upside of 24.29% from the company’s current price.
The analysts wrote, “Bank of Kentucky reported 3Q EPS of $0.72, $0.09 above our estimate and the consensus estimate. Favorable variance was driven by lower than forecast provision expense ($0.04 per share) and higher noninterest income ($0.05). The decline in provision was due to a fairly broad improvement in credit with declines in classified loans, new non accruals and non-performing loans (NPLs). The NPLs/loans ratio declined to 1.37% from 1.60% last quarter. The net charge-off/loans ratio declined to 20bp from 53bp. The NIM increased 4bp to 3.5% due to a mix change in earning assets as the bank’s Fed Funds sold position declined and loans increased. Average earning assets declined 0.6%; however, end-of-period loans increased at a 5.3% annualized pace, with a result of a 6% increase in net interest income. Management noted that the pipeline for new loans remains steady from 2Q and pressure on credit spreads has moderated a bit. We forecast a stable NIM in 4Q and loan growth of 5.0%.”
Bank of Kentucky Financial Corp. (NASDAQ:BKYF) traded up 1.38% during mid-day trading on Monday, hitting $28.55. The stock had a trading volume of 24,315 shares. Bank of Kentucky Financial Corp. has a 52-week low of $24.02 and a 52-week high of $30.47. The stock has a 50-day moving average of $27.48 and a 200-day moving average of $27.21. The company has a market cap of $213.6 million and a price-to-earnings ratio of 11.21.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 25th. Investors of record on Friday, October 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Wednesday, October 9th.
The Bank of Kentucky Financial Corporation (NASDAQ:BKYF) is a bank holding company.
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