City National Corp. Given Neutral Rating at DA Davidson (CYN)
City National Corp. (NYSE:CYN)‘s stock had its “neutral” rating reaffirmed by research analysts at DA Davidson in a report released on Friday, American Banking and Market News reports. They currently have a $75.00 price objective on the stock, up from their previous price objective of $67.00. DA Davidson’s price objective suggests a potential upside of 7.99% from the company’s current price.
The analysts wrote, “Maintaining NEUTRAL and raising price target from $67 to $75. Our new target is equivalent to 2x 2014E TBV, 18x our revised 2014 EPS estimate of $4.21, and 16.5x 2015E of $4.53. Price target multiples are above the median for our mid-cap universe given CYN’s rate of loan and deposit growth, franchise value, and asset sensitive balance sheet. In our opinion the market is beginning to discount a more normalized rate environment via expanded bank P/E multiples, and CYN’s positioning is reflected in our increased price target. CYN reported 3Q13 EPS of $1.10, or $1.00 excluding $8.7 million in securities gains and asset dispositions. Core EPS of $1.00 was $0.05 below our estimate and in line with the Street mean. Spread income was above our estimate due to higher yields within the covered loan portfolio, which drove the GAAP NIM up 6bp to 3.30%.”
Shares of City National Corp. (NYSE:CYN) traded up 4.54% on Friday, hitting $72.60. The stock had a trading volume of 182,272 shares. City National Corp. has a 52-week low of $46.83 and a 52-week high of $71.88. The stock’s 50-day moving average is $68.35 and its 200-day moving average is $62.33. The company has a market cap of $3.905 billion and a price-to-earnings ratio of 17.80.
City National Corp. (NYSE:CYN) last announced its earnings results on Thursday, October 24th. The company reported $1.10 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.00 by $0.10. The company had revenue of $303.00 million for the quarter, compared to the consensus estimate of $303.40 million. During the same quarter in the prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Analysts expect that City National Corp. will post $3.95 EPS for the current fiscal year.
City National Corporation (NYSE:CYN) is a bank holding company and a financial holding company.
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