First Niagara Financial Group Stock Rating Lowered by Bank of America (FNFG)
First Niagara Financial Group (NASDAQ:FNFG) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Thursday. They currently have a $10.00 target price on the stock, down from their previous target price of $11.50. Bank of America’s price target points to a potential upside of 16.55% from the stock’s previous close.
The analysts wrote, “We had kept our constructive outlook as we believed the announcement of a new CEO would be a positive catalyst for the shares,” the report said. “After a nine-month search, FNFG named interim CEO Gary Crosby (60) as President & CEO – disappointing the market (stock has underperformed the KRX by 6% since), who largely expected an outsider to be named. While we believe Mr. Crosby will do a fine job at the head, we viewed this announcement as a potential positive catalyst for the shares. With this behind, we think the market may focus more on some of the fundamental challenges facing FNFG.”
Shares of First Niagara Financial Group (NASDAQ:FNFG) traded up 1.54% on Thursday, hitting $8.58. The stock had a trading volume of 2,581,935 shares. First Niagara Financial Group has a one year low of $8.19 and a one year high of $11.34. The stock’s 50-day moving average is $8.95 and its 200-day moving average is $9.66. The company has a market cap of $3.003 billion and a P/E ratio of 11.58.
First Niagara Financial Group (NASDAQ:FNFG) last posted its quarterly earnings results on Friday, April 25th. The company reported $0.15 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.17 by $0.02. The company had revenue of $347.47 million for the quarter, compared to the consensus estimate of $363.18 million. During the same quarter last year, the company posted $0.17 earnings per share. First Niagara Financial Group’s revenue was down 2.2% compared to the same quarter last year. Analysts expect that First Niagara Financial Group will post $0.70 EPS for the current fiscal year.
First Niagara Financial Group, Inc provides a range of retail and commercial banking, as well as other financial services through its wholly owned bank subsidiary, First Niagara Bank, N.
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