First Niagara Financial Group Rating Lowered to Neutral at Sterne Agee (FNFG)
First Niagara Financial Group (NASDAQ:FNFG) was downgraded by research analysts at Sterne Agee from a “buy” rating to a “neutral” rating in a report released on Wednesday, TheFlyOnTheWall.com reports.
The analysts wrote, “We are downgrading the shares of First Niagara to Neutral from Buy. This is primarily a valuation-based downgrade given the recent move in the stock. While the higher interest rate environment overall is a net positive development for the banking industry, for select banks like FNFG with thinner capital and large AFS securities portfolios, we think the decline in 2Q TBV and TCE ratios will be a concern for investors.”
Shares of First Niagara Financial Group (NASDAQ:FNFG) remained flat at $8.63 during trading on Wednesday. The stock had a trading volume of 3,762,688 shares. First Niagara Financial Group has a 52-week low of $8.19 and a 52-week high of $11.34. The stock’s 50-day moving average is $8.89 and its 200-day moving average is $9.6. The company has a market cap of $3.020 billion and a P/E ratio of 11.82.
First Niagara Financial Group (NASDAQ:FNFG) last announced its earnings results on Friday, April 25th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, analysts predict that First Niagara Financial Group will post $0.70 earnings per share 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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