EverBank Financial Corp Downgraded by Sterne Agee to Buy (EVER)
EverBank Financial Corp (NASDAQ:EVER) was downgraded by equities research analysts at Sterne Agee to a “buy” rating in a research note issued to investors on Friday. They currently have a $21.00 price objective on the stock, up from their previous price objective of $18.00. Sterne Agee’s price target suggests a potential upside of 5.90% from the company’s current price.
The analysts wrote, “We are reiterating our Buy rating on EVER and raising our PO to $24 from $21 following BofA-Merrill Lynch hosted investor meetings with management. “We continue to view the stock as an undervalued growth story in banks, as the market appears to be assigning a lower multiple to the stock (13.3x 2015 P/E vs. smid-cap banks under coverage of 15.5x) given the higher concentration of mortgage banking revenues (32% of total). We think the market undervalues the rest of the bank, and believe both the market multiple and consensus estimates could expand as EVER delivers loan growth that is similar to what peer ‘high growth’ banks have and are posting. “Moreover, for long-term investors, we have done some work in this report that suggests that while EVER’s absolute deposit costs will always be higher than the industry, its pass-through (or deposit beta) in a rising rate environment could actually be in-line or lower than industry – a notion that we think would surprise the market to the upside. Our $1.20 estimate for 2014 is 8% above the Street.”
Shares of EverBank Financial Corp (NASDAQ:EVER) opened at 19.83 on Friday. EverBank Financial Corp has a one year low of $13.95 and a one year high of $20.00. The stock’s 50-day moving average is $19.07 and its 200-day moving average is $18.48. The company has a market cap of $2.434 billion and a price-to-earnings ratio of 20.87.
EverBank Financial Corp (NASDAQ:EVER) last released its earnings data on Wednesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. Analysts expect that EverBank Financial Corp will post $1.11 EPS for the current fiscal year.
A number of other firms have also recently commented on EVER. Analysts at Raymond James reiterated a “strong-buy” rating on shares of EverBank Financial Corp in a research note on Thursday, May 1st. They now have a $21.50 price target on the stock. Separately, analysts at Compass Point reiterated a “neutral” rating on shares of EverBank Financial Corp in a research note on Thursday, May 1st. They now have a $17.00 price target on the stock. Finally, analysts at Barclays raised their price target on shares of EverBank Financial Corp from $21.00 to $23.00 in a research note on Monday, March 24th. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $20.05.
EverBank Financial Corp (NASDAQ:EVER), incorporated in 2004, is an unitary savings and loan holding company.
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