KBW Downgrades Frontier Financial (FTBK) to Underperform
More News related to FTBK
- Frontier Financial (FTBK) Suspends Qtr. Cash Dividend
- Frontier Financial Corporation Suspends Cash Dividend
- Frontier Bank Appoints Head of New Business Banking Division
- Frontier Financial (FTBK) Announces Changes in Executives
- Frontier Financial Corporation Announces Management Changes
More News related to Downgrades
- A. Schulman (SHLM) Declares $0.15/Share Dividend, Yielding 3.41%
- The Cooper Companies (COO) Declares Semi-Annual Dividend of $0.03/Share, Yielding 0.31%
- Monro Muffler Brake (MNRO) Declares Qtr. Dividend of $0.06/Share, Yielding 0.99%
- Robbins & Myers (RBN) Increases Dividend
- J. Alexander's (JAX) Suspends Annual Dividend
Keefe, Bruyette, and Woods downgrades Frontier Financial (NASDAQ: FTBK) from Market Perform to Underperform with a $7 price target.
The firm said, "Frontier announced midday on Thursday its plans to cut the quarterly dividend to $0.06/share (from $0.18) and incur a "significantly higher" credit provision in 2Q08. The dividend cut should save $25m annually while we interpret a significantly higher provision as 3x the $9m level in 1Q08. We are downgrading the shares to Underperform from Market Perform based on the growing probability of a capital raise and burn-down scenario."
Frontier Financial Corporation operates as the holding company for Frontier Bank that provides various commercial banking services.
Related Categories
DowngradesStocks Mentioned
-0.45Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
FTBK
MarkO on Jul 8, 2008 09:29 PM18% in a day? Who is downgrading this stock? There stock price is being lowered because they are a bank. They don't have an agressive lending policy and aren't involved in any sub-prime lending... time will show this to be a strong performer. Look for mid-teens before the end of August.