SunTrust Robinson Humphrey Downgrades Wilmington Trust (WL) to Neutral
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SunTrust Robinson Humphrey downgrades Wilmington Trust (NYSE: WL) from Buy to Neutral.
The firm said, "While management remains confident in the bank's asset quality, we have lowered our estimates primarily on more conservative asset quality assumptions. While we continue to like the bank’s diversified business model and favor the shares long term, with the lower capital ratios and less compelling valuation of 11x our 2009E EPS and ~2.5x tangible book value, we feel the stock is appropriately valued near current levels."
The firm highlighted that the company's "capital ratios declined meaningfully during the quarter as tangible equity to tangible assets decreased from 6.80% to 5.70% due primarily to balance sheet growth, the AST acquisition and the investment portfolio."
Wilmington Trust Corporation (Wilmington Trust) is a financial holding company that provides a range of banking and other financial services through its banking and other subsidiaries.
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