FBR Capital Resumes Coverage on Western Bancorp (UWBK) with a Market Perform
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FBR Capital resumes coverage on Western Bancorp (Nasdaq: UWBK) with a Market Perform. Price target $4.
FBR analyst says, "United Western's recent $80 million common equity raise addresses higher regulatory capital needs, driven both by ratings agency downgrades of certain securities in UWBK's portfolio and by the likely increase in the minimum regulatory capital ratios required in order to be considered "well capitalized." The question remains as to whether the capital raise will be enough to withstand more securities downgrades and/or slower prepayment speeds in the near term. Until the near-term regulatory capital overhang is lifted, we remain on the sidelines with respect to UWBK shares. That said, if the problem securities pay off more quickly than expected, then we could be more positive on shares as UWBK has healthy tangible common equity at 7.43% of tangible assets, and the deterioration in UWBK's loan portfolio is quite limited relative to peers. We are introducing FY09, FY10, and FY11 GAAP EPS estimates of ($0.50), $0.00, and $0.35, respectively."
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