Davenport Downgrades Virginia Commerce Bancorp (VCBI) to Neutral, Lowers 2008-09 Earnings Estimates
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Davenport downgrades Virginia Commerce Bancorp Inc. (Nasdaq: VCBI) from Buy to Neutral.
Davenport analyst says, "We are lowering our rating on VCBI to Neutral on valuation and the risk of further credit quality deterioration in the company’s construction portfolio. VCBI shares have traded toward our previous target of $6.50 and we no longer believe the risk/reward scenario is favorable as we head into third quarter earnings...We have also adjusted our EPS estimates to account for the announced $25 million capital raise through a private placement of trust preferred securities. In addition, we increased our loan loss provision estimates in both the second half of 2008 and in 2009. Our 2008 and 2009 EPS estimates go from $0.52 and $0.70 to $0.47 and $0.40, respectively.
Virginia Commerce Bancorp, Inc. is the parent bank holding company of Virginia Commerce Bank (the Bank), a state-chartered bank.
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