Noble Financial Upgrades Frontier Financial (FTBK) From Sell to Hold
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Noble Financial upgrades Frontier Financial (Nasdaq: FTBK) from Sell to Hold.
Noble analyst says, "Nine days after July 22 regulatory deadline to raise capital, rescued by "blank check" acquisition company (SP Acquisition) established by Steel Partners in 2007. Transaction will inject $445 million of equity, write down loan portfolio by $200 million: pro forma 10.1% tangible common equity. Exchange ratio: 0.053 shares of SP Acquisition and 0.053 SP Acquisition warrants; based on current trading prices: $0.54 Upgrading to Hold from Sell based on (a) rescue and (b) proforma tangible book value per existing share: $0.54. No change to our EPS estimates until proxy statement out; our view will depend on earnings power, about which we have some concerns."
To see more analyst ratings on FTBK Click Here.
Frontier Financial Corporation operates as the holding company for Frontier Bank that provides various commercial banking services.
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