UPDATE: Raymond James Downgrades Professional Holding (PFHD) to Market Perform

Raymond James analyst Michael Rose downgraded Professional Holding (NASDAQ: PFHD) from Outperform to Market Perform.

The analyst comments "We are downgrading PFHD shares from Outperform to Market Perform following its announced sale to Seacoast (link). With the large move in the stock today (+~28%) and trading within ~4% of the deal price/share (see page 2), we see shares as largely range bound until the deal’s projected closing in 1Q23. Net-net, we view the acquisition favorably for SBCF as it deploys capital in an accretive manner, allowing the bank to enhance its scarcity value while deepening its presence in South Florida attractive markets. That said, the company has its plate full with two other pending deals, although is a proven acquirer with a track record of executing on M&A."

For an analyst ratings summary and ratings history on Professional Holding click here. For more ratings news on Professional Holding click here.

Shares of Professional Holding closed at $29.65 yesterday.

You May Also Be Interested In

• Raymond James Starts SpyGlass Pharma (SGP) at Outperform
• Raymond James Starts Polaryx Therapeutics (PLYX) at Strong Buy
• SoundThinking (SSTI) PT Lowered to $8 at Cantor Fitzgerald