FBR Capital Reiterates an 'Underperform' on BankAtlantic Bancorp (BBX); Drops Coverage
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Rating Summary:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital reiterates an 'Underperform' on BankAtlantic Bancorp (NYSE: BBX), PT lowered from $1 to $0.50.
FBR analyst says, "We are dropping coverage of BBX due to a reallocation
of resources at FBR. We reiterate our Underperform rating and lower our price
target to $0.50, as we expect that credit and capital pressures will likely drive negative earnings for the foreseeable future. We believe that capital levels
at the holding company are too low and that further capital raises will likely be
necessary even though regulatory ratios are above the "well-capitalized" level at the bank subsidiary. Management has taken steps to bolster capital through a $30 million rights offering for its class A common stock, but we believe it would need much more capital to offset expected losses."
For more ratings news on BankAtlantic Bancorp click here and for the rating history of BankAtlantic Bancorp click here.
Shares of BankAtlantic Bancorp closed at $0.90 yesterday.
FBR analyst says, "We are dropping coverage of BBX due to a reallocation
of resources at FBR. We reiterate our Underperform rating and lower our price
target to $0.50, as we expect that credit and capital pressures will likely drive negative earnings for the foreseeable future. We believe that capital levels
at the holding company are too low and that further capital raises will likely be
necessary even though regulatory ratios are above the "well-capitalized" level at the bank subsidiary. Management has taken steps to bolster capital through a $30 million rights offering for its class A common stock, but we believe it would need much more capital to offset expected losses."
For more ratings news on BankAtlantic Bancorp click here and for the rating history of BankAtlantic Bancorp click here.
Shares of BankAtlantic Bancorp closed at $0.90 yesterday.
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