Boenning & Scattergood Downgrades Susquehanna Bancshares (SUSQ) to Neutral

Boenning & Scattergood downgraded shares of Susquehanna Bancshares (NASDAQ: SUSQ) from its previous rating of Outperform to Neutral.

The bank reported earnings inline with the firms expectations and above the street's consensus. Net interest margin rose 1 basis point to 3.59 percent and was better than expected. The firm notes the Tower acquisition will help improve net interest margin.

An analyst at Boenning & Scattergood comments, "Asset quality improved during the quarter. Chargeoffs, delinquencies, nonaccruals, TDRs, substandard, and special mention loans all decreased. That said, all remain elevated well-above historically normal levels. For instance charge-offs were 0.95% in Q4 but nonaccruals decreased on both an absolute and relative basis. We anticipate further improvement in credit metrics."

Due to lower than previously expected estimate for net interest income, the firm lowered its FY12 EPS estimate from $0.73 to $0.65. Boenning & Scattergood also released its FY13 estimate at $0.73.

For an analyst ratings summary and ratings history on Susquehanna Bancshares click here. For more ratings news on Susquehanna Bancshares click here.

Shares of Susquehanna Bancshares closed at $9.20 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Keefe, Bruyette & Woods Downgrades Bain Capital Specialty Finance (BCSF) to Market Perform
• Genco rejects Diana Shipping takeover bid as undervalued
• Keefe, Bruyette & Woods Starts Columbia Financial Inc (CLBK) at Outperform