Compass Point analyst Kevin Barker reiterated a Neutral rating and trimmed his price target on EverBank Financial (NYSE: EVER) to $16.00 (from $16.50) following Q4 results.

Barker commented, "EVER missed our operating EPS estimate this quarter and guided to FY15 ROE at the low-end of their intermediate-term guidance of 10-13%. An ROE near 10% would imply FY15 EPS near $1.30 and signals the pressure EVER is feeling on asset yields from (a) the low rate environment and (b) incremental pressure on funding costs as the bank attempts to grow assets at a 20%+ clip. Going forward, we believe the company could see incremental pressure due to higher provision expense as it grows its commercial and lease financing loan balances and the consolidated reserve/loan ratio remains very low at 0.34%. In addition, we believe the company has little room to continue growing at the current pace (7% sequential loan growth in 4Q) with the tier 1 leverage ratio at 8.2% without looking to raise additional capital. This could come in the form of sub-debt or other forms other than common equity a few quarters down the road. On a positive note, the company continues diligently managing expenses after a major cost cutting program was implemented in 4Q13 and the mortgage market has become increasingly favorable for originators. Due to lower NII, we are lowering our FY15E EPS to $1.29 from $1.32 and FY16E EPS to $1.35 from $1.42. Our estimates are materially below the consensus estimates because we do not assume higher rates and we don't see EVER as being particularly asset sensitive given its low level of core deposits and limited excess liquidity."

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Shares of EverBank Financial closed at $17.57 yesterday.