Boenning & Scattergood Downgrades First Niagara Financial (FNFG) to Underperform
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November 3, 2015 9:44 AM EST
Compass Point maintained a Buy rating on KeyCorp (NYSE: KEY), and cut the price target to $16.00 (from $17.50), following the company's announced acquisition of First Niagara (NASDAQ: FNFG). KEY shares came under pressure following the release of the deal terms, with investors in particular honing in on the large hit to TBV disclosed by management and relatively long payback period of 10+ years.
Analyst Jesus Bueno commented, "We reiterate our Buy rating and lower our target price to $16 from... More
October 30, 2015 6:32 AM EDT
KeyCorp (NYSE: KEY) and First Niagara Financial Group (NASDAQ: FNFG) announced that they have entered into a definitive agreement under which KeyCorp will acquire First Niagara in a cash and stock transaction for total consideration valued at approximately $4.1 billion.
First Niagara, headquartered in Buffalo, N.Y., has $39 billion in assets and $29 billion in deposits and 394 banking offices in New York, Pennsylvania, Connecticut and Massachusetts. With approximately $135 billion of assets, the combined bank will be the 13th largest commercial bank headquartered in the U.S.
The... More
