Market Overview

DA Davidson Raises Target to $14 on Washington Banking Co

DA Davidson reiterates its Neutral rating on Washington Banking (NASDAQ: WBCO) and raises its target price to $14 from $13 as model is tweaked to include lower credit costs and higher core margins following quarterly results posted by the company.

DA Davidson notes, "Washington Banking Company reported Q4'11 EPS of $0.28, $0.02 above our estimate and $0.03 above the Street. A sequential increase in spread income, primarily from covered loans, and a lower LLP caused the slight variance from our estimates. The bank showed improved credit quality and experienced net loan runoff in the quarter. Net interest margin increased 20bp to 5.63%."

WBCO closed at $12.64 a share on Friday.

Posted-In: DA DavidsonAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (WBCO)

Around the Web, We're Loving...

Get Benzinga's Newsletters