Metro Bancorp, Inc. (METR) Maintains Outperform Rating
March 16, 2010 8:38 AM
Analysts Jon G. Arfstrom and Andy Hedberg at RBC Capital Markets have released an update on Metro Bancorp, Inc. (NASDAQ: METR).
Metro has terminated its long-standing merger agreement with Republic First Bancorp, Inc. (NASDAQ: FRBK). The merger agreement was initiated on November 7, 2008. Analysts back the bank’s decision to move on and execute a stand-alone strategy as they believe that uncertainty was not good for Metro shareholders.
Metro’s capital position is strong relative to its peers. The bank‘s TCE is 9.3%, which analysts believe should be sufficient to cover any additional asset quality pressure, and support the de novo and organic growth plans.
Analysts at RBC Capital Markets have maintained their Outperform rating and $18 price target for Metro Bancorp, Inc.
