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In a report published Wednesday, D.A. Davidson analyst Gary P. Tenner reiterated a Neutral rating on BBCN Bancorp (NASDAQ: BBCN), and raised the price target from $16.00 to $16.50.
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In the report, D.A. Davidson noted, “Our $16.50 target (previously $16) represents a 14x multiple on our 2014 EPS estimate of $1.19 and 1.65x estimated 2014 TBV of $10.01. We think BBCN's strong 11.6% ROE projected for 2014, increased dividend (yield = 1.9%), and solid loan growth prospects should provide for additional multiple expansion over the next 12-18 months. BBCN reported 2Q13 EPS of $0.29, two cents above our and the Street estimate of $0.27. Relative to our model the beat was driven by higher spread income and a lower loan loss provision offsetting higher than expected expenses. Lease termination and branch consolidation costs of $900,000 were less than $0.01. Average loan balances grew 9% annualized with growth coming predominantly in the real estate segment. The quarter was subject to an unexpectedly high level of paydowns, payoffs, amortization and other adjustments ($190 million) when compared to the previous quarter, including two particularly sizable payoffs of $20 million and $50 million. Management believes these large payoffs were unusual and do not represent a trend. The company also noted approximately $40 million in loan fundings budgeted for the second quarter that slipped into early 3Q, giving the company a head start on 3Q growth. The net interest margin held steady at 4.49% including a 63bp ($8 million) benefit from purchase discount accretion. The 11bp increase in acquisition-related benefits in 2Q offset an 11bp decline in the core NIM (3.97% to 3.86%).”
BBCN Bancorp closed on Tuesday at $15.61.