UPDATE: Sterne Agee Initiates Coverage on National Bank Holdings Corporation with Neutral Rating

In a report published Wednesday, Sterne Agee Group initiated coverage on National Bank Holdings Corporation

with a Neutral rating. Sterne Agee noted, “We are initiating coverage of NBHC with a Neutral rating, as we believe present fair value is ~$21, or 9% above the recent price. Given a relatively low valuation of 1.0x TBVPS, a TCE ratio of 17%, a low-risk loan portfolio (~85% marked to market), and solid market share position in attractive markets (Kansas City and Front Range of the Rockies), NBHC is an interesting consolidation play that has a solid margin of safety.” National Bank Holdings Corporation closed on Tuesday at $19.28.