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UPDATE: D.A. Davidson Reiterates On BBCN Bancorp Following Q3 Review

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In a report published Wednesday, D.A. Davidson analyst Gary P. Tenner reiterated a Buy rating on BBCN Bancorp (NASDAQ: BBCN), but lowered the price target from $20.50 to $18.00.

In the report, D.A. Davidson noted, “BBCN reported 3Q14 EPS of $0.27, $0.03 below our estimate and consensus. The company reported lower interest income and higher operating expenses, which were partially offset by a lower-than-expected provision and stronger fee income. Period end loan balances increased 6% annualized with strength in the real estate loans segment. In particular, the hotel/motel, gas station, and mixed use facility loans saw the greatest sequential dollar growth. Total originations of $382 million were above last quarter's production of $344 million; however, 3Q's payoffs and paydowns of $312 million were ~35% higher than the prior quarter. Management noted that near term loan growth may be constrained due to greater CRE participations for risk management purposes.”

BBCN Bancorp closed on Tuesday at $14.01.

Latest Ratings for BBCN

DateFirmActionFromTo
Dec 2015UpgradesMarket PerformOutperform
Dec 2015UpgradesUnderweightNeutral
Jul 2015MaintainsMarket Perform

View More Analyst Ratings for BBCN
View the Latest Analyst Ratings

Posted-In: D.A. Davidson Gary P. TennerAnalyst Color Price Target Analyst Ratings

 

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