On Mar 2, Zacks Investment Research upgraded
Bridge Capital Holdings
) to Zacks Rank #1 (Strong Buy).
BRIDGE CAP HLDG (BBNK): Free Stock Analysis
BANK OF KY FINL (BKYF): Get Free Report
MONARCH FINANCL (MNRK): Free Stock Analysis
WESBANCO INC (WSBC): Free Stock Analysis
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Why the Upgrade?
Bridge Capital has been witnessing rising earnings estimates
owing to strong fourth quarter 2012 results. Moreover, this
regional bank delivered positive earnings surprises in 3 of the
last 4 quarters with an average beat of 19.9%.
Bridge Capital reported fourth-quarter results on Jan 24.
Earnings per share came in at 23 cents, surpassing the year-ago
earnings by 43.8%. Moreover, the earnings were in line with the
Zacks Consensus Estimate. Results were primarily aided by
improved net interest income as well as non-interest income,
partially offset by a rise in expenses and provision for credit
Net interest income jumped 22.0% year over year to $15.8 million.
Further, non-interest income surged 42.3% to $1.0 million. Yet,
total non-interest expenses hiked 9.9% year over year to $12.2
Credit quality was mixed at Bridge Capital. Provision for credit
losses climbed significantly from $0.6 million in the prior-year
quarter to $1.5 million. However, as of Dec 31, 2012,
nonperforming assets were 0.75% of total assets, down 63 basis
points from the prior-year quarter. Moreover, nonperforming loans
were 1.10% of total gross loans, down 45 bps from the prior-year
The Zacks Consensus Estimate for 2013 increased 8.2% to $1.05 per
share as 1 out of 2 estimates was revised higher over the last 30
days. For 2014, over the same time frame, the Zacks Consensus
Estimate rose by 7.3% to $1.18 per share.
Other Stocks to Consider
Besides Bridge Capital, other stock in the same sector like
Monarch Financial Holdings, Inc.
Bank of Kentucky Financial Corp.
) carry a Zacks Rank #1 and are worth considering.