On Jun 29, Zacks Investment Research upgraded
SY Bancorp Inc.
) to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
SY Bancorp has been witnessing rising earnings estimates due
to the completion of an acquisition, and better-than-expected
first-quarter results. Moreover, this regional bank has a
long-term earnings growth forecast of 10.0%.
On May 1, SY Bancorp announced the closure of a deal to
acquire La Grange, Ky.-based THE BANCorp, Inc. The deal,
announced in Dec 2012, increased the company's footprint to 35
branches in 3 major metropolitan areas of Louisville,
Indianapolis and Cincinnati. The cash-and-stock transaction is
valued at roughly $19.9 million.
Additionally, in Apr 2013, SY Bancorp announced its
first-quarter earnings of 49 cents per share, surpassing the
Zacks Consensus estimate by nearly 9%. Results were driven by
almost stable net interest and non-interest revenues, partially
offset by a rise in operating expenses.
Notably, out of the past 4 quarters, SY Bancorp delivered
positive earnings surprise in 2 quarters, while reporting in-line
results for the other 2 quarters, with average beat of 6.6%.
Moreover, during the last 60 days, the Zacks Consensus Estimate
for 2013 increased 1.1% to $1.90 per share. For 2014, the Zacks
Consensus Estimate has remained stable at $1.81 per share over
the same time period.
Positive earnings surprises, along with favorable estimate
revisions made way for the rank upgrade.
Other Stocks to Consider
Other stocks in the banking sector that are worth a look
Farmers Capital Bank Corporation
Home Bancshares, Inc. (Conway, AR)
) - all of which carry a Zacks Rank #1.
AMERIS BANCORP (ABCB): Free Stock Analysis
FARMERS CAP KY (FFKT): Free Stock Analysis
HOME BANCSHARES (HOMB): Free Stock Analysis
S Y BANCORP INC (SYBT): Free Stock Analysis
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