On Aug 31, Zacks Investment Research upgraded
Yadkin Financial Corporation
) to a Zacks Rank #1 (Strong Buy).
FARMERS CAP KY (FFKT): Free Stock Analysis
FIRST M & F CRP (FMFC): Get Free Report
PINNACLE FIN PT (PNFP): Free Stock Analysis
YADKIN FINL CP (YDKN): Free Stock Analysis
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Why the Upgrade?
Yadkin Financial has been witnessing rising earnings estimates on
the back of strong second-quarter 2013 results. Moreover, the
long-term expected earnings growth rate for this stock is 6%.
Yadkin Financial reported its second-quarter results on Jul 25
with earnings per share of 30 cents, beating the Zacks Consensus
Estimate of 19 cents by 57.9%. However, earnings were below the
year-ago figure of $1.57 per share.
The better-than-expected results for the quarter were primarily
aided by increase in both net interest and non-interest income
and a fall in expenses. Lower provision for credit losses was
also a positive.
Net interest income surged 6% to $16.1 million. Further,
non-interest income increased 40% to $6.2 million. Provision for
credit losses substantially declined year over year to $0.6
million. Additionally, expenses fell 6% to $14.8 million for
Yadkin Financial, as compared with the prior-year period.
As of Jun 30, 2013, total loans were $13.1 billion, down 4% year
over year. Further, total deposits were $15.2 billion, down 9.0%.
Following second-quarter 2013 results, the Zacks Consensus
Estimate for 2013 increased 30.1% to $1.21 per share over the
last 60 days. For 2014, the Zacks Consensus Estimate advanced
12.6% to $1.25 per share over the same time period.
Other Stocks to Consider
Apart from Yadkin Financial, other Southeast banks with a Zacks
Rank #1 include
Farmers Capital Bank Corporation
First M&F Corporation
Pinnacle Financial Partners Inc.