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D.A. Davidson downgrades Hanmi Financial to 'neutral' from 'buy'

Upgrades

Kevin Reevey from D.A. Davidson upgraded Sandusky, Ohio-based Civista Bancshares Inc.'s stock rating to "buy" from "neutral" with a price target of $25.

Reevey believes that the company's stock has been unfairly caught-up in the recent decline in bank stocks. He also wrote that Civista should trade at a premium to its peers considering its robust and higher-than-peers operating metrics and best-in-class deposit base and diverse fee-based businesses.

The analyst also believes that Civista's focus on growing its treasury management business will also drive growth in the company's core deposits.

Reevey's EPS estimates for the company are $1.96 for 2019 and $2.13 for 2020.

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Kevin Swanson from Hovde Group upgraded Irvine, Calif.-based Opus Bank's stock rating to "outperform" with a price target of $24.

The analyst expects the bank to make a greater push towards diversifying the bank through more commercial relationships which, according to the analyst, will provide the opportunity to strengthen the company's deposit franchise and increase loan yields.

Swanson's EPS estimates for the company are $1.38 for 2019, $1.55 for 2020 and $1.70 for 2021.

Downgrades

Gary Tenner from D.A. Davidson downgraded Los Angeles-based Hanmi Financial Corp.'s stock rating to "neutral" from "buy" with a price target of $21.50.

Tenner wrote that he suspects that Hanmi Financial continues to be impacted by higher loan payoff levels as "disciplined" underwriting and pricing cuts the ability to grow net loans with the higher payoff headwind.

The analyst's EPS estimates for the company are $2.01 for 2019 and $2.05 for 2020.

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Russell Gunther from D.A. Davidson downgraded Toms River, N.J.-based OceanFirst Financial Corp.'s stock rating to "neutral" from "buy," driven primarily by more "limited" EPS visibility coupled with "growth handcuffs" over the next six quarters.

Gunther noted that the company's pending deals for Two River Bancorp and Country Bank Holding Co. Inc. come on the heels of a still being integrated Capital Bank deal and push pro forma assets "just shy" of $10 billion.

The analyst also lowered his price target for OceanFirst to $25 from $30.

Gunther's EPS estimates for the company are $2.07 for 2019 and $2.15 for 2020.