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In This List

D.A. Davidson downgrades SVB Financial; Raymond James downgrades Yadkin

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

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D.A. Davidson downgrades SVB Financial; Raymond James downgrades Yadkin

Dropped coverage

Analyst MichaelRose from Raymond James dropped his coverage of St. Petersburg, Fla.-based , after the recentclose of its by Little Rock,Ark.-based Bank of the Ozarks Inc.

C1 Financialhad a "market perform" rating and non-GAAP EPS estimates of $1.45 and$1.85 for 2016 and 2017, respectively.

Downgrades

D.A. Davidson analyst Gary Tenner downgraded to "neutral"from "buy," and also lowered the price target to $112 from $140.

The analyst also lowered his 2016 and 2017 EPS estimates to $6.50from $6.83 and to $7.42 from $8.13, respectively.

"Given the recent lackluster performance of the tech sectorfrom a public market perspective, lack of IPO activity, and more recently, lessearly stage investment appetite, we believe the risk-reward of SIVB shares has becomeless positive," the analyst noted in his recent research report.

The analyst noted that deposits from early-stage lending firmsare around 50% of total balances, even though loans from such firms form 6% of itsoverall loan portfolio. SVB continues to garner strong loan growth with a positiveoutlook for the rest of 2016, he wrote. But amid little public market activity,the company has started to see deposit outflows. And that is negatively affectingthe analyst's projections, despite a positive impact on return on average assets,net interest margin and capital levels.

"We continue to believe in the long-term potential at [SVB],given its dominant position as the leading financial institution in the tech/innovationsector," he added.


Sandler O'Neill & Partners LP analyst Alexander Twerdahldowngraded De Witt, N.Y.-based CommunityBank System Inc. to "hold" from "buy," citing valuation.

The analyst maintained his price target of $44. He increasedhis 2016 EPS estimate to $2.29 from $2.27, but kept his 2017 EPS estimate at $2.39.

Twerdahl noted that the company is currently trading at the higherend of its trading range, which has been around $35 to $44, over the past two anda half years. He highlighted that the company's strong fundamentals are still inplace; but he believes that the company is now fairly valued. As there is no apparentearnings catalyst in the near term, the analyst believes that upside will be limitedover the next 12 months.


Raymond James analyst William Wallace IV downgraded to "marketperform" from "outperform," after the announcement that it will beacquired by

The analyst maintained his 2016 EPS estimate at $1.70, but withdrewhis 2017 EPS estimate along with his 12-month price target of $27.

Wallace thinks that the deal carries some integration risk asF.N.B. lacks experience in the Carolinas. However, he thinks Yadkin's managementteam should be able to counterbalance some of the risk. In addition, he thinks thatthe deal is highly dilutive to tangible book value with an earnback period of 4.5years.

"Ultimately, we view the transaction relatively neutrally,as it enhances F.N.B's growth profile through the addition of high growth markets,though with meaningful TBV dilution and potential integration risk. We have chosento step to the sidelines given uncertainty around [F.N.B.] performance through dealclose," he concluded.