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Barclays upgrades Signature Bank

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Barclays upgrades Signature Bank

Upgrades

Barclays Capital analyst Matthew Keating upgraded NewYork-based SignatureBank to "overweight" from "equal-weight" butlowered his 12-month price target to $139 from $150.

The analyst also lowered his 2016 and 2017 EPS estimates to$7.98 and $8.70 from $8.04 and $9.00, respectively.

Keating said Signature Bank replaces as his top pick.The analyst believes Signature Bank will grow its asset, loan and depositbalances at an above-average rate. He also thinks the company's provision andexpenses might show favorable results.

Concerns around the company's commercial real estateconcentration also played a part in the analyst's updated recommendation.Keating noted that Signature Bank's CRE concentration is more than 500%, whilethe company has made CRE risk management a core competency. He calculated thatthe company's net charge-offs from 2008 to 2012 were one third of the coverageuniverse. The company has managed a more than 300% CRE concentration since2010.


Stephens Inc. analyst Tyler Stafford upgraded his rating forWinter Haven, Fla.-based CenterState Banks Inc. to "overweight" from"equal-weight" and increased his 12-month price target to $20 from$18.50.

The analyst maintained his 2016 EPS estimate at $1.26, butincreased his 2017 EPS estimate to $1.34 from $1.32.

Stafford expects the company to drive its stock price, as ithas the potential to generate higher shareholder returns and EPS. He thinks thecompany is currently trading at a discount as it generated higher return onassets and return on tangible common equity compared to its peers. The analystalso thinks that after completing two acquisitions, the company iswell-positioned to be an acquirer in the near term.

Furthermore, the company is trying to improve its mortgageand small business administration businesses, while it moves away from freechecking accounts. Stafford believes this move will help CenterState Banksdrive its earnings significantly.