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Janney downgrades Revere Bank on deal announcement

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Janney downgrades Revere Bank on deal announcement

Downgrades

Janney Montgomery Scott analyst Christopher Marinac downgraded Rockville, Md.-based Revere Bank following the announcement of its deal with Sandy Spring Bancorp Inc.

Marinac lowered the company's rating to "neutral" from "buy." His EPS estimates are $2.63 for 2019 and $2.90 for 2020.

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Marinac also downgraded Bethesda, Md.-based Eagle Bancorp Inc. due primarily to potential net interest margin pressure following interest rate cuts.

Following two interest rate cuts by the Federal Reserve and factoring in two more potential cuts, the company's share buybacks in the second half of 2019 will be offset, and lowering deposit costs will result in NIM pressure, Marinac wrote.

The analyst lowered the company's rating to "neutral" from "buy." He raised his EPS estimate for 2019 by 2 cents to $4.17 and his 2020 estimate by 4 cents to $4.05.