KBW

Bank of America Merrill Lynch is out with its report today on KBW (NYSE: KBW), lowering its PO from $18 to $13. In its report, Bank of America Merrill Lynch writes, "Our lower forecast and a lower target multiple cut our PO to $13. Our new target multiple is 15x, still a significant premium to the...

KBW is out with its report today on CenterState Banks (NASDAQ: CSFL), lowering its PT to $7. In its report, KBW writes, "CenterState beat expectations on a lower provision. NPL inflows slowed materially to only $7 mm from an average of $20 mm plus over the last year. The margin benefited from an...

KBW is out with its report today on BGC (NASDAQ: BGCP), upgrading BGCP from Market Perform to Outperform. In its report, KBW writes, "With almost 30% upside to our new $8 price target and almost 40% including the $0.68 annual dividend, we upgrade BGCP to OP from MP. Our $8 price target is an...

KBW is out with its report today on Jefferies Group (NYSE: JEF), lowering its PT from $28 to $22. In its report, KBW writes, "With JEF's F3Q11 closed we are revising our revenue assumptions lower to total $600-$610 mil. driven by lower principal transaction revenues, slightly lower IBK results as...

KBW is out with its report today on Commerce Bancshares (NASDAQ: CBSH), downgrading CBSH to Underperform from Market Perform. In its report, KBW writes, "In conjunction with our new economic baseline and our outlook for a prolonged flattening yield curve, we are lowering the rating of CBSH to...

KBW is out with its report today on Wells Fargo (NYSE: WFC), downgrading WFC from Outperform to Market Perform. In its report, KBW writes, "We are downgrading shares of Wells Fargo to Market Perform from Outperform based on valuation. We are lowering our price target to $25 from $33 and we believe...

KBW reiterated its Outperform rating on Stifel Financial (NYSE: SF). At the same time, the rating agency left its price target on the company's stock unchanged at $44. On Wednesday, SF lost 9.51% of its value to finish the day at $25.88. Its shares continued to slide in today's pre-market trading,...

KBW is out with its report today on Knight Capital Group (NYSE: KCG), maintaining Outperform. In its report, KBW writes, "We maintain our Outperform rating following our meeting with KCG's CEO and CFO. Management discussed its focus on the growing electronic businesses and plans to increase the...

KBW reiterated its Market Perform rating on SVB Financial (NASDAQ: SIVB). At the same time, the rating agency modifies its price target to $47. On Tuesday, SIVB closed the day at $48.40.

KBW is out with its report today on Stifel Financial (NYSE: SF), lowering its PT to $44. In its report, KBW writes, "The $359 mil. in net revenue was a $0.01 beat to our estimate but was more than offset by higher expenses. The difference between reported and operating was $41.8 mil. in litigation...

KBW is out with its report today on Knight Capital Group (NYSE: KCG), maintaining Outperform. In its report, KBW writes, "KCG announced a 6% global staff reduction and the closing of its Hong Kong location to cut $40-50M of costs annually. We increase our 2012 EPS est by 19% to $1.64 and our 2011...

KBW is out with its report today on CBOE Holdings (NASDAQ: CBOE), maintaining Market Perform. In its report, KBW writes, "CBOE delivered 2Q11 EPS of $0.36, beating consensus and KBW's estimate of $0.32 on lower than expected expenses. Solid cost and capital management increase our 2012 ests....

KBW is out with its report today on PMI (NYSE: PMI), downgrading PMI from Outperform to Market Perform. In its report, KBW writes, "We are downgrading the shares of PMI to Market Perform from Outperform this morning following the company's 2Q11 earnings release. We are also lowering our full-year...

KBW is out with its report today on Global Indemnity (NASDAQ: GBLI), lowering its PT to $22. In its report, KBW writes, "GBLI's 2Q11 missed on weaker underwriting results, driven by higher-than-expected catastrophe losses ($0.35/share vs. our $0.26/share) and less favorable prior-year reserve...

KBW is out with its report on Navigators Group (NASDAQ: NAVG), maintaining Market Perform. In its report, KBW writes, "Results missed on a higher current AY LR, modest reserve additions and higher taxes, partially offset by stronger NWP volume and slightly higher net investment income, while the...