Today's Financial Stock Winners and Losers
Ryan Beck upgraded First Mariner Bancorp (FMAR) to outperform from market-perform and raised its price target on the stock to $21.00 from $18.00. Separately, the firm lifted its target price on Cardinal Financial (CFNL) to $13.50 from $12.00.
Shares of First Mariner were up 16 cents, or 0.9%, to $18.74. Cardinal was adding 23 cents, or 1.9%, to $12.69.
J.P. Morgan downgraded UBS (UBS) to neutral from overweight and cut its rating on Deutsche Bank (DB) to underweight from neutral. The investment bank also took its rating on ABN Amro (ABN) down to underweight from overweight.
UBS was losing 95 cents to $107.78, and Deutsche Bank was lower by $1.67 at $111.34. ABN's shares were off 36 cents at $30.02.Summit Bank (SBGA) fell after the company said it would sell 1.25 million shares at $15.25 each. The offering is being underwritten by Keefe Bruyette & Woods. The underwriter has an option to purchase up to 187,500 additional shares to cover overallotments. Shares of Summit fell 86 cents, or 5.3%, to $15.34. AmerUs (AMH) was lower following word that Credit Suisse started coverage of the insurance company with a neutral rating. AmerUs shares were down 96 cents, or 1.6%, to $59.97. UBS took its price target on Bancolombia (CIB) to $42.50 from $25.70, saying the economy in Colombia is improving and political risk diminishing. Shares of the banking outfit were higher by 95 cents, or 2.9%, to $34.02. Sovereign Bancorp (SOV) signed an agreement with Cardtronics that will enable the bank to brand nearly 900 automatic teller machines in CVS (CVS) stores in the Northeast. Installations will be completed during the next few months. Sovereign will also have the opportunity to brand ATMs at any new CVS location in the same region. Sovereign's stock was edging up 3 cents to $21.58.
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