This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Niagara: Financial Winner

NEW YORK ( TheStreet) -- First Niagara Financial Group (FNFG - Get Report) was the winner among large U.S. banks on Thursday, with shares rising 2% to close at $7.84.

The KBW Bank Index (I:BKX) was down slightly to close at 53.83, with all but seven of the 24 index components seeing declines for the session.

Following Wednesday's report from the Commerce Department that economic expansion in the United States came to a halt during the fourth quarter, with Hurricane Sandy getting the blame, Thursday's economic news was mixed.

The Department of Labor said that initial unemployment claims for the week ended Jan. 26 increased to 368,000 from the previous week's unrevised figure of 330,000. The four-week moving average for jobless claims rose slightly to 352,000. Continuing unemployment claims for the week ended Jan. 19 totaled 3.197 million, increasing by 22,000 from the previous week.

Meanwhile, the Institute for Supply Management said that its Chicago Business Barometer rose to a seasonally adjusted 55.6 during January from 50.0 in December. The purchasing managers index was it its highest level since April. A reading above 50 indicates expansion.

First Niagara


Shares of First Niagara Financial Group of Buffalo, N.Y., are now down 1% year-to-date, following a 5% decline during 2012. Last year's decline was quite significant, when compared to a 30% return for the KBW Bank Index.

The shares trade for 1.4 times their reported Dec. 31 tangible book value of $5.65, and for 9.8 times the consensus 2014 earnings estimate of 80 cents a share, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is 74 cents.

Based on an 8-cent quarterly payout, the shares have a dividend yield of 4.08%.

2012 was a year of major transition for the First Niagara, which added 96 branches year-over-year, after purchasing nearly 195 branches and either selling or consolidating over half of the acquired offices.

The company on Jan. 23 reported fourth-quarter operating net income of available to common shareholders of $67.8 million, or 19 cents a share, increasing from $66.5 million, or 19 cents a share, in the third quarter, but declining from $72.1 million, or 24 cents a share, during the fourth quarter of 2011.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
FNFG $9.46 -0.94%
AAPL $126.44 -0.13%
FB $87.28 0.43%
GOOG $523.40 0.30%
TSLA $280.02 4.04%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs