Community Banks Remain Reluctant To Lend
Farmers Capital Bank (FFKT) ($22.00 vs. $20.04 on May 9) is well above its 200-day SMA at $14.71 with a weekly pivot at $21.89 and monthly risky level at $22.31, which was tested at the multi-year high at $22.92 set on June 6.
First M&F (FMFC) ($15.50) is well above its 200-day SMA at $10.27 with a monthly pivot at $15.59 and weekly risky level at $15.77, and a multi-year high at $15.88 set on May 22.
Bank of the Ozarks (OZRK) ($43.51 vs. $41.76 on May 9) has been downgraded to hold from buy. My monthly value level is $42.26 with an annual pivot at $43.44 and weekly risky level at $44.77.
Provident Financial (PROV) ($15.87 vs. $16.23 on May 9) has been downgraded to hold from buy. My semiannual value level is $14.19 with a weekly pivot at $15.24, the 200-day SMA at $15.85 and quarterly risky level at $17.10.Sterling Financial (STSA) ($21.90) is just above its 200-day SMA at $21.51. My monthly value level is $20.89 with a quarterly pivot at $21.35 and weekly risky level at $22.64, and the multi-year high at $23.50 set on May 28.
United Community Banks (UCBI) ($11.93 vs. $11.26 on May 9) has been downgraded to hold from buy. The bank is trading above its 200-day SMA at $9.81 with a weekly pivot at $12.12 and monthly risky level at $12.52, and the multi-year high at $12.37 set on June 3. At the time of publication the author held no positions in any of the stocks mentioned. Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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