KBW Reiterates Outperform on First Niagara Financial Group

KBW is out with its report today on First Niagara Financial Group FNFG, reiterating Outperform. In a note to clients, KBW writes, "Operating results of $0.25/sh beat expectations by a penny and matched our estimate. Versus our model, we saw expense control and a greater buyback offset weaker spread and fee income. The quarter was also marked by continued organic loan and deposit growth within the bank's footprint. We leave estimates unchanged as profitability continues to track our prior expectations. We reiterate our OP rating." KBW maintains a $16 PT on FNFG. At the time of posting, shares of FNFG were trading pre-market at $12.90, up 0.23% from Thursday's close.