Sterne Agee has issued a report revising the estimates on First Niagara Financial Group FNFG.
Sterne Agee writes, "We increased our 2011 - 2013 estimates to $1.01, $1.14 and $1.24 per share, from $0.96, $1.06 and $1.16 p/s, respectively. Management indicated that the current core First Niagara net interest margin should remain in the 3.70% range but will decline to the mid 3.60% level as a result of the NewAlliance acquisition, which closed on April 15th. Our revised estimates assume total loan growth of 6% for 2012 and 2013."
FNFG is Neutral rated and closed at $14.01 a share yesterday.
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