In a report released today, Steve Moss from B.Riley FBR reiterated a Hold rating on Meta Financial Group (CASH), with a price target of $25. The company’s shares opened today at $23.35.
Moss commented:
“Meta Financial Group, Inc. (CASH) disclosed a sizable exposure to a single lessee, DC Solar, that is under a federal criminal investigation for fraud that entered into Chapter 11 bankruptcy protection. Meta is unable to determine the financial impact at this time, but as of Meta had $13.7M, or $0.27 per share of net leased assets and $7.9M, or $0.20 per share, of previously recognized tax credits. If Meta is required to write off the entire leased asset and the reverse the previously recognized tax credits, the combined $0.48 impact would reduce our 2019 estimate by approximately 19%. The disclosure of the exposure is a negative, but given that this is tied to a fraud, we do not believe this event is indicative of credit quality deterioration. We reiterate our Neutral rating and $25 PT.”
According to TipRanks.com, Moss is a 3-star analyst with an average return of 1.3% and a 48.3% success rate. Moss covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Seacoast Banking Corporation Of Florida, and Axos Financial Inc.
The word on The Street in general, suggests a Hold analyst consensus rating for Meta Financial Group with a $25 average price target.
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Meta Financial Group’s market cap is currently $920.1M and has a P/E ratio of 12.02. The company has a Price to Book ratio of 1.20.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CASH in relation to earlier this year.
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Meta Financial Group, Inc. operates as a financial holding company, which provides savings and loan services. The company operates through the following business segments: Payments, Banking, and Corporate Services & Other. The Payments segment provides MPS, refund advantage, EPS, SCS, and other tax services.
