First NBC Bank Holding Company (FNBC) Shares Crash; Here’s Why
First NBC Bank Holding Company (NASDAQ:FNBC) stock price took a huge hit Friday, following the news that the bank was closed today by the Louisiana Office of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver for the Bank.
As of this writing, NBC Bank shares are down to $0.17, losing nearly 95% of their value.
Just recently FBR analyst Christopher Nolan wrote, “We think Mr. Ryan’s exit from FNBC is positive as it provides the new CEO with a broader opportunity to imprint himself on the decision-making consensus at FNBC. We think the interest payment indicates that as of February FNBC’s board continued to have faith that it could navigate the company to either a recapitalization or a sale. Further, it appears regulators are not giving special consideration to FNBC insofar as their approval was needed for the February interest payment.”
In his April 24 note, Nolan maintained a Hold rating on FNBC, with a price target of $3.50. Separately, on March 16, Keefe’s Melissa Roberts reiterated a Hold rating on the stock and has a price target of $8.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Nolan and Melissa Roberts have a yearly average return of 6.3% and 3.5% respectively. Nolan has a success rate of 62% and is ranked #754 out of 4569 analysts, while Roberts has a success rate of 60% and is ranked #1645.
First NBC Bank Holding Co. engages in the provision of financial services through its subsidiary, First NBC Bank. It includes mortgage loans, commercial banking, and personal banking services.