TITLE

Why This Thrift Stock Warning Is So Different

AUTHOR(S)
Rieker, Matthias
PUB. DATE
June 2003
SOURCE
American Banker;6/9/2003, Vol. 168 Issue 109, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Analysts have predicted the end of the run-up in thrift stocks for some time, but continued low interest rates and the resulting boom in mortgage originations and refinancings have proved them wrong. Friedman, Billings, Ramsey&Co; Inc. downgraded the large-cap thrift group to “underweight,” in the week of June 2, 2003 and it is advising investors to put more emphasis on large-cap banking stocks. The firm's call does not affect all thrifts, but lower net interest margins are taking a toll on the sector and could narrow further if Federal Reserve chairman Alan Greenspan cuts short-term interest rates again. Richard X. Bove at Hoefer&Arnett Inc; of San Francisco, California issued a “neutral”--a de facto sell--rating on Astoria on May 15, 2003.
ACCESSION #
9972187

 

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