Key Developments: First Niagara Financial Group Inc (FNFG.O)
13.39USD
9 Feb 2010
$0.09 (+0.68%)
$13.39
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$13.50
$13.27
1,998,116
1,953,380
$14.86
$9.48
Latest Key Developments
First Niagara Financial Group Inc. Declares Quarterly Dividend
First Niagara Financial Group Inc. announced that its Board of Directors has declared a quarterly dividend of $0.14 per share on its outstanding common stock. The dividend is payable on February 23, 2010 to stockholders of record on February 9, 2010.
First Niagara Financial Group Inc. Comments On FY 2010 EPS Guidance; Issues Long Term Guidance-Reuters
Reuters reported that First Niagara Financial Group Inc. is comfortable with the consensus estimates, which produce close to a 20% increase in earnings per share (EPS) in fiscal 2010. The Company also announced that it expects to get into a higher earnings zone of between $1.30 and $1.40 in the next few years. The Company reported EPS of $0.64 in fiscal 2009. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.89 for fiscal 2010 and EPS of $1.16 for fiscal 2011.
First Niagara Financial Group Inc. Declares Quarterly Dividend
First Niagara Financial Group Inc. announced on October 27, 2009 that, the Board of Directors declared a quarterly dividend of $0.14 per share on outstanding common stock of the Company, consistent with the prior quarter and prior year levels. The dividend is payable on November 24, 2009 to stockholders of record on November 10, 2009.
First Niagara Financial Group Inc. Closes $460.1 Million Stock Offering
First Niagara Financial Group Inc. announced that it has raised $460.1 million through its public offering by issuing 38,341,000 shares of common stock, including 5,001,000 shares pursuant to the underwriters' over-allotment option. The net proceeds of the offering were approximately $441.5 million. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. acted as joint book- running managers for the offering.
First Niagara Financial Group Inc. Prices Stock Offering
First Niagara Financial Group Inc. announced that it has entered into an underwriting agreement for the sale of 33,340,000 shares of common stock at a price of $12.00 per share for gross proceeds of approximately $400.1 million, exclusive of any underwriter over-allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $383.8 million. First Niagara Financial Group, Inc. has granted the underwriters a 30-day option to purchase up to an additional 5,001,000 shares of First Niagara common stock to cover over-allotments, if any. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. are acting as joint book-running managers for the offering. First Niagara expects to close the transaction on or about September 30, 2009. The net proceeds of this offering will be used for general corporate purposes and bolster First Niagara Financial Group, Inc. already well-capitalized position and allow for continued opportunistic growth.
First Niagara Financial Group Inc. Announces $400 Million Stock Offering
First Niagara Financial Group Inc. announced that it expects to offer and sell approximately $400 million of common stock in an underwritten public offering through Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. as joint book-running managers. The shares will be issued pursuant to a prospectus supplement filed as part of an existing shelf registration statement with the Securities and Exchange Commission. The company intends to grant the underwriters an option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. The completion of this offering will further bolster First Niagara's already "well-capitalized" position and allow for continued opportunistic growth, both in-market as well as through acquisitions. The net proceeds of this offering will also be used for general corporate purposes.
First Niagara Financial Group Inc. Announces Completion Of Acquisition of National City Branches In Western Pennsylvania From National City Bank, a Subsidiary Of The PNC Financial Services Group, Inc
First Niagara Financial Group Inc. announced that it has completed the acquisition of 57 Western Pennsylvania bank branches including $3.9 billion of deposits and $757 million of performing loans from National City Bank, a subsidiary of The PNC Financial Services Group, Inc. All acquired branches in and around Pittsburgh, Warren and Erie, Pa. open this morning as First Niagara locations. In addition, all First Niagara customers can also bank at 69 ATMs across the area. At the election of First Niagara and pursuant to the securities purchase agreement previously entered into between National City, PNC and First Niagara, First Niagara issued, and National City purchased, $150 million of 12% senior notes maturing September 10, 2014. First Niagara has the ability to prepay this debt in whole or part prior to the maturity date without penalty.
Fitch Affirms First Niagara Financial Group Inc.'s IDR
Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) of First Niagara Financial Group Inc. and its subsidiaries at 'BBB'.
First Niagara Financial Group, Inc. to Acquire Harleysville National Corporation
First Niagara Financial Group, Inc. and Harleysville National Corporation announced that First Niagara has agreed to acquire the Philadelphia-area financial services company in an all-stock transaction valued at approximately $237 million or $5.50 per share. The companies signed a definitive purchase agreement for the transaction, which is expected to close in the first quarter of 2010. Under the terms of the agreement, each Harleysville shareholder will receive 0.474 shares of First Niagara common stock for each Harleysville share owned. The exchange ratio is based on First Niagara's five-day average closing stock price of $11.60 on July 22, 2009. The exchange ratio is subject to adjustment under certain circumstances if loan delinquencies at Harleysville exceed specified amounts.
First Niagara Financial Group, Inc. Repurchases TARP Warrant From U.S. Treasury
First Niagara Financial Group, Inc. announced that it completed the final step in its previously announced plan to return the funds invested by the U.S. Treasury Department under the Troubled Asset Relief Program (TARP) with the repurchase of the warrant for the remaining 953 thousand shares of common stock issued to Treasury on November 21, 2008 for $2.7 million.
UPDATE 1-First Niagara Q4 oper profit in-line
* Sees moving into $1.30-$1.40 EPS zone in next few years
Earnings vs. 
Estimates
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