Updates
** Shares of regional lender Amerant Bancorp AMTB.N plunge as much as 16.8%; last down 11.7% at $17.2
** AMTB late Wednesday reported Q1 profit below Wall Street expectations on elevated credit costs, after beating estimates in the last two quarters
** Bank has now missed profit expectations twice in the last four quarters, per LSEG data
** Raymond James downgrades AMTB shares to "market perform" from "outperform"; says it is stepping to the sideline for now given persistent credit issues at the bank
** Piper Sandler says "more important than the miss itself are the frustrations that investors will likely feel after a mid-quarter message of improving credit trends"
** Says another quarter of elevated credit costs "likely impairs company credibility for investors"
** 3 of 5 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $25 - data compiled by LSEG
** As of last close, AMTB down 13% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.