GreenBank parent spikes dividend, gets upgraded

By Geert De Lombaerde Posted on June 2, 2009 at 11:33 pm

Though not in that order: Howe Barnes analyst Jeff Davis upgraded the shares of Green Bankshares (Ticker: GRNB) to ‘neutral’ Tuesday morning after the stock’s recent pullback. But he noted that he expects the shares “to be under pressure for the balance of the year given the level of NPAs and losses that we are projecting.” Because of that, he added, the company would likely slash or spike its dividend to save capital.

A few hours later, the company said its dividend is toast for now.

“It is extremely important to maintain our strong capital levels and, after careful deliberation, the Board of Directors and management have concluded that the decision to suspend the cash dividend on our common stock is the prudent course of action.”

permalink

Tags: analyst actions, banking, dividends, Green Bankshares Inc., Howe Barnes Hoefer & Arnett Inc., Jeff K. Davis, stock valuation  

Comments