First National Bank Alaska: Attractively Valued With A Mouth-Watering Dividend Yield [Seeking Alpha]
FIRST NB ALASKA (FBAK)
NASDAQ:AMEX Investor Relations:
fnbalaska.com/about-fnba/financial-reports
Company Research
Source: Seeking Alpha
My updated earnings estimate is almost the same as my previous estimate. FBAK is offering a high dividend yield of 6.4% excluding the annual special dividend, and 8.0% including the special dividend. The December 2024 target price suggests a high price upside. I'm maintaining a Buy rating on FBAK. Earnings of First National Bank Alaska ( OTCQX:FBAK ) will likely remain flattish this year. Below-average loan growth will likely offer some support to the bottom line. On the other hand, interest rate cuts and subsequent margin compression will likely restrict earnings growth. Overall, I'm expecting the company to report earnings of $18.88 per share for 2024, almost unchanged from last year's earnings. Compared to my last report on the company, I haven't changed my earnings estimate much as my outlook is more or less the same. The year-end target price suggests a double-digit upside from the current market price. Moreover, the stock is offering an attractive dividend yield of over 6
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