Amerant Bancorp rises after brokerages upgrade stock on growth prospects
Updates
** Shares of regional lender Amerant Bancorp AMTB.N jump as much as 5.6%, last up 4.4% at $21.42
** At least two brokerages, Piper Sandler and Stephens, upgrade AMTB to "overweight" rating
** Piper Sandlersays AMTB's recent capital raise signals shift from transformation to growth and should result in improved profitability
** Last week, AMTB sold ~8.7 mln shares at $19/shr in a stock offering for $165 mln gross proceeds
** AMTB is now armed with ample capital to grow rapidly within its Florida markets - Piper Sandler
** Bank also plans on a balance sheet repositioning to improve the securities portfolio yield by selling low-yielding bonds
** Stephens says equity raise gives AMTB ample capital to accelerate double-digit loan growth alongside a securities portfolio restructuring
** Three of five brokerages rate the stock "buy" and two"hold"; their median PT is $24 - LSEG data
** As of last close, AMTB shares down 16.5% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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