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Fly News Breaks for June 24, 2019
SHRC, FCCY
Jun 24, 2019 | 14:05 EDT
As previously reported, DA Davidson analyst Russell Gunther upgraded 1st Constitution Bancorp (FCCY) to Buy from Neutral, as he believes its deal for Shore Community Bank (SHRC) is a "logical footprint extension" into demographically attractive Ocean County where potential partners are scarce. The stock came under anticipated pressure given TBV dilution of about 13% and 4.7 year earn-back, "alongside some perceived cold water on the view CEO Mangano is a seller," he notes. But at about 20% of 1st Constitution Bancorp's assets, Gunther views Shore Community Bank "as digestible."
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