Sandler O'Neill starts Revere Bank at Buy with $35 price target. As previously reported, Sandler O'Neill analyst Casey Whitman initiated Revere Bank with a Buy rating and $35 price target, stating that the bank should continue to produce solid organic growth with an attractive return profile and trade roughly in-line with peer banks. Revere's above average growth and profitability is moderated by its higher CRE concentration, higher costing deposit base, and lower share liquidity, Whitman added.
Revere Bank announced last night that it was commencing an offering of 1.4M shares of its common stock. In addition, the Bank has granted its underwriters an option to purchase up to an additional 15% of the shares sold in the offering. The Bank's common stock is currently traded on the OTC Pink market under the symbol "REVB" and, upon consummation of the offering, the common stock is expected to be listed on the OTCQX market under the symbol "REVB." Sandler O'Neill is the sole book-running manager.