FirstSun jumps after beating Q2 profit estimates, unveiling $150 million buyback
FSUN•Analyst view and balance sheet context
Keefe, Bruyette & Woods expects FSUN's unveiled $150 million buyback over the next four quarters to offset a smaller balance sheet and support the stock trading roughly in line with its tangible book value.
FSUN repositioned its balance sheet this year to reduce the risk profile after the First Foundation acquisition.
The company has 44.1 million outstanding shares for a $1.54 billion market cap as of last close, per LSEG.
All four brokerages covering the stock rate it "buy" or higher; median price target is $44.50, according to data compiled by LSEG.
As of last close, FSUN stock was down 7.5% year to date.
Shares jump after earnings beat and buyback announcement
Regional lender FirstSun Capital's FSUN.O shares jumped 11.4% to $38.79.
FSUN late on Monday beat Wall Street estimates for Q2 profit and unveiled a $150 million buyback which is authorized through June 30.
