KBW

Walker & Dunlop, LLC (NYSE: WD) reported 1Q11 EPS of $0.31, “above our $0.21 estimate,” KBW reports. “Origination volume came in below expectations but this was partially offset by very strong gain-on-sale margins,” KBW writes. “The earnings beat was driven by a $2.5 million assumption fee, a...

Liberty Property Trust (NYSE: LRY) announced another portfolio sale of suburban office and flex in Richmond, VA, for $97M, “on the heels of its $124M sale in the Lehigh Valley, PA, of similar assets announced yesterday,” KBW reports. “These sales are consistent with its strategy of rotating out of...

KBW believes Wells Fargo (NYSE: WFC) may be a first-mover among large banks in returning to M&A. “The firm's first-quarter balance sheet was very liquid with strong capital, yet revenue starved,” KBW writes. “In our view, Wells Fargo could likely pursue a stock or insurance brokerage firm or...

KBW is lowering its PT on shares of Colony Financial, Inc. (NYSE: CLNY) to $21. Colony Financial closed Thursday at $18.36.

KBW is out with its report today on Raymond James Financial (NYSE: RJF), maintaining Market Perform after RJF's analyst day on Wednesday. In a note to clients, KBW writes, "RJF hosted an investor and analyst day on Wednesday at its headquarters in St. Petersburg. The presentations were led by the...

KBW is out with its report today on Ashford Hospitality Trust (NYSE: AHT), raising its PT from $10.50 to $12.50. In a note to clients, KBW writes, "We are modestly raising estimates following 1Q11 results, AHT's 5/11 investor day, and the 10-Q filing. Management noted that RevPAR growth should...

KBW reduced its price target on EMC Insurance Group (NASDAQ: EMCI) to $23. At the same time, KBW left its rating unchanged at Market Perform, in spite of lowering its earnings per share estimates for 2011 and 2012. In a research report published today, KBW states, "EMCI's 1Q operating loss was...

KBW reduced its price target on Hallmark Financial Services (NASDAQ: HALL) to $8. At the same time, KBW left its rating unchanged at Market Perform, in spite of weaker than expected Q1 results. In a research report published today, KBW states, "Hallmark reported a 1Q operating loss on weaker...

KBW is out with its report today on BRE Properties (NYSE: BRE), maintaining Outperform. In a note to clients, KBW writes, "BRE issued 9.2M shares (assuming full greenshoe) at $48.00/sh, grossing $442M. Initial use of proceeds includes preferred redemption, asset purchase & line paydown and is...

KBW is out with its report today on Strategic Hotels & Resorts (NYSE: BEE), maintaining Outperform. In a note to clients, KBW writes, "Following 1Q results, we are raising 2011E FFO to reflect the $0.03 beat relative to our expectations. Hotel fundamentals and balance sheet flexibility...

KBW is raising its PT on shares of Mid-America Apartment Communities Inc. (NYSE: MAA) to $71. Mid-America Apartment Communities closed Friday at $67.54.

KBW is reiterating its OP rating on shares of The St. Joe Company's (NASDAQ: JOE). “JOE's Q1 ahead was driven by large timber sale Q1 offset by charges from executive departure,” KBW writes. “Subsequent to quarter, JOE reduced head count again; continued focus on cost cuts including halting...

KBW is out with its report today on Maiden Holdings (NASDAQ: MHLD), reiterating Outperform. In a note to clients, KBW writes, "Maiden reported a 1Q11 beat on better than expected top-line growth, underwriting, and investment income. Maiden's low-hazard, non-CAT business focus resulted in another...

KBW is out with its report today on Alexandria Real Estate Equities (NYSE: ARE), maintaining Outperform. In a note to clients, KBW writes, "Ex-$0.05 in debt charges, ARE reported Q1 FFO of $1.15, in line with our est., which incl. $0.02 of debt charges. SS NOI +5.8% (cash); $293M acquisition at...

KBW is reiterating its Outperform rating on shares of MSCI Inc. (NYSE: MSCI). “A solid qtr, in our view with accelerating revenue trends (even ex. non-recurring asset-based fees) and well-controlled OpEx, which drove positive margin results,” KBW writes. “Fwd looking metrics and stable capital...