First Niagara: Financial Winner
NEW YORK (TheStreet) -- First Niagara Financial Group (FNFG) was the winner among the largest U.S. financial names on Tuesday, with shares rising over 2% to close at $7.73.
The broad indexes all moved up after the U.S. Commerce Department reported that new orders for manufactured goods in the U.S. increased by $3.3 billion, or 0.7%, to $469.0 billion during May, following a decline of 0.7% in April. Excluding transportation, new orders increased 0.4% during May.
New orders for transportation equipment increased by $1.7 billion, or 2.7%, in May, to $63.1 billion.
The KBW Bank Index (I:BKX) rose slightly to close at 46.24, with all but three of the 24 index components rising during the abbreviated trading session.
First Niagara's shares have now declined 9% year-to-date, after following a 35% during 2011.
Based on an eight-cent quarterly payout, the shares have a dividend yield of 4.14%.
The shares trade just below their reported March 31 tangible book value of $7.86, and for nine times the consensus 2013 EPS estimate of 84 cents. The consensus 2012 EPS estimate is 76 cents.