On Tuesday, National City NCC announced that Merrill Lynch & Company MER has agreed to buy its First Franklin segment for $1.3 billion. We are putting our National City fair value estimate under review as we transfer coverage to a new analyst and take a deeper dive into the long-term implications ...
Our first impression of National City's NCC third-quarter results is positive, and we're maintaining our $43 fair value estimate. The bank earned $0.90 per share, up 22% from the year-ago quarter. The net interest margin remained flat with last year, at 3.73%; this was encouraging to us, given ...
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