First Citizens off Buy Rated list

September 18, 2013 by

First Citizens Bank is now off the Buy Rated list as the price has shot up to $33.45 in Wednesday’s trading. However, the stock remains on the Watch List as it is poised to go higher with good bids to buy 1.2 million shares and none on offer at the close.

From here on, the stock becomes one that is more for the long term gains as the PE ratio has risen to 22.3 times this year’s earnings, just a fraction below Scotiabank and well above Republic’s 15 times PE. The price of the stock would have to retreat quite a bit in valuation for it to get back into the Buy Rated list.

TTSE PE RatioSept18thNot much has changed elsewhere in the market except that Trinidad Cement and Guardian Holdings seems to have bottomed and are slowly recovering.

Image courtesy of Jeroen Van Oostrom/ FreeDigitalPhotos.net

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  1. Buy rated stock tracking says:
    September 23, 2013 at 9:03 am

    […] First Citizens Bank had the shortest stint on the Buy Rated list so far. The stock achieved a 52% increase in price within the first week of trading on the Trinidad & Tobago market. Find out why the stock lost its ‘buy’ shine by reading First Citizens off Buy Rated list. […]

  2. PE Ratio: TCL back in focus says:
    September 22, 2013 at 6:43 pm

    […] First Citizens Bank which debut on the TTSE on Monday at $22 per share exploded as high as $38.45 before settling around $35 range for a gain of 58 percent for the week. The move reached IC Insider’s suggested price range based on the valuation of other banking stocks on the TTSE. From here on, the stock is now more for long term gains as the PE ratio has risen to 23 times this year’s earnings, just above Scotia Bank and well above Republic’s 15 times PE. […]