Bullboard - Stock Discussion Forum First National Financial Corp T.FN.PR.B

Primary Symbol: T.FN Alternate Symbol(s): FNLIF | T.FN.PR.A

First National Financial Corporation is a Canada-based parent company of First National Financial LP, which is an originator, underwriter, and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. The Company operates through two segments: Residential and Commercial. The Residential segment include single-family residential mortgages. The... see more

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First National Financial Corp > RBC lowers Target Price a bit

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Post by felix10 on Apr 27, 2022 2:33pm

RBC lowers Target Price a bit

First National Financial Price Target Lowered to $41 at RBC

2022-04-27 10:16:36 AM ET (MT Newswires)

10:16 AM EDT, 04/27/2022 (MT Newswires) -- RBC Capital Markets lowered its price target on First National Financial Corp. (FN.TO) to $41 from $43.

Analyst Geoffrey Kwan maintained a Sector Perform rating on shares of the Toronto-based residential mortgage lender following its first quarter results.

Kwan said FN's earnings per shares came in below his forecast, primarily due to higher-than-expected expenses, and a funding mix that defers a portion of earnings to future periods.

"Originations were slightly below forecast, with residential originations slightly above our forecast and commercial originations below our forecast," the analyst said in a note to clients.

"While the housing market is slowing, we think FN can still generate significant free cash flow to support continued dividend increases (current dividend yield of 6.2%)," Kwan said.

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