This stock was almost twicde what it is now with a divident twice what it is now before this idiot CEO decided to over pay for growth.
There is no other way to look at it. Look at the price before this moron bought all those branches and what it is now.
Lets see. What is the street tell us longs. It is telling us the wrong guy is in charge here!
...but the execs are doing well!:
Koelmel Pay Rises To $3.2M At First Niagara
By WKBW News
By Business First by Allissa Kline
March 22, 2012
Updated Mar 22, 2012 at 8:18 AM EDT
BUFFALO, N.Y. ( Business First ) The top executive at First Niagara Financial Group Inc. received a slight boost in total compensation in 2011, mostly as a result of a $110,000 base salary increase, a new regulatory filing shows.
John Koelmel, president and CEO of the Buffalo parent of First Niagara Bank, received $3.2 million in total compensation last year, according to the proxy statement filed March 15 with the U.S. Securities and Exchange Commission. That's up 3.7 percent from 2010 when he received $3.1 million in total compensation.
Koelmel's 2011 package included a base salary of $942,885. The year before, he took home a salary of $832,962.
Other components of his 2011 pay: $1.3 million in stock awards, $417,812 in stock option awards, $573,000 in incentive payments and $58,781 in "other" compensation that includes club dues, car expenses, a 401(k) plan and medical and group life insurance plans.
Total pay packages for the others:
• New CFO Gregory Norwood received $1.8 million in total compensation between his start date in April 2011 and the end of the year. His was paid $355,769 in base salary and $737,506 in stock awards. He received $219,705 in "other" compensation, a large sum compared to other named executives due to $187,258 in relocation expenses.
• Former CFO Michael Harrington was paid $703,953 in 2011. That's down from $913,972 the year before.
• Executive vice president Daniel Cantara III received a substantial boost in pay. His total compensation was $1.5 million in 2011, up 41 percent from $1.1 million in 2010.
• The largest year-over-year compensation increase went to Gary Crosby, an executive vice president at First Niagara. His compensation rose 52.7 percent to $1.8 million in 2011 from $1.2 million in 2010.
• Oliver Sommer, another executive vice president, received 45 percent more in 2011 compensation than he received in 2010. Sommer's pay package went to $1.3 million from $921,709.
The bank's pay information was released as part of the its annual shareholder meeting notice. The meeting is set to take place at 10 a.m. Wednesday, April 25 at Larkin at Exchange, 726 Exchange St., Buffalo.
First Niagara is set to close its $1 billion deal to purchase 195 HSBC Bank USA N.A. retail branches on May 18.
I'm with you man. but in their conference call they gave a 18-24 months time range to rebuild capital then will be reinstating dividend raises and share buyback. hopefully the div comes first but thats just me. So as retail investors like ourselves should be accumulating now till they make those changes. They will also have multiple good quarters in the mean tim, not saying they wont have a few misses as well.
Suppose they get their Div back to pre HSBC levels = $.64
using a simple dividend discount model to evaluate the stock price and I'll choose a interest rate of 3.5% (Low!!!) =>
(.64)/.035 = $18.28 and that is just taking the Present value of all future dividends
or 5% => (.64)/.05 = $12.80
My advice here is just avg down with the div that they pay you on all europe generated BS headlines and wait till they recapitalize and things 'should' be great for all.
Also there has been a few Big buys in after mkt. i saw a 2.5 million share buy
just saying.!!! someone believes at least
short interest rose from 5.9 million to 7.3 million shares...the stock price declined 40%...It seems the shorters are right.
First Niagara Financial Group Incorporated
Daily Short Sale Volume - NEW
Short Interest (Shares Short)
Days To Cover (Short Interest Ratio)
Short Percent of Float
Naked Short Selling List - NEW
Short Interest - Prior
Short % Increase / Decrease
Short Squeeze Ranking™
% From 52-Wk High ($ 13.73 )
% From 52-Wk Low ($ 7.64 )
% From 200-Day MA ($ 9.15 )
% From 50-Day MA ($ 8.52 )
Price % Change (52-Week)
Business taling in a ton of cash and selling parts for gain. It's good business. What are the shares worth for a solid bank? A whole lot more than $8 seeing they add billions in deposits a bigger bank will want.
See the bizjournals article from today under Headlines for FNFG for this and other interesting tidbits::
"KeyBank is the largest bank operating in the Albany, New York, market with $7.4 billion in deposits in 52 branches. The deal with HSBC put First Niagara in second place, with $3.5 billion in deposits in 50 offices."
FNFG has virtually the same number of branches but with about half the deposits. Bloat, bloat, bloat!
New flash here: FNFG sold the branches for a lower premium than the purchase price. 6.67% deposit premium on the whole. After divestutires, the deposit premium rises to nearly 8%. Do the math before posting ignorant comments!!
Selling parts for gain? Where is it written what they've gotten for the branches they've had to divest. They paid a billion $ and sold off/consolidated a number of them leaving them with a gain of about half the branch total that they purchased.
My FN accounts will be closed when it is most convenient for me so if they think that they'll have my $$$ for any length of time, well, they are sadly mistaken.
Why? Does he truth hurt? I have a big lose in this stock and will hold until the end of the year.lus if I sell i can not vote agains this CEO and the board.
Are you telling me you think this CEO has done a good job?