The Company provides a range of retail and commercial banking as well as other financial services through its wholly-owned, federally-chartered savings bank subsidiary, First Niagara Bank.
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Solid banking franchise: 1) Well-managed, 2) Did not take TARP $, and 3) Opportunistically acquiring beaten-down banks for pennies on the dollar.
Wow, talk about bad timing...which is why 98% of my picks are 5-plus years. Don't get me wrong, I love to get a good stock for a bargain and I attempt to do so with every purchase but I don't have a cow when I jump in a week or so early, like I did with First Niagara. By the way, I am in the process of buying additional lots/averaging down and I will continue making purchases of this stock for my real portfolio until such time as I reach a "full position" and/or the financials tell me I should stop buying. Until then I will happily collect the 6%+ dividend.
A LOT has changed with this company and stock since my initial CAPS call and real portfolio purchase. I indicated in my previous post that I was still bullish on FNFG at that time. Taking into consideration everything that has occurred since then, I am still bullish long term on this bank. In my real-life portfolio I am opportunistically adding to my position until I reach a "full position". For CAPS purposes I am ending this pick and re-establishing it now to avoid needing a 50% gain just to break even.