Shares of Signet Banking Corp. on Thursday reversed course, falling 50
Banking industry analysts said the stock, which closed at $27.125, had
The speculation was likely triggered by Richmond, Va.-based Signet's
In the volatile age of bank consolidation, Wall Street has interpreted
A number of stock analysts raised their Signet ratings this summer,
In a Sept. 18 report, Thomas F. Theurkauf Jr. of Keefe, Bruyette & Woods
Additionally, Mr. Theurkauf wrote that if "internal performance
Other analysts said the speculative bubble in the stock in the past week
"At some point this is a consolidation candidate, but now is just not
"I still think that they are vulnerable, but it just doesn't sound like
A company spokeswoman Thursday reasserted Signet's interest in remaining
The stock plunged to $26.25 on Thursday before rebounding.
On Wednesday, Ms. Ross returned to an "outperform" rating on Signet
Ms. Ross also referred to a $320 million tax liability that a company
Signet has met with consultants to evaluate its cost structure.
Restructuring is expected soon.
In other news, Jefferson Bancshares in Charlottesville, Va., was one of
The $2.1 billion-asset bank announced a $35 million stock buyback
The stock of Dauphin Deposit Corp. had a third straight strong day on
"Some folks are betting that (a deal for Dauphin) will happen pretty
Separately, Frank J. Barkocy at Josephthal Lyon & Ross Inc. reiterated
"The company had a smooth transition in absorbing the Midlantic
Mr. Barkocy increased PNC's price target for the next 12 months to $38
Also, Fred Cummings, an analyst at McDonald & Co. raised Providence
Providence gained 25 cents to close at $43.25.