BUZZ-Saudi's Alinma Bank slides after tepid quarterly earnings, dividend cut
ALINMA
ALINMA 1150.SA | 0.00 |
** Shares of Alinma Bank 1150.SE fall 3.7% to SAR 23.69, their lowest point in two months
** Stock down after company announces muted second-quarter earnings and a dividend cut
** Stock on track for its worst day since March 1, if current trend holds
** Bank posts second-quarter net profit of SAR 1.60 billion ($426.2 million), marginally up 1.4% y/y
** Alinma cuts first-half dividend to SAR 0.25 per share from SAR 0.30 a year earlier
** About 3.6 million shares traded by 0801 GMT, around 93.8% of 30-day average volume
** Seven of 14 analysts rate the stock "buy" or higher, remaining seven rate it "hold"; median PT at SAR 26.67
** Stock up 17%, YTD
