Sandler O'Neill
Upgrade grade
C
Downgrade grade
A
Sandler O'Neill & Partners is a specialized investment bank and equity research firm founded in 2008 by senior financial services professionals who wanted to provide deep sector expertise to institutional clients. The firm has built a focused research operation with approximately 300 analyst ratings calls on U.S. equities in our database, establishing itself as a nimble but meaningful voice in equity markets. Sandler O'Neill is particularly renowned for their specialized coverage of regional and community banks, thrifts, and diversified financial services companies—sectors where they have developed genuine proprietary expertise and long-standing relationships with management teams. What distinguishes the firm within the financial services research space is their reputation for unflinching independent analysis and willingness to be contrarian on sector trends, earned through rigorous fundamental research rather than broad-based coverage, making them a preferred source for investors seeking differentiated views on financial institution valuations and structural banking industry shifts.
Upgrades
112
75.0% win rate
· avg +1.46% D1
Downgrades
118
81.36% win rate
· avg -2.04% D1
Avg Gap — Upgrades
+1.55%
open vs prev close
Avg Gap — Downgrades
-1.34%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Financial Services | 76.60% (94) | +1.68% | 83.81% (105) | -2.23% |
| Real Estate | 70.59% (17) | +0.59% | 58.33% (12) | -0.25% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2019 | 82.4% | 17 | 88.2% | 17 |
| 2018 | 73.7% | 19 | — | — |
| 2017 | — | — | 100.0% | 12 |
| 2016 | 75.0% | 20 | 72.4% | 29 |
| 2015 | — | — | 75.0% | 12 |
| 2014 | 70.0% | 20 | — | — |
| 2013 | 75.0% | 16 | 82.8% | 29 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Nov 25, 2020 | AON | Aon plc | Financial Services | Upgrade | Hold → Buy | — | -0.2% | +0.1% |
| Nov 25, 2020 | AON | Aon plc | Financial Services | Downgrade | Buy → Hold | — | -0.2% | +0.1% |
| Dec 23, 2019 | RC | Ready Capital Corporation | Real Estate | Upgrade | Hold → Buy | — | +0.6% | +0.4% |
| Dec 20, 2019 | CPT | Camden Property Trust | Real Estate | Upgrade | Hold → Buy | — | +0.1% | +0.3% |
| Dec 19, 2019 | FHB | First Hawaiian, Inc. | Financial Services | Maintains | Hold → Hold | — | -0.5% | -0.5% |
| Dec 11, 2019 | TCBI | Texas Capital Bancshares, Inc. | Financial Services | Upgrade | Hold → Buy | — | +1.3% | -1.8% |
| Dec 3, 2019 | TBBK | The Bancorp, Inc. | Financial Services | Upgrade | Hold → Buy | — | +4.0% | +1.6% |
| Nov 18, 2019 | CHCT | Community Healthcare Trust Incorporated | Real Estate | Upgrade | Hold → Buy | — | +1.4% | +2.4% |
| Nov 18, 2019 | KRG | Kite Realty Group Trust | Real Estate | Upgrade | Hold → Buy | — | +1.1% | +2.6% |
| Nov 18, 2019 | ESS | Essex Property Trust, Inc. | Real Estate | Upgrade | Hold → Buy | — | +0.8% | +0.6% |
| Nov 1, 2019 | FRT | Federal Realty Investment Trust | Real Estate | Downgrade | Buy → Hold | — | -1.3% | -0.3% |
| Oct 24, 2019 | NBHC | National Bank Holdings Corporation | Financial Services | Downgrade | Buy → Hold | — | -2.1% | -3.7% |
| Oct 23, 2019 | RNST | Renasant Corporation | Financial Services | Downgrade | Buy → Hold | — | -4.8% | -2.9% |
| Oct 22, 2019 | WBS | Webster Financial Corporation | Financial Services | Downgrade | Buy → Hold | — | -0.7% | -7.8% |
| Oct 10, 2019 | MS | Morgan Stanley | Financial Services | Upgrade | Hold → Buy | — | +1.0% | +1.5% |
| Sep 25, 2019 | AUB | Atlantic Union Bankshares Corporation | Financial Services | Downgrade | Buy → Hold | — | -0.3% | +1.7% |
| Sep 3, 2019 | BRX | Brixmor Property Group Inc. | Real Estate | Upgrade | Hold → Buy | — | +0.1% | +1.3% |
| Aug 1, 2019 | SFNC | Simmons First National Corporation | Financial Services | Upgrade | Hold → Buy | — | +2.5% | -3.0% |
| Jul 25, 2019 | CUBI | Customers Bancorp, Inc. | Financial Services | Downgrade | Buy → Hold | — | -1.6% | -4.8% |
| Jul 25, 2019 | WSBC | WesBanco, Inc. | Financial Services | Upgrade | Hold → Buy | — | +4.2% | +2.4% |
| Jul 19, 2019 | EGBN | Eagle Bancorp, Inc. | Financial Services | Downgrade | Buy → Hold | — | +2.2% | +1.2% |
| Jul 18, 2019 | EGBN | Eagle Bancorp, Inc. | Financial Services | Downgrade | Buy → Hold | — | -3.5% | -26.8% |
| Jul 16, 2019 | HRTG | Heritage Insurance Holdings, Inc. | Financial Services | Downgrade | Buy → Hold | — | -3.7% | -2.7% |
| May 22, 2019 | HMN | Horace Mann Educators Corporation | Financial Services | Maintains | Buy → Buy | — | +2.3% | +2.8% |
| Apr 29, 2019 | TW | Tradeweb Markets Inc. | Financial Services | Maintains | Hold → Hold | — | -2.2% | +2.5% |