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Cramer on Thursday offered viewers twos way to defend against a down day in the markets: big dividend yields and secular growth trends. First Niagara Financial Group, a regional bank based in upstate New York, has both.
First Niagara [FNFG
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] pays out a 4.4% yield, Cramer said, and it’s “poised to benefit from what might be the biggest move in banking since the end of the savings-and-loan crisis in 1991.”
Almost 20 years ago, when many failed banks were going under, the Federal Deposit Insurance Corp. would sell their assets to stronger institutions for a song. As a result, small but stable outfits were able to grow into regional powerhouses. The same thing is happening now, following the credit crisis, and First Niagara looks to be the next Northeast giant.
“This is a much-overlooked bank,” Cramer said, “and I think you need to sit up and take notice.”
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Don’t take just his word for it, though. Watch Cramer’s full interview with First Niagara CEO and President. John R. Koelmel, where they discuss the bank’s recent acquisitions, others still to come, whether that dividend is safe and more.
Call Cramer: 1-800-743-CNBC
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