Compass Point Maintains a 'Neutral' on Hudson City Bancorp (HCBK); Closer Look at What's Going On
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Price: $8.66 +0.23%
Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade HCBK Now!
Compass Point maintains a 'Neutral' on Hudson City Bancorp (NASDAQ: HCBK) price target of $7.00.
Analyst, Mike Turner, said, "We maintain our Neutral rating and $7.00 price target. 2Q12 results of $0.15 beat our estimate by a penny due to slightly lower than expected operating costs and the $0.08 quarterly dividend was maintained. Further, the company also announced that Ron Hermance has returned from medical leave in his position as Chairman and CEO. Overall, earnings were generally in-line with our expectations and the new diversification strategy (more below) should be accretive to earnings in FY13. Trading at 0.7x TBV, the stock remains optically cheap, but is reflective of a business model that is incredibly challenged by the low rate environment. We view the diversification as a positive, though we don't see it translating into any kind of multiple expansion for the stock since the new ventures can be replicated relatively easily by the competition." (FY12 EPS estimate raised from $0.56 to $0.59 and FY13 from $0.49 to $0.57)
For an analyst ratings summary and ratings history on Hudson City Bancorp click here. For more ratings news on Hudson City Bancorp click here.
Shares of Hudson City Bancorp closed at $6.14 yesterday, with a 52 week range of $5.09-$7.83.
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Analyst, Mike Turner, said, "We maintain our Neutral rating and $7.00 price target. 2Q12 results of $0.15 beat our estimate by a penny due to slightly lower than expected operating costs and the $0.08 quarterly dividend was maintained. Further, the company also announced that Ron Hermance has returned from medical leave in his position as Chairman and CEO. Overall, earnings were generally in-line with our expectations and the new diversification strategy (more below) should be accretive to earnings in FY13. Trading at 0.7x TBV, the stock remains optically cheap, but is reflective of a business model that is incredibly challenged by the low rate environment. We view the diversification as a positive, though we don't see it translating into any kind of multiple expansion for the stock since the new ventures can be replicated relatively easily by the competition." (FY12 EPS estimate raised from $0.56 to $0.59 and FY13 from $0.49 to $0.57)
For an analyst ratings summary and ratings history on Hudson City Bancorp click here. For more ratings news on Hudson City Bancorp click here.
Shares of Hudson City Bancorp closed at $6.14 yesterday, with a 52 week range of $5.09-$7.83.
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