Piper Jaffray Downgrades TFS Financial (TFSL) to Neutral
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Piper Jaffray downgraded TFS Financial (NASDAQ: TFSL) from Overweight to Neutral with a price target of $19. Analyst Matthew M. Breese thinks positives are reflected in valuation.
"As the last large remaining MHC in the country, we remain in favor of Third Federal’s three pronged approach to capital deployment including dividends ($0.50 annually), share repurchases (1.6 million shares repurchased last quarter) and loan growth (balances up 1.3% vs. 1Q). That said, we believe the stock is near fair valued, trading at 96% of estimated fully converted TBV (at an estimated 100% offering price to TBV). However, with share repurchases recently slowing down from ~2.0 million per quarter to ~1.5 million and the recent dividend approval less than we had expected ($0.50 p/s vs. estimated $0.60 p/s), we believe the company is likely to continue to take a slow and steady approach to capital deployment and the valuation will likely remain near current levels over the next 12-18 months. As a result, of this dynamic and the stock near fair value, in our view, we downgrade to Neutral from Overweight," said Breese.
Shares of TFS Financial closed at $18.67 yesterday.
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