Janney Montgomery Scott Upgrades Beneficial Mutual Bancorp (BNCL) to Buy; Valuation Call
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Janney Montgomery Scott upgrades Beneficial Mutual Bancorp (Nasdaq: BNCL) from Neutral to Buy. Fair Value = $11.
Janney analyst says, "The recent steepening of the yield curve along with an 8% stock price decline since May 1, 2009 makes Beneficial an attractive trading opportunity. Although the absolute level of earnings continues to be modest, we expect improvement due to the abundance of capital that can support stock repurchases and that can also be deployed at positive spreads given the rise in longer-term interest rates. The Company is apt to gradually increase its network through de novo branching and relatively small acquisitions for the foreseeable future. Beneficial operates in the mutual holding company (MHC) structure, and therefore its stock trades more on MHC valuations and pro forma book value rather than fundamentals. Beneficial, moreover, appears more likely to build shareholder value over time rather than undertake a second step conversion and become a 100% publicly-owned stock
institution over the next year or two."
Beneficial Mutual Bancorp, Inc. is a savings and loan holding company. The Company’s business activities include the ownership of Beneficial (the Bank).
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