FBR Capital Upgrades Hudson City Bancorp (HCBK) to Market Perform; Valuation Adequately Reflects Risks
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Price: $10.12 --0%
Rating Summary:
2 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
Rating Summary:
2 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 5 | New: 3
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FBR Capital upgraded Hudson City Bancorp (NASDAQ: HCBK) from Underperform to Market Perform. PT cut by $1 to $9.
FBR analyst says, "While balance sheet runoff, GSE competition, regulatory compliance costs, and interest rate risk remain concerns, we believe that they are reflected in HCBK's valuation, trading at 85% of tangible book. Hudson City's FDIC insurance expense will increase significantly in 2Q11, but HCBK has a strong case for appeal, given its pristine credit quality, which could result in a reversal in 3Q11 and an increase in our 2012 earnings estimates. Further, any acceleration in the pace of GSE reform would also be a positive catalyst for HCBK's shares, although we are less optimistic on that front."
For more ratings news on Hudson City Bancorp click here and for the rating history of Hudson City Bancorp click here.
Shares of Hudson City Bancorp closed at $7.94 yesterday.
FBR analyst says, "While balance sheet runoff, GSE competition, regulatory compliance costs, and interest rate risk remain concerns, we believe that they are reflected in HCBK's valuation, trading at 85% of tangible book. Hudson City's FDIC insurance expense will increase significantly in 2Q11, but HCBK has a strong case for appeal, given its pristine credit quality, which could result in a reversal in 3Q11 and an increase in our 2012 earnings estimates. Further, any acceleration in the pace of GSE reform would also be a positive catalyst for HCBK's shares, although we are less optimistic on that front."
For more ratings news on Hudson City Bancorp click here and for the rating history of Hudson City Bancorp click here.
Shares of Hudson City Bancorp closed at $7.94 yesterday.
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