Hudson City Bancorp, Inc.
) spiked to a new 52-week high, touching $9.20 in the first half
of the trading session on Jun 27. The closing price of this stock
was $9.16, reflecting a solid year-to-date return of 11.3%. The
trading volume for the session was 2.3 million shares.
FIRST PACTRUST (BANC): Free Stock Analysis
HUDSON CITY BCP (HCBK): Free Stock Analysis
MUTUALFIRST FIN (MFSF): Free Stock Analysis
M&T BANK CORP (MTB): Free Stock Analysis
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Although earnings for 2013 and 2014 are expected to substantially
decrease, there remains scope for revival based on this Zacks
Rank #3 (Hold) stock's estimated long-term earnings growth of
The merger agreement between Hudson City and
M&T Bank Corporation
), which was put on hold, has recently cleared all regulatory
hurdles. The merger agreement with M&T bank is worth $3.7
billion (in cash and stock). The approval from the Federal
Reserve has boosted the stock price to the current levels.
Hudson City's first-quarter 2013 earnings reflect the company's
consistent efforts to strengthen its balance sheet. In the
present low interest rate environment, Hudson City adopted
risk-averse strategies in order to maintain the stability of its
balance sheet. This in turn lowered earnings to 10 cents per
share from 15 cents in the prior-year quarter.
Though volatile economic environment was a headwind, latest
recovery trends along with the stabilizing housing market is
expected to positively impact Hudson City's loan portfolio and
stimulate its long-term growth.
In the last 60 days, the Zacks Consensus Estimate for 2013 fell
4.7% to 41 cents. Further, for 2014, the Zacks Consensus Estimate
decreased 9.8% to 37 cents per share over the same time
Better performing stocks in the same sector include
First Pactrust Bancorp, Inc.
Mutualfirst Financial Inc.
) - both of which carry a Zacks Rank #1 (Strong Buy).