UPDATE: Keefe Bruyette & Woods Downgrades Beneficial Mutual Bancorp to Market Perform on Valuation

Keefe Bruyette & Woods reduced its rating on Beneficial Mutual Bancorp

from Outperform to Market Perform with a reiterated $10 price target. Keefe Bruyette & Woods commented, "From a valuation perspective, as an MHC, we continue to value BNCL through our second step analysis. Assuming a tangible book value pricing multiple of 91%, we arrive at a fully converted tangible book value amount of $11.75. We continue to believe a second step announcement will be a capital-driven event and with a TCE ratio of 11.4% and limited growth opportunities presently, we do not anticipate a conversion in the near term. As such, we discount our fully converted PF TBV amount by 15% to arrive at our target.." Beneficial Mutual Bancorp closed at $9.81 on Thursday.