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

Related BNCL
Beneficial Mutual Bancorp, Inc. Announces Results of Offering and Shareholder Approval of Conversion
Compass Point Has Positive Outlook On Beneficial Mutual Bancorp

Keefe Bruyette & Woods reduced its rating on Beneficial Mutual Bancorp (NASDAQ: BNCL) 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.

Latest Ratings for BNCL

DateFirmActionFromTo
Dec 2014Sterne AgeeDowngradesBuyNeutral
Dec 2014Compass PointMaintainsBuy
Mar 2014Compass PointInitiates Coverage onBuy

View More Analyst Ratings for BNCL
View the Latest Analyst Ratings

Posted-In: Keefe Bruyette & WoodsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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