UPDATE: Sterne Agee Upgrades Beneficial Mutual Bancorp on Potential Second Step Upon Completion of DOJ Investigation
In a report published Friday, Sterne Agee analyst Matthew Breese upgraded the rating on Beneficial Mutual Bancorp (NASDAQ: BNCL) from Neutral to Buy, and named an $11.50 price target.
In the report, Sterne Agee noted, “While Beneficial remains under investigation by the DOJ, we believe resolution is possible within 12-18 months. Shortly after the investigation, we believe Beneficial will conduct a second step conversion, a strategy previously considered by the board. By our estimates, a second step could be completed at an offering price to tangible book value of 90% with resulting year-end 2014 book values of $12.17-$12.85. With the stock trading at 78% of these figures, we believe shares now look attractive.”
Beneficial Mutual Bancorp closed on Thursday at $9.75.
Latest Ratings for BNCL
|Apr 2016||Sandler O'Neill||Downgrades||Buy||Hold|
|Feb 2016||Keefe Bruyette & Woods||Maintains||Market Perform|
|Jan 2015||Keefe Bruyette & Woods||Maintains||Market Perform|
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