KBW Reiterates Outperform for Abington Bancorp After Strong 2Q (ABBC)

Abington Bancrop

had a strong 2nd quarter. The company posted an EPS of $0.10, beating Street estimates by $0.02. KBW analysts Damon DelMonte and Timur Braziler said, "A strong quarter for ABBC as earnings of $0.10/share topped Street estimates by $0.02 and KBW estimates by $0.04. The quarterly beat was almost entirely attributable to a lower provision as the bank did not book a provision for the quarter. After incorporating this quarter’s results we are increasing our ’10 and our ’11 estimates." KBW rates Abington Bancorp Outperform, and gives the company a price target of $12.00. Shares of ABBC are currently trading at $9.55.