UPDATE: Stifel Nicolaus Resumes Hold on United Financial Bancorp

Stifel Nicolaus resumes its Hold rating on United Financial Bancorp

as current share valuation is fair. Stifel Nicolaus notes, "Within the confines of our valuation philosophy (focusing on forward P/E, ROA-based P/TBV, and franchise value), we believe current fair value for shares of UBNK is generally between $16.00 and $16.50, implying roughly 114% of 2012 estimated tangible book value. Under a more mature capital structure (~9.0% TCE/TA), and more normal expense regime (~65.0% efficiency), we believe longer-term organic fair value could be closer to $19.00. Although we believe that United is not a candidate to be acquired in the near term (as the pool of potential acquirers with strong currencies remain limited), certain market participants may value this stock on franchise value, which we project to be roughly $19.50." UBNK closed at $15.75 on Monday.