UPDATE: FIG Partners Initiates Bank Mutual Corporation at Market Perform on Margin Visibility

FIG Partners initiated Bank Mutual Corporation

with a Market Perform rating and a $6.00 price target. FIG Partners commented, "We are initiating coverage of Bank Mutual Corporation with a “MarketPerform” rating and a 12-month price target of $6 per share. Our 2013 and 2014 earnings estimates are $0.24 and $0.27, respectively. Our rating reflects the recent run up in the stock price as well as the company's below peer profitability. Our $6 target assumes shares trade at 100% of projected 2013 TBV which equates to ~25x our 2013 EPS estimate." Bank Mutual Corporation closed at $5.69 on Tuesday.