Beneficial Mutual Bancorp Upgraded to “Buy” by Sterne Agee (BNCL)
Beneficial Mutual Bancorp (NASDAQ:BNCL) was upgraded by analysts at Sterne Agee from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. The firm currently has a $11.50 price objective on the stock. Sterne Agee’s price objective would indicate a potential upside of 17.23% from the company’s current price.
The analysts wrote, “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 (NASDAQ:BNCL) traded up 0.62% during mid-day trading on Friday, hitting $9.81. 442,098 shares of the company’s stock traded hands. Beneficial Mutual Bancorp has a 1-year low of $8.36 and a 1-year high of $10.38. The stock’s 50-day moving average is $9.14 and its 200-day moving average is $9.16. The company has a market cap of $746.3 million and a price-to-earnings ratio of 54.17.
Beneficial Mutual Bancorp, Inc is a savings and loan holding company. The Company’s business activities are the ownership of Beneficial Bank (NASDAQ:BNCL).
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