while this is only a single metric, estimates for 2010 are around 40 cents, which are an increase over 2009 results. My god, that's a P/E of over 35 !! PBCT is hardly a powerhouse with growth potential. Who knows we may be heading to a discount to book value - which PBCT certainly deserves. Could be heading to $10? Why is anyone long PBCT with such limited growth prospects?
Hate to keep repeating but !!!!!!! My reasons for holding long are the following: No exposure to any of the sub-prime mess, did not take any tarp money, great exposure, and convenience with the Stop and Shop arrangement, 2 plus billion in cash, and the fact that come this April or May they will either be bought by one of the big banking houses or will have avoided that by acquiring another bank and growing that way. Even their lump of a CEO Sherringham cannot really screw that up, although he has tried. Now if the board would get smart and replace Sherringham with a real CEO not a glorified CFO who lavishes himself and the close inner circle with multi-million dollar executive suite upgrades and fancy cars, all the while cutting expenses by laying off long term employees and cutting back on benefits for who is left, Peoples would be a much better bank for everyone, employees, shareholders and customers alike. I for one am holding what I have and reinvesting the divi;s until it plays out in the late spring of 2010. And if the stock does drop to 10 between now and then (which I doubt)I will be buying more. Call me silly but that is what I believe.