Management seems to be listening to their investors. They are aggressively growing this company and is a force to be reckoned with. The multi prong solution to growing the company is impressive.
1. Share repurchase-People bought shares this quarter when the stock dipped to the 14s (Great job management recognizing shares are undervalued) 2. Acquisitions-Peoples expanding by acquiring two more banks 3. Organic Growth-Peoples building new branches
Management then went on to say that their exploring other capital deployment options (maybe a large buyback of shares) which would be a great move at current prices. The problem is after tomorrow, I believe we go over $15 after this quarter. This stock should be trading at $20 right now.
People would of earned .09 cents without the one time charges. Once those go away and the other banks come online, we're looking a consistent cash machine(nice divedend) while the bank grows and the stock price appreciates.
Great job management? Are you serious? Tell me you are kidding? This stock is a POS. Until "management" doe ssomething worthwhile with that pile of cash, the stock will continue to drift. Bank earns peanuts and keeps shelling out money for small worthless acquisitions. No other way to look at it. Long term value? Yeah, take a look at a five year chart. This may have been a long term value play 10 or 15 years ago, but PBCT has been dead money for a while.
Barnes added, "While we continue to evaluate potential acquisition opportunities, we are actively pursuing other capital deployment activities. In this regard, we plan to open two new branches in downtown Boston – one in the Prudential Center and one in the Financial District – before year end, thereby providing an important extension to our growing footprint in the greater Boston area. Further, during the second quarter we repurchased 3.7 million shares of our common stock for approximately $52 million."