One of the largest managers in the world has more than doubled its stake to 6.32%. The 13G filing has calmed my dissenting opinion on the company. The most recent announced acquisition was a dissapointment. I feek strongly they overpaid and that it was too friendly of a deal. The bank purcheses by Blackrock have been timely. I can only hope their track record continues. Stock price for the most part trapped by Arbs until late 2nd quarter. I used the weakness post dividend, below 13, to add significantly to a position. Holding some powder dry to increase position if the arbs force a move to 12.50 or so.
announced deal is 50% stock with target company receiving a big premium. Short buyer and go long target and make money on the edges. Last deals were similar with a predictable outcome. If pbct is here or lower at the culmination of the deal...go long as the pressure is removed.