The recent strength in PBCT is beginning to give me a sense that something big might be in the works. This looks like a lot more than a dividend play or anticipation of better earnings. A move to 15 or higher would be a strong signal that a takeover (or some other major) announcement might finally become a reality, IMHO. Never give up hope.
The value to this stock is that every bank needs to have a presence in the Northeast since it is one of top financial markets in the country. There are only two or three options of any size. PBCT has a good franchise but need a strategic alliance or merger to unlock the value. They will not earn enough on its own to increase maximum shareholder value.
With the HCBK announcement today, I'm surprised that PBCT didn't attract any buying interest. It'll be interesting to see if there's a delayed reaction in the next few days. It doesn't appear that there's any takeover premium built into this stock, so I have to conclude that there's absolutely no expectation of any combination in the foreseeable future.
The stock just tanked..allegedly on over-trading in EFT's.. from an article on yahoo boards..this might..might be a good time to buy and wait for the crawl back to $12.25. Seriously, this is a dog with fleas, and the bank needs to be bought up by a big fish not present in the mid/upper Hudson valley region..hello citibank you reading this?