Regret buying a position in this crap pile of a bank. Do not know if I should take the loss and invest in a real stock or wait it out. Kept hoping they would be gobbled up by bigger bank. Not sure management has a grasp or if it is just this sour economy.
If and when the consolidations start PBCT and WBS and FNFG will all be acquisition targets for larger Regionals who want a foothold in New England. All the banks are doing this musical chairs thing, nobody wants to merge yet, but sooner or later the music will stop and some bank will find itself without a chair. Could be tomorrow or it could be two years away, but the wave is coming.
Don't own PBCT, but have looked at it several times. Nice yield, high PE with little earnings momentum. Poor Management, takeover unlikely in this environment, with big banks still worried about survival rather than getting bigger. Better than a CD, if you're happy with 5+% and don't need it for something better ok. Little upside or downside in this one over the next couple of years.