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  • pine52x pine52x Jan 18, 2013 12:56 PM Flag

    stock price

    Merrill Lynch has a price objective of $11. They write the following:
    "PBCT reported Q4 GAAP EPS of $0.18, below our $0.19 estimate and consensus
    as stronger fee income and asset growth were not enough to offset continued rate
    pressure. Positively, provisions were lower QoQ and credit trends remain benign.
    Opex discipline was somewhat helpful. PBCT also continued its share
    repurchases, buying back another 4.7M shares for $56M, making it a total of
    18.2M shares for the year. That said, rate pressure continued to impact asset
    yields, with key segments falling further. PBCT also guided for more severe
    margin compression ahead, with NIM in the 3.30-3.40% range for 2013, down
    from 3.63% in Q4. Overall, we see little relief in the near-to-medium term as
    PBCT continues to be negatively impacted by the challenging rate environment.
    Maintain Underperform."

    "Capital levels remain healthy; dividend stable
    Capital levels in Q4 were healthy, with a TCE ratio of 10.2%, down from 11.5% in
    Q3. Tangible book value at Q4 was $8.71, down from $8.77 last quarter. During
    the quarter PBCT bought back 4.7M shares for ~$56M. For 2012, PBCT bought
    back ~18.2M shares for ~$220M. PBCT has 33.4M shares available for
    repurchase under Nov 2012’s new share repurchase authorization. Finally, PBCT
    kept its $0.16 per share quarterly dividend, with a payout ratio of ~88% in Q4 vs.
    87% in Q3. We see PBCT’s dividend as relatively stable, given its healthy capital
    levels"

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PBCT
15.04-0.19(-1.25%)Apr 17 4:00 PMEDT