I purchased PBCT AT 27 . Watched it go to 41. Today I watched it go to 21 on very high volume. Something is going on. The market is down but pbct is off almost 40% this year. Because of the charter it can't be acquired. Its my guess that something out of the ordinary is causing the drop. The stock is usually thinly traded and when a thinly traded stock goes in either direction, somebody knows something
PBCT would be a very attractive target to any large bank. (At 2-3 times current price) I have never seen an MHC taken over without first having a second stage offering and at current price I don't think that is in the cards.
..then did a dead-cat bounce......someone was liquidated in a hurry and others knew it was gonna happen.....so "air" developed in the stock.....next year's earnings are looking like $1.75 plus so, geez, a mhc bank selling at 12x earnings!! ........key to getting value in this dog remains with the already overcapitalized bank doing a share repurchase ..... a few flies in the ointment there however..... shareholders should seriously badger management--they should've done the back-end when the stock was in the mid to high 30's------if they gave a damn about creating value for us...which they don't seem to.....badger the heck out of them 203 338 4114.
Buybacks make a lot of sense, especially at these prices. Second stage conversion makes no sense at these prices. Banks, with foreign exposure, took it on the chin today. All banks and thrifts have had a difficult six weeks. PBCT's price has been cut in half, it is now on sale. Don't know where it is going in short-term but long-term it's a steal.