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Hudson City Bancorp, Inc. Message Board

  • brent8hack brent8hack Nov 27, 2002 4:01 AM Flag

    q: kid/blueshirt pfs valuation

    first glance at ipo doc.pricing this on the max 19x eps (expensive) but fraction of book value(cheap). ur thoughts, which metric more important for valuation? thx

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    • Re; Charitable Foundation

      No different from HCBK and RSLN.

      Normal part of doing business for most banks.

      Better to give, etc...:)

    • Regarding PFS officers not purchasing enough shares...lets hope that it is due to them not having the cash or maybe being adverse to buying securities in general (understandable after the last few years). It looks like the higher ups are buying somewhat decent amounts and I see on page 163 that they have to hold their shares for at least one year.

      I'm also concearned with the valuation. And, by the way, whats up with the charitable foundation being established by PFS? Is it designed for tax considerations? Wouldn't this further dilute the value?. I'm all for charity but maybe it should begin at home ie: with the depositors.

      One of the purposes stated in the prospectus for establishing the foundation is to help the community. Being born and raised in Jersey City, I can tell you it will take more than the amounts mentioned to make a dent.

      I went back to the old neighborhood over the holiday and heard a few things from an old friend that have encouraged me to some extent. I am, however, somewhat disappointed, after waiting all these years, by the offering in general.

      Corvette Kid, Ive come to value your opinion over the years and your recent statements have cost me some sleep. I will still be making a sizable investment with a several year outlook.

      Good luck in advance to everyone.

    • encore,

      Sorry about that, I got the names mixed up! Either way, it would be better if mgmt showed a little more confidence in the company.

      We will have to wait and see what happens. Hopefully we will all get the allocations we want.


    • Re: Risk/reward comment on previous post...

      I will be buying PFS with the intent of holding for at least a couple of years. Same as I did with HCBK.

      And I have no doubt that after Q1 of '03 that they will start paying a small dividend.

    • Blueshirts you said...

      "...I was shocked that mgmt was not going infor more stock. I mean, the director of IR going in for 750 shares?..."

      Wagner is the IR man and he is in for 1500 shares.

      Kuntz is the General Counsel and he is in for only 750 shares. And that is a little disconcerting, IMO, in light of Page 17 (as mentioned by a previous poster) although it is also stated "...Although we believe no further enforcement action will result from the FDIC's review of this matter, we cannot........"

      On the other hand, the underwriters are required to put every possible negative comment in the prospectus under the RISK FACTORS section. Every new company IPO has them. You just can't take all the risks too seriously or you would never participate in any IPO.

      All things considered the risk/reward ratio looks good. Hey, I'd like it better, but you gotta take some risks if you want the rewards.

    • encore,

      The NJ/NY metro area is full of cash. Full of people who have lots of money during any economic period. It is full of investor savvy folk. I am only speculating, however I really hope that it is way undersubcribed.

      I was shocked that mgmt was not going in for more stock. I mean, the director of IR going in for 750 shares? What is up with that?

    • Thanks for the advice.

      Although I'm not in the thousands of shares category, I may send a check for 1/2 the shares and then purchase the rest aftermarket (best of both worlds).

      I also did well (smaller scale) with Bayonne Savings Bank. If PFS does just half as well as Bayonne or HCBK, it will be a good investment. It will also be nice if they decide to pay a dividend. :)

      Again, thanks for your advice.

    • Blueshirts...

      Maybe it will be overscribed, but the officers and directors certainly aren't jumping in with both feet...

      Why do you think it will go off at max? or super-max?

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