Haven't really seen anyone say you can't do both, they probably will do both. It just looks better to have a stock price of $20+. In most industries customer confidence matters but in banking it's especially important and if it sways new customers or keeps current customers it's a help. All of your major competitors will have mid teens or higher prices(BAC, WFC, JPM)so again you may want to have one that high just because it will make people feel better about the company even though as the poster above states it doesn't change the value of the company. As far as value using current share count, I believe they could get to $7.50 in a year which would be 11 x earnings and 1.6 x tangible book. If they do a buyback it would depend on the share price at the time of the buyback as to how high it could go.