Volume spiked to 9MM+ on Wed and declined yesterday and today to about 7MM = 2x ADV. All of the price decline today was in the first hour when 1.1 MM volume traded. Soooo, almost 6MM shares traded after 10:30am w/o any price decline. Does that not signal that buyers came out today and the sell-off may be over? I am expecting accumulation to resume early next week. Dividend announcement may help. Also, if we bottom out here, it will be 70 cents higher than last time. Let's see, higher lows and higher lows = what? An uptrend? Things may be much rosier than some would have us believe. A 6+% dividend for next 53 weeks is not bad either. Downside risk seems quite limited, especially that all write-offs are now out of the way. Makes me think dividend may be raised next Q.
A 6% div would be great. Where do you see this? It is 4%. Also they have publically stated that they will NOT raise the div or do any more deals in the near future as they have been beaten like a rented mule by the market place and they are dutiefully ashamed as they collect their newly raised salaries as the stock price and dividend remain trashed. Let's face the facts. We screwed up when we bought ths one.
FNFG may rise someday but holding your breath could prove fatal.
Buying again today
Talked to bank yesterday - people inside excited about growth
They just went Mobile - that was great news gaining young customers
Housing picking up in select areas - I do real estate investments too in NY and Fl
I also do business with First several times - great people
I did a commercial loan for NY on new build
Like I said - great people who basically wrote me a check
Not sure when they will raise it but it will happen. I was hoping this quarter but on the delayed wait while institutions get their shares. I'm sure a backdoor deal was reached to leave things alone a bit. My original thought would have been this quarter but now I'm thinking they leave it alone a bit as the stock drifts back up.