I thought I read here that people believed games were being played with the stock up until the closing of the Danvers acquisition. Selling PBCT, buying Danvers? That might explain the high volume and price drop on no news. I'm looking to buy more shs tomorrow if there is no move up at the open.
good memory! Closing date for Danvers is looming. I have not seen a date of approval from office of thrift supervision but the deal should close well within this quarter. The arbs and possibly a large holder needed to find a price level that could absorb volume. They found it well above the level needed prior to the closing of the last deal. I spent some time getting more comfortable with the stock. A consolidator for now. The deals will elevate earings and allow overtime, the dividend payout ratio to improve and the dividend to grow, The one bogey is that more deals are in the future which will keep the stock from running higher. As the shares inch higher their stock currency will allow for deals on better terms.