The "games" I am talking about are days with volume of over 100,000 shares where the share price is between $6.00 and $6.25, and today with only 20,000 shares fighting to hold $5.65.
Awesome earnings announced today and no trades! They have not figured out that the merged bank is supercharging the bottom line. With Q4, it will bring full year EPS right around $3.00 - probably slightly higher. PE is below 10, deposits and assets are growing, asset quality is good, shares are trading below BV and just above TBV. Should the bank be bought, it would be at 140% of TBV, or something close to $40/share.
The shares are seriously undervalued today.
Buy on any weakness = slam dunk.
The bank is in a position to raise the dividend because the earnings are very strong now...a token additional penny/quarter seems obvious.
Blackrock unloaded in the summer ... weren't you the one who was telling about it ... their liquidity thesis.
July 7 13D filing - they were down to only 2.3%...probably even less now.
shares certainly want to go higher, but there is going to need to be a big burst of buy volume to get it over the hump at $6.20/$6.25.
I've begun trading it to pick up some spare profits on the side.
people will play games as long as they can trade in/out right around $6.00. it is good that shares are slowly establishing a higher base.
the large blocks like that in an illiquid security like LUB do not trade on the open market. it was a pre-arranged sale off-market with another large holder - probably a mutual fund or hedge fund.
I came to the objective realization/acceptance that there are simply too many unknowns at this time and none of them have potential positive/upside catalysts associated with them in the near-term.
Y! says beta is 1.1 - that means that it usually trades with the market and goes further than the market does in the same direction.
...and still overpriced
if the shares are at new 1 year and 5 year lows, how is anything providing confidence to Mr. Market? The entire market was up like gangbusters today and yet LUB still managed to go south.
further new lows likely coming.
6. The company could have easily put a stop to the sliding share price by using a tiny amount of cash and initiating a share repurchase program. With a cash heavy balance sheet, shares over 50% off the highs, and not repurchasing any shares to protect shareholder value while they were pushing 20-year lows is absolute nonsense.
7. In the last earnings announcement, company indicated they would be providing details of their 3-year strategic plan in the fourth quarter. This is telegraphing a terrible outlook ... nobody puts forth a multi-year strategic plan without going through restructuring, lots of expenses, and posting losses for some period of time.
In any case, I'm glad I am out and don't need to have it on my mind any longer.
Good luck to those who remain.