CSBK: It is sure a very hidden value if people can't figure outstanding shares even from studying the 10Q, let alone from scanning Yahoo. Company doesn't report clearly imo, or on a per share basis. Maybe intentionally misleading readers??
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You might be right here, blankmind: I see, "The Company declared its second cash dividend during the three months ended September 30, 2004. Such dividend totaled $379,000 and was paid on August 19, 2004." In an Oct. 27 press release, we have, "the parent company of Clifton Savings Bank, S.L.A., today announced that the Company will pay a cash dividend of $.03 per share for the quarter ended September 30, 2004." (I assume the dividend is the same quarter to quarter.)
$.379M/~14M shares =~ $.027 =~ $.03. So that 3 cents a share dividend sure looks like it's closer to being based on 14M shares, just as you say blankmind, than an "apparent" outstanding share base of about 30M.
If those 16M shares are in treasury stock and the company will get cash for them in a secondary, if it should happen, then imo, the stock, because it's a bank stock trading below it's book value per share, is undervalued. However, it's -sigh- very well hidden from potential investors, and it may take a decent amount of time - maybe years - for value to be recognized and realized.
I'll consider a small exploratory position. |
