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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (19034)4/6/2004 4:02:23 AM
From: blankmind  Read Replies (1) | Respond to of 78482
 
Spec, SYNF did a mutual conversion to stock - its very regulated - hence the $10 share price - as like 100% all banks i know of have converted at $10 - anyway - that's not a big issue in my book - as i like SYNF for its book value & growth (both income & earnings)



To: Spekulatius who wrote (19034)4/6/2004 4:34:43 AM
From: blankmind  Read Replies (2) | Respond to of 78482
 
Here's another bank holding of mine: CSBK - Clifton Savings Bank - a regional bank in N. Jersey:

• high/low - $12.01-14.25; now @ $13.15
• csbk just converted to a stock bank in mar ’04 - winds up with about 14 mill shs - I’m getting all my info from thier 424B3 - filed on 1/28/04
• net income for 6 months ending 9/30/03 - only $2.0 mill; or $4.1 mill for year. This works out to e.p.s. of .29/share; and a p/e of 51.22 based on share price of $15. But of course, once they deploy their ipo proceeds, all things being equal, the overall earnings and eps will become much more impressive
• they have no debt other than deposits
• Retained earnings is $75.1 mill; plus $130 million from ipo - would give $205.1 mill in equity - $205/14 mill shs - book value of $14.65 per share after the offering - not sure about this calc - b/c looks like bunch of $$’s going to one of the holding companies
• bottom line: recently converted bank; trades below book value; solid earnings. I think the stock price will go up to the banking “takeover” avg of at least 2X book - or $30+ - when the banking sector comes back to life



To: Spekulatius who wrote (19034)4/8/2004 2:24:29 AM
From: Spekulatius  Read Replies (3) | Respond to of 78482
 
Bought the closed end Muni fund VKQ @ 14.37$
Not much special about VKQ, except the high discount of 11.7% to NAV. Closed end Muni funds have received quite a beating after the bond market cratered. I am not excited about bonds LT but the short term move seems overdone> I am betting that 6% tax fee interest may be appealing to investors again after the smoke settles.

cefa.com


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