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Provident New York Bancorp Stock Upgraded (PBNY)

NEW YORK ( TheStreet) -- Provident New York Bancorp (NYSE: PBNY) has been upgraded by TheStreet Ratings from hold to buy. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, increase in stock price during the past year, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity.

Highlights from the ratings report include:

  • The revenue growth came in higher than the industry average of 15.0%. Since the same quarter one year prior, revenues slightly increased by 9.6%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Compared to where it was a year ago today, the stock is now trading at a higher level, reflecting both the market's overall trend during that period and the fact that the company's earnings growth has been robust. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Thrifts & Mortgage Finance industry. The net income increased by 220.2% when compared to the same quarter one year prior, rising from $1.94 million to $6.21 million.
  • The gross profit margin for PROVIDENT NEW YORK BANCORP is currently very high, coming in at 81.90%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 17.10% trails the industry average.

Provident New York Bancorp operates as the bank holding company for Provident Bank that provides commercial, community business, and retail banking products and services to businesses, individuals, and municipalities in New York and New Jersey. The company has a P/E ratio of 18.2, below the average banking industry P/E ratio of 24.9 and above the S&P 500 P/E ratio of 17.7. Provident New York has a market cap of $311.2 million and is part of the financial sector and banking industry. Shares are up 22.3% year to date as of the close of trading on Thursday.

You can view the full Provident New York Ratings Report or get investment ideas from our investment research center.

-- Written by a member of TheStreet Ratings Staff

TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

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