8. Hudson City Bancorp Shares of Hudson City Bancorp ( HCBK) of Paramus, N.J., closed at $5.85 Thursday, down 53% year-to-date. Based on a quarterly payout of eight cents, the shares have a dividend yield of 5.47%. Hudson City Bancorp lost $555.6 million, or $1.13 a share, during the first quarter , after being forced by the Office of Thrift Supervision to restructure its balance sheet, after the company's long-term leverage strategy of borrowing from the Federal Home Loan Bank of New York and investing the proceeds in securities backfired in a prolonged low-rate environment. The company also lowered its quarterly dividend to 8 cents a share, from 15 cents a share. Hudson City returned to profitability in the second quarter, with earnings of $96 million, or 19 cents a share, declining from $142.6 million, or 29 cents a share, during the second quarter of 2010. Total assets were $51.8 million as of June 30, declining 15% from a year earlier, reflecting the first-quarter deleveraging. The deleveraging also led to an increase in Hudson City's net interest margin to 2.14%, from 1.72% in the first quarter and 2.13% in the second quarter of 2010. Hudson City's second-quarter ROA was 0.74% according to SNL, declining from 0.93% a year earlier. This reflects the company's industry-leading efficiency. The company's second-quarter efficiency ratio -- essentially the number of pennies of expenses for each dollar of revenue -- was a tax-adjusted 30.26 according to SNL, which was by far the lowest and best among the large regional holding companies. Matthew Kelley of Sterne Agee in September reiterated his neutral rating on the shares, saying that "without a restructuring, in a sustained low rate environment we see the balance sheet shrinking and margins compressing for an extended period." Kelly added that a second restructuring of Hudson City's long-term borrowings "combined with a capital raise could put the company in a much better position to grow and take advantage of wider spreads and a more robust private mortgage market in the future." The shares trade for eight times the consensus 2012 earnings estimate of 73 cents a share, among analysts polled by FactSet. Out of 15 analysts covering Hudson City, 14 have neutral ratings and one analyst recommends selling the shares.