Meridian Interstate BancorpMeridian Interstate Bancorp ( EBSB) of East Boston, Mass., has a mutual thrift holding company structure, with Meridian Financial Services -- the mutual holding company -- controlling 59.5% of common shares as of Sept. 30. Meridian had $1.9 billion in total assets as of Sept. 30. The shares closed at $12.70 Friday, increasing 8% year-to-date. The company repurchased 360,801 share during the first three quarters of 2011. In August, Meridian's board of directors adopted a new "stock repurchase program of up to 10% of its outstanding common stock not held by its mutual holding company parent, or 904,224 shares of its common stock," according to the company's quarterly filing with the Securities and Exchange commission. Meridian Interstate Bancorp's shares traded on Friday for 28 times the consensus 2012 earnings estimate of 45 cents a share among analysts polled by FactSet, and 1.4 times tangible book value, according to SNL Financial. Sterne Agee analyst Matthew Kelly believes that a "second step conversion
Fox Chase BancorpFox Chase Bancorp ( FXCB) of Hatboro, Pa., had $1.0 billion in total assets as of Sept. 30. The shares closed at $12.72 Friday, returning 8% year-to-date. The company has significant excess capital from its second-step conversion from a mutual thrift holding company structure to full stock ownership in June 2010. The tangible common equity ratio was 19.14% as of Sept. 30, according to SNL Financial. Fox Chase Bancorp bought back 880,000 shares between July 1 and Oct. 25, or 6% of outstanding shares," and on Oct. 26 announced "an additional 5% stock repurchase plan," to begin when the company finished its previous 10% repurchase plan. The shares traded Friday at 32 times the consensus 2012 EPS estimate of 40 cents, and 0.9 times tangible book value. Kelly has a price target of $15 for the shares, saying after Fox Chase reported its third-quarter results that as earnings improve and repurchases continue, he expects "the shares shares to trade at and eventually through tangible book value (TBV) over the next 6-12 months" with "TBV growing to $14.82 by year end 2012."
Lakeland FinancialShares of Lakeland Financial ( LKFN) of Warsaw, Ind., closed at $25.09 Friday, returning 20 % year-to-date. Based on a quarterly payout of 15.5 cents, the shares have a dividend yield of 2.47%. The company had $2.8 billion in total assets as of Sept. 30. Lakeland's shares trade for 12 times the consensus 2012 EPS estimate of $2.14 and 1.5 times tangible book value. Sterne Agee analyst Kenneth James has a $28 price target for Lakeland Financial, calling the company "a straightforward organic growth story and a high-quality
- Shares of Bank of America closed at $5.64 Friday, down 58% year-to-date. The shares were trading for 5.7 times the consensus 2012 EPS estimate of 99 cents and for just 0.4 times tangible book value.
- Citigroup closed at $28.17 Friday, down 40% yea-to-date, and trading for 6.4 times the consensus 2012 EPS estimate of $4.37 and 0.6 times tangible book value.
- JPMorgan Chase closed at $32.33 Friday, down 22% year-to-date. The shares traded for 6.6 times the consensus 2012 EPS estimate of $4.88 and just under tangible book value.
- Wells Fargo closed at $26.07 Friday, down 14% year-to-date. The shares traded for 8.1 times the consensus 2012 EPS estimate of $3.20 and 1.5 times tangible book value.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.