10 Most Profitable Banks Trading Below Book Value
Hewett in July called the BBVA Puerto Rico acquisition a "transformational deal that allows OFG the opportunity to remix its balance sheet at a reasonable cost." The analyst expects the deal "to be highly accretive to EPS and we believe over time, OFG will shed its current discount valuation relative to U.S. mainland bank peers."
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6. Westfield Financial
Shares of Westfield Financial (WFD) of Westfield, Mass., closed at $7.39 Monday, returning 4% year-to-date, following a 15% decline during 2011.
The shares trade for 0.9 times tangible book value, and for 30 times the consensus 2013 EPS estimate of 25 cents. The consensus 2012 EPS estimate is 23 cents.
Westfield Financial pays a regular quarter dividend of six cents a share, and has also been paying a special dividend, twice a year. Based on the regular payout, the shares have dividend yield of 3.25%. Based on the total payout of 49 cents a share over the past year, the shares have a dividend yield of 6.63%.
For the 12-month period ended June 30, Westfield Financial's ROA was 0.49%, while the company's ROE was 2.93%.
Westfield Financial on Aug. 29 announced that its board of directors had authorized a program to purchase up to 5% of its outstanding common stock, or 1,278,560 shares, after completing its previous repurchase plan a few days earlier.
The company reported second-quarter net income of $974 thousand, or four cents a share, declining from $2.3 million, or nine cents a share, the previous quarter, and $2.9 million, or 11 cents a share, a year earlier. Second-quarter earnings were hit because the company "redeemed certain
Westfield made an additional income tax provision of $160,000 during the second quarter and recorded a charge to noninterest income of $102,000, "for transferring the policies to a different carrier."