Analysts at Compass Point decreased their price target on shares of Hudson City Bancorp (NASDAQ: HCBK) from $8.50 to $7.00 in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the stock.
The analysts wrote, “Thus, given that the company is putting the brakes on its bread and butter mortgage production, and has little experience in alternative products, we see few alternatives that would be more attractive to shareholders than a sale. Optically, the stock is expensive on a P/E basis, but we continue to like the shares below the $7 range. Absent an inversion of the yield curve, we believe the $6-$6.50 range should serve as a floor for the stock. Further, investors are getting a 5.0% dividend yield in the meantime.”
Separately, analysts at Zacks reiterated a “neutral” rating on shares of Hudson City Bancorp in a research note to investors on Friday, April 20th. They now have a $7.00 price target on the stock.
Shares of Hudson City Bancorp traded down 1.96% during mid-day trading on Monday, hitting $7.02. Hudson City Bancorp has a one year low of $5.09 and a one year high of $9.65. The company’s market cap is $3.484 billion.
The company last announced its quarterly results on Wednesday, April 25th. It reported $0.15 earnings per share (EPS) for the previous quarter, meeting the Thomson Reuters consensus estimate of $0.15 EPS. On average, analysts predict that Hudson City Bancorp will post $0.14 earnings per share next quarter.
Hudson City Bancorp, Inc. (Hudson City Bancorp) serves as the holding company of its only subsidiary, Hudson City Savings Bank.
