Bear Of The Day: Hudson City Bancorp (HCBK)
Hudson City Bancorp’s (NASDAQ:HCBK) third-quarter earnings came a penny behind the Zacks Consensus Estimate, reflecting lower interest margin, increased noninterest expense and a higher provision for loan losses.
We expect pressure on earning assets and margin to continue with the low interest rate environment, which is anticipated to persist in the upcoming quarters, thereby dampening investors appetite for this stock. Along with this, the elevated levels of credit costs remain a concern for the company.
Continuing high levels of unemployment and deterioration of home prices still prevalent in some of its lending markets arouses our concern. Moreover, the recent regulatory moves are also expected to pull down the company’s bottom line. As such, we reiterate our Underperform recommendation on the stock.
HUDSON CITY BCP (HCBK): Free Stock Analysis Report
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