Stock Mover: Barron’s Likes Hudson City Bancorp
Barron's is upbeat about Hudson City Bancorp (HCBK) Barron's Weekday Trader column calls Hudson City Bancorp the bank that stayed out of harm’s way as it was one of the recession’s best performers and is poised to beat its rivals in the competitive New York Area.The column says that the bank is now focused on making more conservative mortgage loans in New York City and the surrounding suburbs. This has allowed HCBK to for the most part; avoid the real-estate problems that hit its competitors hard during the crisis. The approach has created a cash-rich situation ($600 Million in cash) for the bank and has allowed them to gain market share in a rough environment.
Looking at the stock, Barron's says the stock trades at just 11x 2010 earnings, which is the low end of its five-year range. HCBK has a 4.5% dividend yield which appears safe due to the cash on hand.
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