UPDATE (5/5/03): CTZN is lagging market as a more seasoned IPO and closed today at $20.93. Recent conversions, including smaller institutions such as SFFS, WAYN, NEBS, and PRTR are now trading at higher P/BV than CTZN. Market matters, which is a negative for CTZN, but stock buybacks to continue and in effect, and dividend should move up soon. Target 6-12 months assuming a 125% P/BV is about $24 for about a 20% return.
At $19.75 close, stock is trading at about 112% of tangible book value. Third stock buyback (5%) announced in October 2002, which should continue to increase book value and earnings per share. Bank is continuing to grow earnings by opening up a couple of branches ('02 and '03), and hopefully fatten itself up for sale. CEO is a grey hair, and hopefully getting ready to retire. Dividend is $0.32 per share.
Some institutional ownership -about 40%.
Negatives: Management is weak. Corporate vision is to serve the community. I'd be okay with corporate vision if it was to serve community profitably. Volatility a little higher than what one would expect.
I'm a holder today.
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