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Average rating: 2.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

Annual growth of CTZN:

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May. 6 2003, 12:44 AM ET
Nearest price: 20.65 (05/06/03)
by thriftman (profile)
(all of thriftman's ratings)
(Previous rating: Buy,
on Jan. 25 2003, 3:25 PM ET)
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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