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Oct. 10 2003, 5:24 PM ET
Nearest price: 14.87 (10/10/03)
by sbguy (profile)
(all of sbguy's ratings)
Strong Buy
(Previous rating: Strong Buy,
on Oct. 10 2003, 3:25 PM ET)
penn fed is my largest holding and i have had it since IPO in mid '90's. that said, i think it is a solid stock and great takeover target. it has a great branch network in north and central NJ with 22 branches. expected to earn $2.00 this coming yr, but EPS understates cash earnings by $.60/sh/yr. 2/3 of that is gone starting 7/04 and the balance is gone after 7/05. thus an acquirer can see $2.60+ of EPS out from '05 + any organic growth from here. tang BV/sh is about $17/sh. at almost $2b total assets, they are highly cost conscious with an op exp ratio of about 150bp. would make a great in-market target to such as HCBK or PFS or new footprint and expansion platform for WM, NYB, etc. the knock has always been age of ceo (early to mid 50's) and chmn (same). insiders + esop own big chunk at 22% so would have to be friendly. however, all MRP stock and options have been awarded so any new awards require s'holder approval. at 2.5-3X tang BV this is worth $42-50 which should get everyone's attention and not be out of line with recent deals. mgt has been made aware of the sweet package of about $60mm given to top 10 officers at RSLN. lastly, with 6.8mm sh out, mkt cap=$204mm .

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