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Strong Buy 
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Strong Sell 
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Average rating: 4.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

Annual growth of PULB:

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Jul. 1 2003, 2:35 PM ET
Nearest price: 9.32 (07/01/03)
by sturmdrang (profile)
(all of sturmdrang's ratings)
PULB - Pulaski Savings, St. Louis
The stock of this $430 million savings institution has been on a roll, rising from $21.50 to a current $27.80 in just the last three months. Its key operating statistics are favorable:
ROAA:.. 1.4%
Efficiency Ratio:...56%
Assets per Office:... $86 million

Mortgage loan originations were over $1 billion in 2002 with resulting non-interest income to operating revenue of 43%. This, of course, begs the question of what happens when mortgage volume dries up.

With a P/E of nearly 16 and a current market valuation of 222% of book value, this fine savings bank, like many other thrifts, carries too rich a price. Although Stifel, Nichols rates it a Hold, I place it in the Sell category.

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