Moors & Cabot Initiates Coverage of MAF Bancorp
December 05 2003 - 9:51AM
PR Newswire (US)
Moors & Cabot Initiates Coverage of MAF Bancorp CHICAGO, Dec. 5
/PRNewswire/ -- Moors & Cabot is initiating coverage of MAF
Bancorp ($44.11) with a Sector Outperform rating and a $50
twelve-month price target. The share price of MAF Bancorp is up
29.7% year- to-date, which is slightly better than the 28.4%
increase in the Nasdaq BANK index over the same time period.
Despite a recent rally in the stock's price, which we think was
fueled by the anticipated re-weighting of the S&P Small Cap
Thrift Index upon completion of the St. Francis acquisition, MAF
Bancorp is trading about 6% below the median forward P/E multiple
of similarly sized thrifts. Given the company's attractive
franchise and superior profitability measures, we would argue that
MAF Bancorp should trade at a premium valuation, rather than a
discount. MAF Bancorp, Inc. is the parent company of Mid America
Bank, a federally chartered savings bank. The company, which is
based in Clarendon Hills, Illinois, has approximately $9 billion in
assets and operates 66 banking offices primarily in Chicago and its
western suburbs and Milwaukee, Wisconsin. The company's December 1,
2003 acquisition of St. Francis Capital Corporation added
approximately $2.3 billion in assets and 23 branch offices in the
Milwaukee, Wisconsin metropolitan area. Moors & Cabot is a
member of the National Association of Securities Dealers, CRD
number 594. DATASOURCE: Moors & Cabot CONTACT: Ronald J.
Peterson of Moors & Cabot, +1-312-263-8723 Web site:
http://www.moorscabot.com/
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