Sterne Agee Neutral On Capitol Federal Financial (CFFN)

Sterne Agee has a Neutral rating on shares of Capitol Federal Financial CFFN. In a note to clients, Sterne Agee writes, "Capitol Federal completed its second-step transaction by selling a total of 118.2 million shares. The transaction closed at the minimum allocation which equated to an offering price to tangible book value of 84%. Post transaction, the company will have approximately 167.5 million shares outstanding. For the 12/31/10 quarter, our estimated tangible book value and TCE/TA ratio estimates equal $12.17 and 21%, respectively. We continue to like Capitol Federal as a low-risk return of capital story." Shares of CFFN closed at $11.93 yesterday.