Sterne Agee Revises HCBK Estimates

Sterne Agee has issued a report on the revisions to the Hudson City Bancorp HCBK estimates. According to the report, "Our 2011 estimate including the Q1 charge is now a loss of $0.62 p/s. Ex the charge, we see operating earnings at $0.66 p/s. Reflecting an improved net interest margin, we increased our 2012 estimate to $0.72 per share (from $0.68). In addition to revisions tied to the restructuring, our revised 2011, 2012 and 2013 estimates reflect higher FDIC deposit insurance premiums." HBCK has a Neutral Rating and closed at $9.86 yesterday.