UPDATE: Stifel Nicolaus Initiates Rockville Financial at Buy

Stifel Nicolaus is out with its report today on Rockville Financial RCKB, initiating RCKB at Buy. In its report, Stifel Nicolaus writes, "On March 4, 2011, RCKB completed its second-step IPO conversion and began trading, raising $153 million of net proceeds through the sale of 17.1 million shares of the majority stake at $10 per share; existing minority shareholders received shares at an exchange ratio of 1.5167, bringing total shares to 29.5 million. We initiate coverage with a Buy rating and a target price of $12, representing 1.1x TB (tangible book) of $11.22." Shares of RCKB closed Wednesday at $9.51, up 0.69% from Tuesday's close.