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Banking, finance, and taxes

Cramer on Hudson City Bancorp

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By Douglas A. McIntyre Published
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Hudson City Bancorp (HCBK-NASDAQ) had its CEO interviewed by Cramer on CNBC’s MAD MONEY.

Cramer wanted to know why the valuations are higher and why it keeps going up.  The company is a traditional thrift, so they retain mortgages and don’t sell the mortgages and loans.  They only do prime mortgages, so not high risk.  They haven’t had a net charge-off in 7 years. 

The CEO says they have excess capital and they were a mutual holding company until 1995.  Cramer said you get bank exposure here as the one that keeps going up with no poor credit risk profiles.  HCBK closed down 0.15% at $14.13, close to the $14.25 high over the last 52-weeks; It was trading at a new 52-week high of $14.38 in after-hours trading if that holds.

Here are some stats: HCBK is worth close to $8 Billion in market cap, trades with a P/E ratio of over 25, trades at a "stated" 1.6 times book value, and has profit margins of over 40% if those numbers are accurate.

Jon C. Ogg
January 16, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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