The Best Run Bank in the Country!
I believe First Niagara Financial Group(FNFG) is the best run bank in the country and I think it is at a great price. This bank is based out of Buffalo and stayed profitable through the financial crisis. Not only did it manage that but it also made several acquisitions and has now doubled its bank branches in the last 2 years. It has recently moved into the Pittsburg market by buying National City branches. It bought out Harleysville Bank in Philly and is in the process of buying New Alliance Bank in Hartford. It has a p/e ratio of 19 which seems rich but the CEO says it will grow at a 15% clip going forward and it has dividend yield of 4.6% which makes it cheap in my book. I think anything under $14 a share for this bank is a great price especially considering how exceptional their management is. There are about 10 stocks that I know of where you can buy them and never pay attention to them again because you know they will just keep going higher. This is one of those stocks. The only large banks that I think hold a candle to FNFG is PNC Financial and M&T Bank. Both are great companies but are twice as large and don't have as much room to run as FNFG.