Zacks Investment Research downgraded shares of Hudson City Bancorp, Inc. (HCBK) from OUTPERFORM to NEUTRAL on March 20, 2015, with a target price of $11.00.
Hudson City's fourth-quarter 2014 earnings per share outpaced the Zacks Consensus Estimate. Results were aided by increased non-interest income and lower expenses along with no provision for loan losses in the quarter. However, these were partly offset by lower net interest income. The extension date of closure of the merger deal with M&T Bank Corp. creates further possibilities of completion of the long proposed deal. Also, we remain optimistic about the company's strategic plan, which is aimed to boost the overall performance of the company. However, a continuous decline in loan production, top-line pressure and stringent regulations are likely to dampen the company's financials in the near term.
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