Basswood Capital’s Matthew Lindenbaum Elected To Hudson Valley Holding Corp. (HVB) Board Of Directors

Matthew Lindenbaum, the manager of Basswood Capital, has gone activist on Hudson Valley Holding Corp. (NYSE:HVB). According to a recent filing with the Securities and Exchange Commission, following a request from Basswood Capital Management, Lindenbaum was elected to Hudson Valley Holding’s board of directors effective March 24, 2014. Basswood Capital and Lindenbaum hold approximately 1.97 million shares, which account for 9.83% of the total number of shares outstanding.

Hudson Valley Holding Corp. (NYSE:HVB)

Stephen R. Brown, President and Chief Executive Officer of Hudson Valley Holding Corp. (NYSE:HVB) commented:

As our Company continues to evolve with the changing economy, Matthew’s experience and unique skill set will assist in the further implementation of the company’s strategies and place us in a position for future growth. We are excited to have Matthew join our Board and look forward to working with him.

Joshua Nash, the manager of Ulysses Management, is also bullish on this stock, having created a new position during the 2013 fourth quarter. According  to its latest 13F filing, Ulysses Management holds 350,000 shares valued at $7.12 million. Mario Gabelli is also keeping an eye on Hudson Valley Holding Corp. (NYSE:HVB), as his fund, GAMCO Investors holds 120,000 shares reportedly worth $2,44 million.

A bank holding company, Hudson Valley Holding Corp. (NYSE:HVB) has a market cap of $372 million and pays an annual dividend of $0.24, which represents a yield of 1.3%. The stock is trading at a trailing Price to Earnings (P/E) ratio of 325.xx, significantly above the industry average of 16.90. The forward P/E ratio of 21.85 is a sign that market participants expect the company to get its earnings power back on track. Hudson Valley Holding announced revenues of $23.2 million and earnings per share (EPS) of $0.16 for the 2013 fourth quarter, missing the market expectations. Current quarter is expected to bring revenues of $25 million and EPS of $0.13.

Lindenbaum seems to be a huge fan of financial stocks, with several US financial behemoths occupying the top positions in  Basswood Capital’s equity portfolio. During the previous quarter, Basswood has increased its holding of Synovus Financial Corp. (NYSE:SNV) by 29% to 21.5 million shares valued at $77.5 million. Lindenbaum has also upped his fund’s stake in JPMorgan Chase & Co. (NYSE:JPM) by 21% to approximately 984,600 shares worth $57.5 million, as reported in the latest 13F report.

Disclosure: none.

Recommended reading:

Billionaire Steven Cohen Initiates Position in Midstates Petroleum Company Inc (MPO); Boosts Stake in Zynga Inc (ZNGA)

Farallon Capital Management Sells 3.51 Mln Shares of Hudson Pacific Properties Inc (HPP)

Hedge Fund News: Phil Falcone, John Paulson & Thomas Kempner

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!