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August 19, 2010 52-Week Low Wrap-Up: Bank of America, BB&T, Beneficial Mutual Bancorp, Hancock Holding, Hudson Valley Holding

Patrick Goldin

Patrick Goldin

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This is some of the interesting ideas from the new 52-week low list.

Bank of America (BAC)

Bank of America is the nation's largest consumer and small-business bank. The bank has offices in 32 states, Washington, D.C., and more than 30 countries. Along with its complete product offerings for the retail client, B of A also has a sizable middle-market and large corporate lending business, asset-management unit, and investment banking business.

BB&T (BBT)

Operating more than 1,800 branches in Southeastern states and Washington, D.C., BB&T offers commercial and retail banking, residential mortgages, trust, insurance, specialty finance, investment banking, and brokerage. BB&T is primarily focused on retail consumers and small to midsize businesses.

Beneficial Mutual Bancorp (BNCL)

Serving Philadelphia and surrounding areas, Beneficial Mutual Bancorp provides traditional banking products to individuals and business including checking, savings, and money market accounts; IRAs; CDs; merchant card services and payroll services. The firm also has commercial, consumer and real estate lending, insurance and brokerage offerings.

Hancock Holding (HBHC)

Hancock Holding is a holding comapny for Hancock Bank, Hancock Bank Louisiana, Hancock Bank Alabama, and Hancock Bank Florida, which together operate more than 150 banking offices. The banks provide savings, checking, money market, and individual retirement accounts, as well as certificates of deposit. The company's banks also originate real estate, business, and consumer loans. Hancock Holding's subsidiaries offer insurance, discount brokerage services, and mutual funds.

Hudson Valley Holding (HUVL)

Hudson Valley Holdings is a holding company for Hudson Valley Bank, a full-service commercial bank with operations in New York City area. The bank provides services for individuals, businesses, professional service firms and not-for-profit organizations. Some of the banks products include full range of deposit products, lease financing and extended loan portfolio of commercial and residential real estate loans, business and consumer loans, construction loans. In addition, Hudson Valley also provides investment management and trust services.

I.D. Systems (IDSY)

I.D. Systems develops and manufactures wireless-monitoring systems. The company's products, which attach to secured items, are miniature computers that each have a unique identification code embedded in them. If the secured item is lost or stolen, the item can relay its position through radio transmissions. I.D. Systems also customizes its systems to customer specifications. I.D. Systems markets its products in the United States and overseas.

Knight Capital (KCG)

Knight Capital Group provides electronic and voice financial security trade execution services to buy-side, sell-side, and corporate clients as a market maker, agent, and electronic execution provider.

ManTech (MANT)

ManTech International delivers a wide array of information technology and technical services solutions to the federal governments of the United States and 28 foreign countries. The company's principle business focuses primarily on critical national defense programs for the intelligence community and the U.S. Department of Defense, NASA, and the U.S. Navy.

Northwest Pipe (NWPX)

Northwest Pipe manufactures pipes and tubes. The company's water transmission segment manufactures and markets large diameter, high pressure welded steel pipes used primarily for water transmission and treatment in North America. The tubular products segment manufactures electric resistant welded steel pipes for use in construction, agricultural, and industrial applications. The company also manufactures traffic signpost products and propane tanks. The company has not been able to file its two most recent required reports due to an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices. The last report it filed was on August 7, 2009. Northwest's CEO resigned on April 2, 2010 and the company’s President has assumed the role.

This is all evidence that points to serious mistakes, real fraud, negligence, ineffectiveness, or all of the above. Given all the above, the current share price may represent an excellent opportunity for purchase given the potential for forced or irrational selling due to the company’s inability to timely file its required reports.

Since investors have not seen a balance sheet or income statement for slightly over nine months, there is a large amount of uncertainty surrounding the value and the company and therefore the company should be valued by tangible book value or on a liquidation value. From their balance sheet as of June 30, 2009, the tangible book value per share is $29.4

Tejon Ranch (TRC)

Tejon Ranch is a diversified real estate development and agribusiness company. The Company’s operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. Its prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield.

United Online (UNTD)

United Online is a provider of consumer products and services over the Internet. The Company’s offerings feature brands, including FTD Group, Interflora, Classmates, NetZero and MyPoints.com.

About the author:

Patrick Goldin
Patrick Goldin is the General Partner of the Alain Value Fund LP, a limited partnership exercising a value-focused and bottom-up securities approach. In addition to his duties as general partner, he is a student in high school. He can be reached at patrick.goldin@alainvaluefund.com

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