- HARL is strongly positioned in a lucrative Montgomery County, PA market that should allow it to grow EPS and annual dividend payments.
- HARL has a history of increasing and maintaining dividend payments and avoiding dilution even during the most dire times.
- HARL's arguably aggressive banking practices could be triggering the lower multiples compared to peers but management and 98 years of history indicate their banking formula pays off.
- HARL should be positioned to continue to yield at least 4.5% over the long term with potential for capital appreciation.
- Risk of further decline in price could create additional, even more compelling opportunities to build a position at an even higher yield.