Harvard Winters
Long/short equity, growth at reasonable price, value

What Susquehanna Bancshares' Four 'Clean' Quarters Tell Us

I've written three articles on Lititz, PA-based bank Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), on May 16, August 2 and October 26, 2012. I initially chose to write about SUSQ because it was a serial acquirer, and this behavior had caused its tangible book value per share ("TBV-PS") to decline and stagnate over time. That's a disturbing trend if you owned SUSQ shares and wanted the share price to go up, because it meant that SUSQ's price/TBV-PS multiple needed to keep growing for your wish to come true.

On May 15, 2012, the night before my first article ran, SUSQ closed at $9.97. After the market close on Wednesday, SUSQ announced its Q1 2013 results. SUSQ closed at...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
PRO Top long ideas returned 21.7% in 2016**
"As a PRO member, we get uniquely valuable perspective that go beyond our quantiative analysis... We rely on PRO to get beyond the numbers quickly and add much needed perspective. It keeps me ahead of the next big thing. - Mark Choate, Malaga Cove Capital"
Mark Choate, Malaga Cove Capital
"Contributors (writers and commentators), often have a long history in the secuirities they opine on and some are clearly well positioned industry participants with detailed industry views that can help provide color on where the skeletons are buried in a particular secuirity and/or industry."
Jim Roumell, Roumell Asset Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details