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Byline: David Saito-Chung
Port Financial charged higher soon after its mid-April 2000 initial public offering and rose 91% to its peak of 20.50 on Feb. 9. Since then the stock has formed an 18-week base and lies 2% off its high.
The Massachusetts-based holding company for Cambridgeport Bank has marked steady earnings and revenue growth annually since 1996. Earnings have risen an estimated 18% annually from 1996 to 2000. On a quarterly basis, growth has ranged from 32% to 108% over the last four quarters.
On June 8, Port said it completed the repurchase of 352,460 shares, or 5% of the 7 million common shares outstanding, at an average price of $20.06 a share.
The stock is a micro-cap, with a market value of under $150 million. On average, just ...