AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Analysts at Sandler O'Neill have reduced their rating on the stock of Staten Island Bancorp to "maintain," but they say an SEC "informal inquiry" into the bank's restatement of financials for 2001 and 2002 does not affect its earnings estimates for price targets for the bank.
The restatement relates to accounting for employee stock options, the impairment of certain securities, and mortgage banking operations, the Sandler O'Neill report said. In June of last year, Staten Island Bancorp replaced Arthur Andersen with PricewaterhouseCoopers as its accounting firm.
In early February, prior to the announcement of an SEC inquiry, Sandler O'Neill reduced its rating on the bank to "maintain" from "buy" and also lowered its price target by $6 to $18. Staten Island Bancorp trades under the symbol SIB.
The stock ...