HF Financial Corp. (HFFC) Stock Up on Great Western Bancorp (GWB) Merger


Shares of HF Financial Corp. (NASDAQ:HFFC) are up in morning trading, after the company has announced a merger agreement with Great Western Bancorp (GWB).

According to sources, Great Western Bancorp will acquire HF Financial, which is the parent company of Home Federal Bank of Sioux Falls, S.D., for $19.70 per share, totaling $139.5 million.

“We are pleased to announce the acquisition of Home Federal Bank,’ said Ken Karels, President and Chief Executive Officer of Great Western Bank. ‘This acquisition offers us the opportunity to expand our footprint and customer base by complementing our existing branch network presence in Eastern South Dakota and adding locations in attractive markets in Fargo, North Dakota and Minnesota.”

The newly formed entity (post merger) will have approximately $8.5 billion in loans, $8.6 billion in deposits, and $11.3 billion in assets combined. They will serve 127 different communities located across nine separate states.

The stock is up 19.35% or $3.14 after the news, hitting $19.37 per share. About 118,702 shares traded hands or 4529.56% up from the average. HFFC has risen 9.37% since April 28, 2015 and is uptrending. It has outperformed by 10.26% the S&P500.

The institutional sentiment increased to 2 in Q2 2015. Its up 0.57, from 1.43 in 2015Q1. The ratio improved, as 3 funds sold all HF Financial Corp. shares owned while 3 reduced positions. 4 funds bought stakes while 8 increased positions. They now own 3.70 million shares or 1.02% less from 3.74 million shares in 2015Q1.

Pl Capital Advisors Llc holds 3.24% of its portfolio in HF Financial Corp. for 589,975 shares. Jacobs Asset Management Llc owns 692,260 shares or 2.51% of their US portfolio. Moreover, Maltese Capital Management Llc has 1.12% invested in the company for 655,900 shares. The Virginia-based Fj Capital Management Llc has invested 0.55% in the stock. Glacier Peak Capital Llc, a Washington-based fund reported 65,155 shares.

HF Financial Corp. is a bank holding company. The company has a market cap of $135.97 million. The Company’s banking subsidiary is Home Federal Bank . It has 24.15 P/E ratio. The Company’s divisions include banking (including leasing activities), which is conducted through the Bank and Mid America Capital Services, Inc., and other.