Geoff Gannon October 17, 2020

Hingham Institution for Savings (HIFS): A Cheap, Fast Growing Boston-Based Mortgage Bank with a P/E of 9 and a Growth Rate of 10%

This is the one “higher quality, more expensive” bank I mentioned in the podcast Andrew and I did where we talked about like eight or so different U.S. banks. Hingham’s price-to-book (1.7x) is very high compared to most U.S. banks. It is, however, quite cheap when compared to U.S. stocks generally. This is typical for bank stocks in the U.S. They all look very cheap when compared to non-bank stocks. There are many different ways to calculate price multiples: P/B, P/E, dividend yield, etc. The...

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