PHILADELPHIA — Sovereign Bancorp Inc., parent company of Sovereign Bank, has announced that it aims to increase its earnings per share by more than 70 percent and triple its stock price within five years.
The company, which owns some 550 bank offices in parts of New England, New Jersey, Pennsylvania and Delaware, seeks to earn $2.00 per share by 2005.
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Sovereign said it plans to achieve an average growth rate of about 15 percent in earnings per share. The company earned $1.15 per share in 2000. Its aim is to reach a stock price between $24 and $30 per share by 2005.
Sovereign said its strategy for achieving its income goals includes increasing fee-based revenues by about 15 percent a year, increasing low-cost core deposits by 7 to 10 percent annually, increasing consumer and corporate banking loans by 8 to 10 percent a year, and paying down some $1 billion in holding company debt by 2005.
Shares of Sovereign closed at $8.47 yesterday. Their 52-week range is $6.25 to $9.94.
