Princeton Bancorp, Inc. (NASDAQ:BPRN) Raises Dividend to $0.40 Per Share

Key Points

• Princeton Bancorp raised its quarterly dividend 14.3%, from $0.35 to $0.40 per share. The dividend implies an annualized payout of $1.60 and a 3.6% yield, with payment scheduled for November 25 to shareholders of record November 11.
• The dividend appears well covered, with a current payout ratio of 39.3%; analysts expect future earnings to support an estimated payout ratio of about 36.2%.
• BPRN recently reported quarterly EPS of $0.15, well below the $0.95 consensus estimate, although revenue of $22.47 million slightly exceeded expectations. Analysts maintain a consensus “Hold” rating with a $37.50 price target.

Princeton Bancorp, Inc. (NASDAQ:BPRN - Get Free Report) declared a quarterly dividend on Wednesday, October 28th. Shareholders of record on Wednesday, November 11th will be paid a dividend of $0.40 per share on Wednesday, November 25th. This represents a $1.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Tuesday, November 10th. This is a 14.3% increase from Princeton Bancorp's previous quarterly dividend of $0.35.

Princeton Bancorp has increased its dividend payment by an average of 0.3% annually over the last three years. Princeton Bancorp has a dividend payout ratio of 39.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Princeton Bancorp to earn $3.87 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 36.2%.

Princeton Bancorp Stock Performance

BPRN opened at $44.63 on Thursday. Princeton Bancorp has a 52 week low of $30.38 and a 52 week high of $46.33. The company has a fifty day moving average price of $43.30 and a two-hundred day moving average price of $38.23. The firm has a market capitalization of $303.93 million, a PE ratio of 11.74 and a beta of 0.47.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.80). Princeton Bancorp had a net margin of 18.99% and a return on equity of 9.48%. The firm had revenue of $22.47 million during the quarter, compared to the consensus estimate of $22.35 million. Equities analysts forecast that Princeton Bancorp will post 3.88 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Princeton Bancorp in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $37.50.

About Princeton Bancorp

Princeton Bancorp, Inc is a bank holding company headquartered in Princeton, New Jersey. Its principal subsidiary, The Bank of Princeton, provides banking services to individuals, businesses and organizations through its community banking franchise.

The Bank of Princeton offers deposit products, residential and commercial real estate loans, commercial and industrial financing, construction lending, consumer loans and other traditional banking services. It also provides online and mobile banking tools, treasury management and related services designed to support business and personal financial needs.

Founded in 2007, The Bank of Princeton serves communities in central New Jersey and the greater Philadelphia region, including southern New Jersey and nearby Pennsylvania markets.

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