744,487 Shares in Peoples Financial Services Corp. $PFIS Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 744,487 shares of Peoples Financial Services during the second quarter, valued at roughly $49.4 million and representing about 7.44% of the company. Institutional investors collectively own 31.67% of PFIS.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $65.50. Hovde Group raised its target to $75 while maintaining a market-perform rating.
• PFIS reported quarterly EPS of $1.48, below the $1.64 consensus estimate, while revenue reached $97.74 million. The company declared a quarterly dividend of $0.625 per share, equivalent to a 3.6% annualized yield.

BlackRock Inc. bought a new stake in Peoples Financial Services Corp. (NASDAQ:PFIS - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 744,487 shares of the financial services provider's stock, valued at approximately $49,412,000. BlackRock Inc. owned about 7.44% of Peoples Financial Services as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in Peoples Financial Services in the third quarter valued at approximately $37,000. Raymond James Financial Inc. bought a new stake in shares of Peoples Financial Services in the second quarter valued at $44,000. CANADA LIFE ASSURANCE Co lifted its position in shares of Peoples Financial Services by 27.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 941 shares of the financial services provider's stock valued at $46,000 after buying an additional 204 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Peoples Financial Services by 59.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 969 shares of the financial services provider's stock worth $48,000 after acquiring an additional 360 shares during the period. Finally, Strs Ohio purchased a new stake in Peoples Financial Services in the 4th quarter worth about $63,000. Hedge funds and other institutional investors own 31.67% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on PFIS. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Peoples Financial Services in a report on Tuesday, June 9th. Hovde Group upped their price target on shares of Peoples Financial Services from $61.00 to $75.00 and gave the company a "market perform" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $65.50.

Peoples Financial Services Trading Down 1.4%

Shares of PFIS opened at $68.67 on Tuesday. Peoples Financial Services Corp. has a twelve month low of $43.64 and a twelve month high of $73.37. The stock has a market cap of $687.39 million, a PE ratio of 7.78 and a beta of 0.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The business's 50-day moving average price is $68.94 and its 200-day moving average price is $61.10.

Peoples Financial Services (NASDAQ:PFIS - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.48 EPS for the quarter, missing analysts' consensus estimates of $1.64 by ($0.16). The firm had revenue of $97.74 million during the quarter, compared to the consensus estimate of $52.35 million. Peoples Financial Services had a net margin of 20.66% and a return on equity of 17.27%.

Peoples Financial Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.625 per share. The ex-dividend date is Monday, August 31st. This represents a $2.50 annualized dividend and a dividend yield of 3.6%. Peoples Financial Services's dividend payout ratio (DPR) is 28.31%.

Peoples Financial Services Company Profile

Peoples Financial Services Corporation is the bank holding company for PeoplesBank, a community-focused commercial bank headquartered in Holyoke, Massachusetts. Through its wholly owned subsidiary, PeoplesBank, PFIS offers a full suite of banking services to individuals, small businesses, and commercial clients. These services include deposit accounts, consumer and residential mortgage lending, commercial and industrial lending, and treasury management solutions.

Founded in 1842, PeoplesBank has grown organically and through selective acquisitions to become a prominent community bank in Western Massachusetts and Northern Connecticut.

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