Bank of New York Mellon Corp Invests $3.49 Million in Peoples Financial Services Corp. $PFIS

Key Points

• Bank of New York Mellon acquired 52,639 shares of Peoples Financial Services, valued at approximately $3.49 million, giving it a 0.53% stake. Institutional investors collectively own 31.67% of the company.
• Peoples Financial Services reported quarterly EPS of $1.48, missing the $1.64 analyst consensus, while revenue reached $97.74 million. The stock was trading near its 52-week high at $71.83.
• The company declared a quarterly dividend of $0.625, equivalent to a $2.50 annual payout and a 3.5% yield. Analysts maintain a consensus “Hold” rating with a $65.50 price target.

Bank of New York Mellon Corp acquired a new stake in Peoples Financial Services Corp. (NASDAQ:PFIS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 52,639 shares of the financial services provider's stock, valued at approximately $3,494,000. Bank of New York Mellon Corp owned about 0.53% of Peoples Financial Services at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its position in shares of Peoples Financial Services by 5.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 316,621 shares of the financial services provider's stock worth $16,886,000 after purchasing an additional 17,655 shares during the last quarter. Empowered Funds LLC raised its stake in Peoples Financial Services by 9.7% in the 1st quarter. Empowered Funds LLC now owns 55,811 shares of the financial services provider's stock valued at $2,976,000 after purchasing an additional 4,917 shares during the last quarter. Archer Investment Corp acquired a new position in Peoples Financial Services in the 1st quarter valued at about $267,000. Strs Ohio purchased a new position in Peoples Financial Services in the 4th quarter valued at about $63,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Peoples Financial Services by 896.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,452 shares of the financial services provider's stock worth $121,000 after purchasing an additional 2,206 shares during the last quarter. Institutional investors and hedge funds own 31.67% of the company's stock.

Peoples Financial Services Stock Performance

Peoples Financial Services stock opened at $71.83 on Monday. The stock has a fifty day moving average price of $69.35 and a 200 day moving average price of $61.50. Peoples Financial Services Corp. has a 52 week low of $43.64 and a 52 week high of $73.37. The firm has a market capitalization of $719.02 million, a P/E ratio of 8.13 and a beta of 0.74. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

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

Peoples Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Monday, August 31st will be given a $0.625 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.50 annualized dividend and a dividend yield of 3.5%. Peoples Financial Services's dividend payout ratio (DPR) is currently 28.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PFIS shares. Hovde Group boosted their price objective on shares of Peoples Financial Services from $61.00 to $75.00 and gave the company a "market perform" rating in a research report on Tuesday, August 4th. Weiss Ratings restated a "buy (b)" rating on shares of Peoples Financial Services in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $65.50.

About Peoples Financial Services

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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