Bank of New York Mellon Corp Takes $1.20 Million Position in Princeton Bancorp, Inc. $BPRN

Key Points

• Bank of New York Mellon acquired 31,562 shares of Princeton Bancorp, valued at approximately $1.20 million, giving it a 0.46% stake. Institutional investors collectively own 43.36% of the company.
• Princeton Bancorp has a “Moderate Buy” consensus rating and an average price target of $37.50, while its shares recently opened at $43.55 near their 52-week high of $44.01.
• The bank reported quarterly earnings of $1.04 per share, exceeding estimates of $0.88, and revenue of $22.48 million. It also pays a quarterly dividend of $0.35, equivalent to a 3.2% annualized yield.

Bank of New York Mellon Corp purchased a new position in shares of Princeton Bancorp, Inc. (NASDAQ:BPRN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,562 shares of the company's stock, valued at approximately $1,198,000. Bank of New York Mellon Corp owned 0.46% of Princeton Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. NewEdge Advisors LLC bought a new position in Princeton Bancorp during the 1st quarter worth $30,000. Raymond James Financial Inc. bought a new stake in shares of Princeton Bancorp in the 2nd quarter valued at about $61,000. Tower Research Capital LLC TRC grew its position in shares of Princeton Bancorp by 584.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,191 shares of the company's stock valued at $67,000 after buying an additional 1,871 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Princeton Bancorp by 14.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,360 shares of the company's stock valued at $103,000 after buying an additional 431 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Princeton Bancorp by 50.1% in the fourth quarter. Wells Fargo & Company MN now owns 5,855 shares of the company's stock valued at $203,000 after buying an additional 1,953 shares during the period. Institutional investors own 43.36% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings raised Princeton Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Princeton Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $37.50.

Princeton Bancorp Price Performance

Shares of NASDAQ:BPRN opened at $43.55 on Thursday. Princeton Bancorp, Inc. has a 1 year low of $29.69 and a 1 year high of $44.01. The business's 50-day moving average is $41.09 and its 200-day moving average is $37.29. The company has a market capitalization of $296.58 million, a price-to-earnings ratio of 11.46 and a beta of 0.47.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.16. The business had revenue of $22.48 million during the quarter, compared to the consensus estimate of $21.84 million. Princeton Bancorp had a return on equity of 9.48% and a net margin of 18.99%. Analysts anticipate that Princeton Bancorp, Inc. will post 3.88 EPS for the current year.

Princeton Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Wednesday, August 5th were paid a $0.35 dividend. The ex-dividend date was Wednesday, August 5th. This represents a $1.40 annualized dividend and a dividend yield of 3.2%. Princeton Bancorp's payout ratio is currently 36.84%.

Insider Activity at Princeton Bancorp

In related news, Director Martin Tuchman purchased 10,534 shares of Princeton Bancorp stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost of $42.98 per share, for a total transaction of $452,751.32. Following the completion of the acquisition, the director owned 24,138 shares of the company's stock, valued at $1,037,451.24. This trade represents a 77.43% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen Distler sold 8,776 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $41.48, for a total transaction of $364,028.48. Following the completion of the sale, the director owned 83,220 shares of the company's stock, valued at $3,451,965.60. The trade was a 9.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 23.10% of the stock is owned by corporate insiders.

Princeton Bancorp Company Profile

Princeton Bancorp, Inc is the bank holding company for Princeton Bank, a community-focused financial institution based in Princeton, New Jersey. Through its wholly owned subsidiary, the company offers a full suite of personal and business banking services designed to meet the needs of individuals, families and local enterprises in central and southern New Jersey.

The company’s core offerings include checking and savings accounts, consumer and commercial lending, mortgage origination and refinancing, as well as treasury management solutions for small-to-medium-sized businesses.

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