BlackRock Inc. Acquires New Stake in Princeton Bancorp, Inc. $BPRN

Key Points

• BlackRock acquired 427,681 shares of Princeton Bancorp during the second quarter, valued at approximately $16.23 million and representing a 6.28% stake. Institutional investors and hedge funds collectively own 43.36% of the company.
• Princeton Bancorp reported quarterly earnings of $1.04 per share, exceeding the $0.88 consensus estimate, while revenue of $22.48 million also topped expectations.
• The company paid a quarterly dividend of $0.35 per share, equivalent to $1.40 annually and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus, although the $37.50 average price target is below the reported $43.40 share price.

BlackRock Inc. bought a new position in shares of Princeton Bancorp, Inc. (NASDAQ:BPRN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 427,681 shares of the company's stock, valued at approximately $16,230,000. BlackRock Inc. owned about 6.28% of Princeton Bancorp as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. NewEdge Advisors LLC acquired a new stake in shares of Princeton Bancorp in the first quarter valued at about $30,000. Raymond James Financial Inc. bought a new stake in Princeton Bancorp in the second quarter valued at approximately $61,000. Tower Research Capital LLC TRC boosted its holdings in Princeton Bancorp by 584.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,191 shares of the company's stock valued at $67,000 after acquiring an additional 1,871 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Princeton Bancorp by 14.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 3,360 shares of the company's stock valued at $103,000 after purchasing an additional 431 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Princeton Bancorp during the 2nd quarter valued at approximately $189,000. 43.36% of the stock is owned by institutional investors and hedge funds.

Princeton Bancorp Stock Performance

Shares of BPRN stock opened at $43.40 on Friday. The company has a market cap of $295.55 million, a P/E ratio of 11.42 and a beta of 0.47. Princeton Bancorp, Inc. has a fifty-two week low of $29.69 and a fifty-two week high of $43.94. The stock has a 50 day simple moving average of $40.66 and a two-hundred day simple moving average of $37.08.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.16. The firm had revenue of $22.48 million during the quarter, compared to the consensus estimate of $21.84 million. Princeton Bancorp had a net margin of 18.99% and a return on equity of 9.48%. On average, research analysts predict that Princeton Bancorp, Inc. will post 3.88 earnings per share for the current year.

Princeton Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Wednesday, August 5th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, August 5th. Princeton Bancorp's dividend payout ratio is 36.84%.

Insider Transactions at Princeton Bancorp

In other Princeton Bancorp news, insider Stephanie Adkins sold 1,600 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $35.04, for a total value of $56,064.00. Following the transaction, the insider owned 21,272 shares in the company, valued at approximately $745,370.88. This represents a 7.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Clark sold 1,428 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $41.95, for a total value of $59,904.60. Following the completion of the sale, the insider directly owned 1,428 shares of the company's stock, valued at $59,904.60. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,804 shares of company stock worth $479,997 in the last three months. Insiders own 23.10% of the company's stock.

Analyst Upgrades and Downgrades

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

Princeton Bancorp 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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