Pinnacle Holdings LLC Takes $1.42 Million Position in Peoples Bancorp Inc. $PEBO

Key Points

• Pinnacle Holdings LLC acquired 36,888 shares of Peoples Bancorp, worth approximately $1.42 million, giving it a 0.10% stake. Institutional investors and hedge funds collectively own 60.68% of the company.
• Peoples Bancorp exceeded quarterly expectations, reporting $0.96 in earnings per share versus the $0.85 consensus estimate and revenue of $121.95 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $42.
• The company pays a quarterly dividend of $0.42, equal to $1.68 annually and a 4.2% yield. Recent insider activity was mixed, with a director purchasing 1,000 shares while an insider sold 3,000 shares.

Pinnacle Holdings LLC acquired a new position in Peoples Bancorp Inc. (NASDAQ:PEBO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 36,888 shares of the bank's stock, valued at approximately $1,417,000. Pinnacle Holdings LLC owned about 0.10% of Peoples Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new stake in Peoples Bancorp during the third quarter valued at about $30,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Peoples Bancorp in the second quarter worth approximately $33,000. Quarry LP purchased a new position in shares of Peoples Bancorp in the third quarter worth approximately $35,000. Allworth Financial LP acquired a new stake in shares of Peoples Bancorp during the second quarter valued at approximately $50,000. Finally, Strs Ohio acquired a new stake in shares of Peoples Bancorp during the first quarter valued at approximately $62,000. 60.68% of the stock is owned by institutional investors and hedge funds.

Peoples Bancorp Price Performance

NASDAQ PEBO opened at $40.06 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.44 billion, a PE ratio of 12.10 and a beta of 0.61. The company has a 50 day moving average price of $39.38 and a two-hundred day moving average price of $35.64. Peoples Bancorp Inc. has a 12-month low of $27.49 and a 12-month high of $42.29.

Peoples Bancorp (NASDAQ:PEBO - Get Free Report) last posted its earnings results on Tuesday, July 21st. The bank reported $0.96 EPS for the quarter, topping the consensus estimate of $0.85 by $0.11. Peoples Bancorp had a net margin of 19.17% and a return on equity of 10.71%. The company had revenue of $121.95 million during the quarter, compared to the consensus estimate of $120.05 million. As a group, equities analysts predict that Peoples Bancorp Inc. will post 3.56 earnings per share for the current fiscal year.

Peoples Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were issued a $0.42 dividend. The ex-dividend date was Monday, August 3rd. This represents a $1.68 dividend on an annualized basis and a yield of 4.2%. Peoples Bancorp's dividend payout ratio is currently 50.76%.

Insiders Place Their Bets

In other Peoples Bancorp news, insider Matthew Edgell sold 3,000 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $41.27, for a total transaction of $123,810.00. Following the transaction, the insider directly owned 20,183 shares of the company's stock, valued at $832,952.41. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dwight Eric Smith bought 1,000 shares of the stock in a transaction on Thursday, July 23rd. The shares were acquired at an average cost of $39.81 per share, for a total transaction of $39,810.00. Following the completion of the transaction, the director directly owned 10,256 shares of the company's stock, valued at approximately $408,291.36. The trade was a 10.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Peoples Bancorp in a report on Friday, May 29th. DA Davidson increased their price objective on Peoples Bancorp from $41.00 to $44.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Piper Sandler set a $46.00 price objective on Peoples Bancorp in a research note on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on Peoples Bancorp from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Peoples Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.00.

About Peoples Bancorp

Peoples Bancorp, Inc is a bank holding company headquartered in Marietta, Ohio. Through its subsidiary Peoples Bank, the company provides a comprehensive range of commercial and consumer banking services designed to serve individuals, businesses and institutional clients. Its deposit products include checking and savings accounts, money market accounts, certificates of deposit and digital banking platforms that enable secure online and mobile access.

On the lending side, Peoples Bancorp offers commercial and industrial loans, commercial real estate financing, construction and agricultural lending, as well as residential mortgage products.

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