Peoples Bancorp (NASDAQ:PEBO) Shares Gap Down After Earnings Miss

Peoples Bancorp Inc. (NASDAQ:PEBO - Get Free Report)'s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $27.55, but opened at $26.76. Peoples Bancorp shares last traded at $26.90, with a volume of 13,109 shares.

The bank reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.04). Peoples Bancorp had a return on equity of 11.07% and a net margin of 18.90%. The business had revenue of $113.00 million during the quarter, compared to analysts' expectations of $112.76 million. During the same quarter in the prior year, the firm earned $0.85 EPS.

Peoples Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Stockholders of record on Monday, May 5th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 5.73%. This is a boost from Peoples Bancorp's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, May 5th. Peoples Bancorp's payout ratio is presently 52.06%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PEBO shares. Stephens cut their target price on shares of Peoples Bancorp from $37.50 to $33.00 and set an "equal weight" rating for the company in a research report on Wednesday. Piper Sandler lifted their price objective on Peoples Bancorp from $39.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Finally, DA Davidson reduced their price objective on Peoples Bancorp from $39.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $36.00.

Insider Activity

In related news, Director Carol A. Schneeberger sold 1,000 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $30.20, for a total transaction of $30,200.00. Following the completion of the transaction, the director now directly owns 25,686 shares in the company, valued at approximately $775,717.20. The trade was a 3.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.41% of the company's stock.

Hedge Funds Weigh In On Peoples Bancorp

Several large investors have recently added to or reduced their stakes in PEBO. Uncommon Cents Investing LLC raised its position in shares of Peoples Bancorp by 4.7% during the 1st quarter. Uncommon Cents Investing LLC now owns 41,290 shares of the bank's stock valued at $1,225,000 after purchasing an additional 1,850 shares during the period. Johnson Investment Counsel Inc. raised its holdings in Peoples Bancorp by 34.0% during the first quarter. Johnson Investment Counsel Inc. now owns 36,583 shares of the bank's stock valued at $1,085,000 after acquiring an additional 9,292 shares during the period. Wedge Capital Management L L P NC raised its holdings in Peoples Bancorp by 18.1% during the first quarter. Wedge Capital Management L L P NC now owns 26,700 shares of the bank's stock valued at $792,000 after acquiring an additional 4,092 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of Peoples Bancorp by 20.8% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 18,886 shares of the bank's stock valued at $560,000 after acquiring an additional 3,250 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Peoples Bancorp by 1,426.3% in the first quarter. GAMMA Investing LLC now owns 2,610 shares of the bank's stock worth $77,000 after acquiring an additional 2,439 shares during the period. Hedge funds and other institutional investors own 60.68% of the company's stock.

Peoples Bancorp Price Performance

The firm has a 50-day moving average of $29.44 and a 200-day moving average of $31.65. The stock has a market cap of $1.02 billion, a PE ratio of 8.65 and a beta of 0.63. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.83 and a quick ratio of 0.83.

Peoples Bancorp Company Profile

Peoples Bancorp Inc operates as the holding company for Peoples Bank that provides commercial and consumer banking products and services. The company accepts various deposit products, including demand deposit accounts, savings accounts, money market accounts, certificates of deposit, and governmental deposits; and provides commercial and industrial, commercial real estate, construction, finance, residential real estate, and consumer indirect and direct loans, as well as home equity lines of credit and overdrafts.