Ponce Financial Group (NASDAQ:PDLB) Reaches New 52-Week High on Better-Than-Expected Earnings

Key Points

• Ponce Financial Group shares reached a new 52-week high of $21.22 after the company reported quarterly EPS of $0.76, beating the consensus estimate of $0.52 by $0.24.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a consensus price target of $24.00, despite one firm downgrading the stock to “Hold.”
• Institutional investors and hedge funds own 64.35% of the company, with several firms increasing their stakes during the first quarter.

Ponce Financial Group, Inc. (NASDAQ:PDLB - Get Free Report)'s share price reached a new 52-week high on Monday after the company announced better than expected quarterly earnings. The company traded as high as $21.22 and last traded at $21.22, with a volume of 72,216 shares changing hands. The stock had previously closed at $20.62.

The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.24. Ponce Financial Group had a net margin of 16.51% and a return on equity of 10.52%.

Analysts Set New Price Targets

Several research analysts recently issued reports on PDLB shares. Zacks Research lowered shares of Ponce Financial Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Weiss Ratings raised Ponce Financial Group from a "buy (a-)" rating to a "buy (a)" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Ponce Financial Group currently has an average rating of "Buy" and a consensus price target of $24.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sei Investments Co. increased its stake in Ponce Financial Group by 2.2% during the 1st quarter. Sei Investments Co. now owns 50,457 shares of the company's stock worth $843,000 after purchasing an additional 1,067 shares in the last quarter. Bank of America Corp DE raised its holdings in Ponce Financial Group by 0.3% during the 1st quarter. Bank of America Corp DE now owns 504,558 shares of the company's stock worth $8,431,000 after buying an additional 1,658 shares during the period. Renaissance Technologies LLC raised its holdings in Ponce Financial Group by 9.9% during the 1st quarter. Renaissance Technologies LLC now owns 242,135 shares of the company's stock worth $4,046,000 after buying an additional 21,888 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ponce Financial Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 939,100 shares of the company's stock valued at $15,692,000 after buying an additional 25,634 shares in the last quarter. Finally, Empirical Finance LLC lifted its stake in Ponce Financial Group by 19.4% in the first quarter. Empirical Finance LLC now owns 247,389 shares of the company's stock valued at $4,134,000 after buying an additional 40,176 shares in the last quarter. 64.35% of the stock is currently owned by institutional investors and hedge funds.

Ponce Financial Group Stock Performance

The stock has a market cap of $513.48 million, a P/E ratio of 15.13 and a beta of 0.72. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.34 and a quick ratio of 1.34. The stock's 50 day simple moving average is $20.30 and its two-hundred day simple moving average is $19.48.

About Ponce Financial Group

Ponce Financial Group, Inc is the holding company for Ponce Bank, a community-focused savings bank headquartered in the Bronx, New York. Through its banking subsidiary, the company provides financial services to individuals, families, businesses and nonprofit organizations in the New York metropolitan area.

Ponce Bank's primary offerings include deposit accounts, residential and commercial real estate lending, multifamily and construction loans, commercial and industrial financing, consumer loans and other traditional banking services.

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