Princeton Bancorp (NASDAQ:BPRN) Posts Earnings Results

Key Points

• Princeton Bancorp beat earnings expectations, reporting quarterly EPS of $1.04 versus the $0.90 consensus estimate. Revenue also came in above forecasts at $22.48 million.
• The company announced a quarterly dividend of $0.35 per share, payable on August 28, which works out to an annualized dividend of $1.40 and a yield of 3.7%.
• Princeton Bancorp’s stock traded higher after the report, and analysts currently have a Moderate Buy consensus rating with a price target of $37.50.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) released its quarterly earnings results on Thursday. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.14, FiscalAI reports. Princeton Bancorp had a return on equity of 7.20% and a net margin of 14.20%.The company had revenue of $22.48 million during the quarter, compared to the consensus estimate of $21.84 million.

Princeton Bancorp Stock Performance

BPRN traded up $0.28 during midday trading on Thursday, hitting $37.97. The company had a trading volume of 11,460 shares, compared to its average volume of 13,723. Princeton Bancorp has a twelve month low of $29.69 and a twelve month high of $39.47. The company has a market capitalization of $258.58 million, a PE ratio of 13.28 and a beta of 0.48. The firm's 50-day simple moving average is $36.88 and its 200-day simple moving average is $35.74.

Princeton Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Wednesday, August 5th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, August 5th. Princeton Bancorp's payout ratio is currently 48.95%.

Insider Transactions at Princeton Bancorp

In related news, insider Stephanie Adkins sold 1,600 shares of the firm's stock in a transaction dated 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 $745,370.88. This trade represents a 7.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 23.10% of the company's stock.

Institutional Investors Weigh In On Princeton Bancorp

Several hedge funds have recently bought and sold shares of BPRN. First Manhattan CO. LLC. increased its position in shares of Princeton Bancorp by 21.1% in the 4th quarter. First Manhattan CO. LLC. now owns 42,990 shares of the company's stock valued at $1,491,000 after buying an additional 7,500 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Princeton Bancorp by 43.1% during the fourth quarter. AQR Capital Management LLC now owns 12,577 shares of the company's stock worth $436,000 after acquiring an additional 3,789 shares in the last quarter. Barclays PLC lifted its holdings in Princeton Bancorp by 30.6% during the fourth quarter. Barclays PLC now owns 12,647 shares of the company's stock worth $439,000 after acquiring an additional 2,961 shares in the last quarter. Fourthstone LLC grew its stake in Princeton Bancorp by 36.8% in the fourth quarter. Fourthstone LLC now owns 37,789 shares of the company's stock valued at $1,311,000 after acquiring an additional 10,172 shares during the period. Finally, Focus Partners Wealth bought a new stake in shares of Princeton Bancorp in the third quarter worth about $319,000. 43.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on BPRN. Weiss Ratings raised Princeton Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 12th. Zacks Research upgraded Princeton Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Princeton Bancorp has an average rating of "Moderate Buy" and a consensus price target of $37.50.

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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