Princeton Bancorp (NASDAQ:BPRN) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Q1 earnings beat: Princeton Bancorp reported EPS of $0.91, beating the $0.85 estimate by $0.06, with revenue of $21.31 million (vs. $21.06M), a net margin of 13.39% and ROE of 6.93%.
• The company announced a quarterly dividend of $0.35 (annualized $1.40), implying a 4.0% yield, with an ex-dividend date of May 5 and a payout ratio of 51.47%.
• Shares trade around $35 with a market cap of $239.2M and a PE of 12.95; analysts' consensus is "Moderate Buy" with a $37.50 target price.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.06, Zacks reports. Princeton Bancorp had a net margin of 13.39% and a return on equity of 6.93%. The business had revenue of $21.31 million for the quarter, compared to analyst estimates of $21.06 million.

Princeton Bancorp Price Performance

BPRN stock opened at $35.23 on Friday. Princeton Bancorp has a 12 month low of $28.01 and a 12 month high of $37.99. The firm has a market cap of $239.21 million, a PE ratio of 12.95 and a beta of 0.49. The firm has a 50 day simple moving average of $34.54 and a 200 day simple moving average of $34.21.

Princeton Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Tuesday, May 5th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, May 5th. Princeton Bancorp's payout ratio is presently 51.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Zacks Research raised Princeton Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, April 6th. Weiss Ratings raised Princeton Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Finally, Hovde Group boosted their price objective on Princeton Bancorp from $35.00 to $37.50 and gave the stock a "market perform" rating in a research note on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $37.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BPRN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 acquiring an additional 431 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Princeton Bancorp by 3.6% in the 1st quarter. Empowered Funds LLC now owns 33,941 shares of the company's stock worth $1,037,000 after acquiring an additional 1,169 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Princeton Bancorp by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 127,347 shares of the company's stock worth $3,890,000 after acquiring an additional 1,542 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Princeton Bancorp by 2.4% during the second quarter. Alliancebernstein L.P. now owns 555,927 shares of the company's stock worth $16,978,000 after purchasing an additional 13,280 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Princeton Bancorp during the second quarter worth $61,000. Institutional investors and hedge funds own 43.36% of the company's stock.

About Princeton Bancorp

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.