Hovde Group Initiates Coverage on Princeton Bancorp (NASDAQ:BPRN)

Hovde Group started coverage on shares of Princeton Bancorp (NASDAQ:BPRN - Free Report) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a market perform rating and a $40.00 target price on the stock.

Princeton Bancorp Stock Performance

BPRN stock traded down $0.37 during midday trading on Tuesday, reaching $36.35. 5,448 shares of the company's stock traded hands, compared to its average volume of 10,524. The company has a 50-day moving average price of $36.93 and a two-hundred day moving average price of $34.72. The firm has a market capitalization of $249.00 million, a PE ratio of 20.98 and a beta of 0.59. Princeton Bancorp has a 52 week low of $29.02 and a 52 week high of $39.35.

Princeton Bancorp (NASDAQ:BPRN - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by ($0.06). The business had revenue of $33.87 million for the quarter, compared to analyst estimates of $19.30 million. During the same period last year, the firm posted $0.80 EPS. As a group, analysts predict that Princeton Bancorp will post 2.98 EPS for the current fiscal year.

Princeton Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 28th. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Tuesday, November 5th. Princeton Bancorp's dividend payout ratio is presently 68.57%.

Institutional Trading of Princeton Bancorp

Hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its holdings in shares of Princeton Bancorp by 262.2% in the 3rd quarter. Barclays PLC now owns 6,599 shares of the company's stock worth $244,000 after buying an additional 4,777 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Princeton Bancorp by 2.8% during the third quarter. Geode Capital Management LLC now owns 113,001 shares of the company's stock valued at $4,179,000 after buying an additional 3,078 shares during the last quarter. State Street Corp boosted its position in shares of Princeton Bancorp by 1.0% in the 3rd quarter. State Street Corp now owns 70,670 shares of the company's stock worth $2,613,000 after purchasing an additional 733 shares in the last quarter. Systematic Financial Management LP boosted its stake in Princeton Bancorp by 11.1% in the 3rd quarter. Systematic Financial Management LP now owns 318,772 shares of the company's stock worth $11,788,000 after purchasing an additional 31,777 shares in the last quarter. Finally, Banc Funds Co. LLC boosted its stake in Princeton Bancorp by 10.3% in the 3rd quarter. Banc Funds Co. LLC now owns 340,716 shares of the company's stock worth $12,600,000 after purchasing an additional 31,700 shares in the last quarter. Hedge funds and other institutional investors own 43.36% of the company's stock.

Princeton Bancorp Company Profile

Princeton Bancorp, Inc operates as the bank holding company for The Bank of Princeton that provides various banking products and services. It accepts various deposit products, including checking, savings, attorney trust, and money market accounts, as well as certificates of deposit. The company also offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, and commercial business loans, as well as consumer loans, including home equity loans and lines of credit.