Peoples Bancorp (NASDAQ:PEBO) Shares Gap Down Following Weak Earnings

Shares of Peoples Bancorp Inc. (NASDAQ:PEBO) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $33.34, but opened at $31.84. Peoples Bancorp shares last traded at $32.46, with a volume of 32,330 shares changing hands.

The bank reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.01). Peoples Bancorp had a return on equity of 12.89% and a net margin of 20.58%. The company had revenue of $154.47 million during the quarter, compared to analyst estimates of $111.30 million. During the same period in the previous year, the company posted $0.83 earnings per share.

Peoples Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Monday, August 5th. Peoples Bancorp’s dividend payout ratio (DPR) is presently 47.90%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. StockNews.com raised Peoples Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, April 27th. Stephens reaffirmed an “equal weight” rating and set a $34.00 target price on shares of Peoples Bancorp in a report on Wednesday, April 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $33.00 price objective (down previously from $36.00) on shares of Peoples Bancorp in a research report on Wednesday, April 24th. Finally, Hovde Group assumed coverage on Peoples Bancorp in a research note on Monday, April 1st. They set a “market perform” rating and a $31.00 target price for the company. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $33.00.

Insider Buying and Selling at Peoples Bancorp

In other Peoples Bancorp news, Director David F. Dierker sold 4,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.07, for a total transaction of $128,280.00. Following the completion of the sale, the director now directly owns 13,330 shares in the company, valued at approximately $427,493.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Tyler J. Wilcox sold 8,621 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $29.01, for a total value of $250,095.21. Following the sale, the chief executive officer now owns 40,231 shares in the company, valued at approximately $1,167,101.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David F. Dierker sold 4,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.07, for a total value of $128,280.00. Following the completion of the sale, the director now directly owns 13,330 shares of the company’s stock, valued at $427,493.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,865 shares of company stock valued at $417,060. 3.46% of the stock is currently owned by company insiders.

Institutional Trading of Peoples Bancorp

Several hedge funds have recently added to or reduced their stakes in PEBO. Wedge Capital Management L L P NC boosted its position in Peoples Bancorp by 4.1% during the second quarter. Wedge Capital Management L L P NC now owns 24,567 shares of the bank’s stock worth $737,000 after purchasing an additional 960 shares during the period. Pathway Financial Advisers LLC bought a new position in Peoples Bancorp in the 1st quarter worth about $1,011,000. Boston Partners bought a new stake in Peoples Bancorp during the first quarter valued at approximately $710,000. Comerica Bank raised its position in Peoples Bancorp by 31.4% during the first quarter. Comerica Bank now owns 26,917 shares of the bank’s stock valued at $797,000 after purchasing an additional 6,425 shares in the last quarter. Finally, Black Maple Capital Management LP purchased a new stake in Peoples Bancorp in the first quarter worth approximately $966,000. Institutional investors own 60.68% of the company’s stock.

Peoples Bancorp Trading Down 1.2 %

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.18 billion, a PE ratio of 9.95 and a beta of 0.76. The firm’s 50-day simple moving average is $29.85 and its 200-day simple moving average is $29.38.

About Peoples Bancorp

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.