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

Hovde Group assumed coverage on shares of Princeton Bancorp (NASDAQ:BPRN) in a report released on Tuesday, MarketBeat.com reports. The firm issued a market perform rating and a $40.00 target price on the stock.

Princeton Bancorp Stock Performance

NASDAQ:BPRN opened at $36.89 on Tuesday. The stock’s 50 day moving average price is $36.94 and its 200 day moving average price is $34.77. Princeton Bancorp has a 52 week low of $29.02 and a 52 week high of $39.35. The company has a market capitalization of $252.70 million, a P/E ratio of 21.08 and a beta of 0.59.

Princeton Bancorp (NASDAQ:BPRN) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.06). The company had revenue of $33.87 million during the quarter, compared to analysts’ expectations of $19.30 million. During the same quarter in the prior year, the company earned $0.80 EPS. As a group, sell-side analysts forecast that Princeton Bancorp will post 2.98 earnings per share for the current fiscal year.

Princeton Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 28th. Investors of record on Tuesday, November 5th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $1.20 dividend on an annualized basis and a yield of 3.25%. Princeton Bancorp’s dividend payout ratio is currently 68.57%.

Hedge Funds Weigh In On Princeton Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its holdings in Princeton Bancorp by 1.3% during the second quarter. Bank of New York Mellon Corp now owns 24,894 shares of the company’s stock valued at $824,000 after purchasing an additional 321 shares during the last quarter. State Street Corp grew its holdings in Princeton Bancorp by 1.0% during the third quarter. State Street Corp now owns 70,670 shares of the company’s stock valued at $2,613,000 after purchasing an additional 733 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Princeton Bancorp by 6.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 14,073 shares of the company’s stock valued at $520,000 after purchasing an additional 860 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Princeton Bancorp by 1.5% during the second quarter. Acadian Asset Management LLC now owns 79,958 shares of the company’s stock valued at $2,644,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Copeland Capital Management LLC acquired a new position in Princeton Bancorp during the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 43.36% of the company’s stock.

About Princeton Bancorp

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.