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

Equities researchers at Hovde Group initiated coverage on shares of Princeton Bancorp (NASDAQ:BPRN) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set a “market perform” rating and a $40.00 price target on the stock. Hovde Group’s price target would suggest a potential upside of 11.33% from the stock’s previous close.

Princeton Bancorp Stock Down 1.2 %

BPRN stock opened at $35.93 on Tuesday. The firm has a market capitalization of $246.12 million, a PE ratio of 20.77 and a beta of 0.59. Princeton Bancorp has a twelve month low of $29.02 and a twelve month high of $39.35. The stock has a 50-day simple moving average of $36.93 and a two-hundred day simple moving average of $34.76.

Princeton Bancorp (NASDAQ:BPRN) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.06). The business had revenue of $33.87 million during the quarter, compared to analysts’ expectations of $19.30 million. During the same period in the prior year, the firm earned $0.80 EPS. On average, equities research analysts anticipate that Princeton Bancorp will post 2.98 EPS for the current fiscal year.

Institutional Trading of Princeton Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd bought a new stake in Princeton Bancorp in the 1st quarter worth approximately $441,000. Vanguard Group Inc. increased its position in shares of Princeton Bancorp by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 301,721 shares of the company’s stock valued at $9,287,000 after purchasing an additional 1,810 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Princeton Bancorp by 1.5% during the 2nd 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. LSV Asset Management increased its position in shares of Princeton Bancorp by 66.5% during the 2nd quarter. LSV Asset Management now owns 24,635 shares of the company’s stock valued at $815,000 after purchasing an additional 9,835 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of Princeton Bancorp by 4.5% during the 2nd quarter. Renaissance Technologies LLC now owns 41,523 shares of the company’s stock valued at $1,374,000 after purchasing an additional 1,800 shares during the last quarter. Institutional investors 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.