Peoples Bancorp Q3 net income and EPS rise

Overview

• U.S. regional bank's Q3 net income and EPS rose both sequentially and yr/yr

• Net interest income and margin improved, driven by higher loan and investment yields

• Company recognized acquisition-related expenses for pending Citizens and Capital Bancorp deals

Outlook

• Peoples Bancorp did not provide specific financial guidance for the current or future periods

Result Drivers

• HIGHER LOAN YIELDS - Co said increased loan yields drove improvement in net interest margin and net interest income

• FEE INCOME GROWTH - Co said increases in lease income, swap fee income, deposit account service charges, trust and investment income and bank owned life insurance income lifted non-interest income

• LOWER CREDIT LOSS PROVISION - Co said provision for credit losses fell due to declines in reserves for individually-analyzed loans and leases and updates to prepayment, curtailment, and funding rates

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Peoples Bancorp Inc is $42.00, about 15.2% above its October 19 closing price of $36.47

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 19 - Western Alliance Bancorp Q3 revenue slightly beats estimates, profit rises on wider interest margin

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)