Peoples Financial Services Q3 net income rises on higher loan volume, yields

Overview

• U.S. community bank's Q3 net income and EPS rose year-over-year

• Higher net interest and non-interest income drove profit growth, partly offset by higher expenses

• Company saw improved asset quality with lower nonperforming assets year-over-year

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• NET INTEREST INCOME - Co said higher net interest income was a primary driver of Q3 profit growth

• LOAN VOLUME AND YIELDS - Improved earning asset yields and higher loan volume contributed to increased interest income

• ASSET QUALITY - Co said improved asset quality and resolution of nonaccrual assets reduced nonperforming assets

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "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 Financial Services Corp is $66.50, about 6.9% below its October 29 closing price of $71.46

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads

• Oct 28 - Hope Bancorp Q3 net income rises 16% year over year

• Oct 29 - Virginia National Bankshares Q3 net income rises on higher loan yields and lower costs

• Oct 28 - Orange County Bancorp Q3 net income rises 25% to record

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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.)