The Bank of Princeton Initiated with a Buy at FBR Capital

By Jason Carr

The Bank of Princeton (NASDAQ: BPRN) received a Buy rating and a $37 price target from FBR Capital analyst Steve Moss on August 28. The company’s shares opened today at $32.50.

Moss said:

“We initiate coverage of Bank of Princeton (BPRN) with a Buy rating and a 12-month price target of $37 per share. Bank of Princeton is a well-run growth bank located in New Jersey that focuses on commercial real estate between New York City and Philadelphia. We expect strong organic loan growth to resume given the bank’s attractive markets, ample capital following its initial public offering, and a renewed internal focus following the merger termination with Investors Bancorp, Inc. (ISBC) in January 2017. At 14.1x our 2018 EPS estimate and 1.3x pro forma TBV, BPRN trades at an attractive discount to small-cap peers at 14.8x 2018E EPS and 2.1x TBV.”

According to TipRanks.com, Moss is a 2-star analyst with an average return of 1.6% and a 48.6% success rate. Moss covers the Financial sector, focusing on stocks such as Seacoast Banking Corporation Of Florida, Pinnacle Financial Partners, and Huntington Bancshares Inc.

Based on The Bank of Princeton’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $12.15 million and quarterly net profit of $3.04 million. In comparison, last year the company earned revenue of $12.14 million and had a net profit of $3.02 million.

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The Bank of Princeton engages in the provision of personal, business lending, and deposit services. It offers traditional retail banking solutions, one-to four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, commercial business loans, and consumer loans including home equity loans and lines of credit.