Maxim Group Thinks County Bancorp’s Stock is Going to Recover

By Austin Angelo

In a report released yesterday, Michael Diana from Maxim Group reiterated a Buy rating on County Bancorp (ICBKResearch Report), with a price target of $23. The company’s shares closed yesterday at $17.42, close to its 52-week low of $16.24.

Diana commented:

“ICBK reported 2Q19 EPS of $0.53 versus consensus of $0.49. The beat was due to lower core expenses and modest loan loss provisioning, reflecting an improved credit outlook for dairy loans, given the recent increase in forward milk prices. We are raising our 2020 EPS estimate to $2.05, mainly due to lower expenses. We are maintaining our price target at $23, which equates to a 2020 P/E multiple of 11.2x (versus 11.5x previously), inline with relevant small-cap bank peers.”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 7.1% and a 57.8% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for County Bancorp with a $21.50 average price target.

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County Bancorp’s market cap is currently $117M and has a P/E ratio of 8.81. The company has a Price to Book ratio of 0.72.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ICBK in relation to earlier this year.

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County Bancorp, Inc. is a bank holding company, which engages in the provision of banking and financial services. The company was founded by William C. Censky, Timothy J. Schneider, Wayne D. Mueller and Mark R. Binversie in May 1996 and is headquartered in Manitowoc, WI.