StockNews.com Initiates Coverage on ESSA Bancorp (NASDAQ:ESSA)

StockNews.com started coverage on shares of ESSA Bancorp (NASDAQ:ESSAGet Rating) in a note issued to investors on Sunday. The brokerage set a “buy” rating on the financial services provider’s stock.

Separately, Zacks Investment Research lowered shares of ESSA Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, May 2nd.

NASDAQ ESSA opened at $16.00 on Friday. ESSA Bancorp has a 1-year low of $14.79 and a 1-year high of $18.75. The firm’s fifty day simple moving average is $17.04 and its 200-day simple moving average is $17.37. The company has a market capitalization of $167.82 million, a PE ratio of 9.14 and a beta of 0.40.

ESSA Bancorp (NASDAQ:ESSAGet Rating) last issued its earnings results on Wednesday, April 27th. The financial services provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.03. ESSA Bancorp had a return on equity of 8.35% and a net margin of 25.39%. The firm had revenue of $16.17 million for the quarter, compared to the consensus estimate of $15.94 million. Analysts anticipate that ESSA Bancorp will post 1.81 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of ESSA Bancorp by 15.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 323,338 shares of the financial services provider’s stock valued at $5,804,000 after acquiring an additional 42,126 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in ESSA Bancorp by 105.0% during the third quarter. The Manufacturers Life Insurance Company now owns 217,962 shares of the financial services provider’s stock valued at $3,594,000 after purchasing an additional 111,655 shares during the last quarter. Geode Capital Management LLC grew its holdings in ESSA Bancorp by 1.2% during the third quarter. Geode Capital Management LLC now owns 63,252 shares of the financial services provider’s stock valued at $1,049,000 after purchasing an additional 763 shares during the last quarter. BlackRock Inc. raised its position in shares of ESSA Bancorp by 29.8% in the first quarter. BlackRock Inc. now owns 50,430 shares of the financial services provider’s stock valued at $905,000 after purchasing an additional 11,575 shares during the period. Finally, State Street Corp lifted its stake in shares of ESSA Bancorp by 6.3% in the first quarter. State Street Corp now owns 45,802 shares of the financial services provider’s stock worth $822,000 after buying an additional 2,714 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

About ESSA Bancorp (Get Rating)

ESSA Bancorp, Inc operates as a bank holding company for ESSA Bank & Trust that provides a range of financial services to individuals, families, and businesses in Pennsylvania. The company accepts savings accounts, interest bearing demand accounts, checking accounts, money market accounts, club accounts, certificates of deposit and IRAs, and other qualified plan accounts, as well as commercial checking accounts.

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