Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in Peoples Bancorp Inc. $PEBO

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Peoples Bancorp Inc. (NASDAQ:PEBO) by 76.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,098 shares of the bank’s stock after selling 33,217 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Peoples Bancorp were worth $308,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Peoples Bancorp by 132.3% during the second quarter. Parallel Advisors LLC now owns 864 shares of the bank’s stock valued at $26,000 after purchasing an additional 492 shares in the last quarter. Strs Ohio purchased a new position in Peoples Bancorp in the 1st quarter worth about $62,000. Nisa Investment Advisors LLC lifted its stake in Peoples Bancorp by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,931 shares of the bank’s stock valued at $90,000 after acquiring an additional 709 shares during the period. CWM LLC boosted its holdings in shares of Peoples Bancorp by 86.7% during the 1st quarter. CWM LLC now owns 4,976 shares of the bank’s stock valued at $148,000 after acquiring an additional 2,311 shares during the last quarter. Finally, Ieq Capital LLC bought a new stake in shares of Peoples Bancorp in the first quarter worth approximately $242,000. 60.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on PEBO. Wall Street Zen raised shares of Peoples Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Peoples Bancorp in a research note on Friday, October 31st. Zacks Research upgraded Peoples Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 22nd. Piper Sandler cut their price objective on Peoples Bancorp from $36.00 to $33.50 and set an “overweight” rating for the company in a report on Wednesday, October 22nd. Finally, DA Davidson began coverage on Peoples Bancorp in a report on Wednesday, October 22nd. They issued a “buy” rating and a $33.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $33.13.

Insider Activity

In other news, Director Kevin R. Reeves acquired 1,250 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were purchased at an average cost of $29.11 per share, for a total transaction of $36,387.50. Following the transaction, the director directly owned 13,055 shares of the company’s stock, valued at approximately $380,031.05. This trade represents a 10.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carol A. Schneeberger sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $30.22, for a total transaction of $30,220.00. Following the completion of the transaction, the director directly owned 23,767 shares of the company’s stock, valued at $718,238.74. This represents a 4.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have bought 3,910 shares of company stock worth $113,120 in the last three months. Company insiders own 3.41% of the company’s stock.

Peoples Bancorp Stock Performance

Shares of PEBO opened at $28.51 on Friday. The business has a 50-day simple moving average of $29.40 and a two-hundred day simple moving average of $29.86. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.20. Peoples Bancorp Inc. has a 52 week low of $26.21 and a 52 week high of $37.07. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 9.97 and a beta of 0.70.

Peoples Bancorp (NASDAQ:PEBO) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.07. The company had revenue of $118.51 million during the quarter, compared to the consensus estimate of $116.88 million. Peoples Bancorp had a return on equity of 9.45% and a net margin of 16.57%. On average, analysts expect that Peoples Bancorp Inc. will post 3.28 EPS for the current year.

Peoples Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 18th. Stockholders of record on Tuesday, November 4th were paid a $0.41 dividend. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 5.8%. Peoples Bancorp’s dividend payout ratio is 57.34%.

Peoples Bancorp Profile

Peoples Bancorp Inc operates as the holding company for Peoples Bank that provides commercial and consumer banking products and services. The company accepts various deposit products, including demand deposit accounts, savings accounts, money market accounts, certificates of deposit, and governmental deposits; and provides commercial and industrial, commercial real estate, construction, finance, residential real estate, and consumer indirect and direct loans, as well as home equity lines of credit and overdrafts.