Investment firm Stephens has revised its price target for Peoples Bancorp (PEBO, Financial), adjusting it downward to $33 from a previous target of $37.50. Despite maintaining an Equal Weight rating on the shares, the firm highlights that the recent first-quarter financial results show a mixed picture for the bank.
The company's underlying pre-tax, pre-provision net revenue (PPNR) trends showed positive momentum. However, this progress was mitigated by increasing net charge-offs and credit expenses, particularly noticeable in their small ticket leasing portfolio. Stephens is keen to observe more stable credit patterns moving forward, despite the favorable PPNR trends.
