Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 12% to US$37.02. The fair value is estimated to be US$46.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 29%. Revenue is forecast to grow by 2.2% in a year. Earnings are forecast to grow by 29% in the next year. Declared Dividend • Apr 26
First quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 5th May 2026 Payment date: 28th May 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 36% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: US$0.92 (up from US$0.78 in 1Q 2025). Revenue: US$21.5m (up 3.8% from 1Q 2025). Net income: US$6.23m (up 16% from 1Q 2025). Profit margin: 29% (up from 26% in 1Q 2025). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Apr 23
Princeton Bancorp, Inc. Declares Cash Dividend, Payable on May 28, 2026 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on April 21, 2026, declared a cash dividend of $0.35 per share of the common stock of the Company. This dividend will be paid on May 28, 2026, to shareholders of record at the close of business on May 5, 2026. Announcement • Mar 27
Princeton Bancorp, Inc., Annual General Meeting, Apr 21, 2026 Princeton Bancorp, Inc., Annual General Meeting, Apr 21, 2026. Reported Earnings • Mar 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$2.73 (up from US$1.57 in FY 2024). Revenue: US$77.6m (up 12% from FY 2024). Net income: US$18.6m (up 82% from FY 2024). Profit margin: 24% (up from 15% in FY 2024). Net interest margin (NIM): 3.58% (up from 3.38% in FY 2024). Non-performing loans: 0.91% (down from 1.48% in FY 2024). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Feb 03
Price target increased by 12% to US$37.50 Up from US$33.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$37.84. Stock is up 17% over the past year. The company is forecast to post earnings per share of US$3.55 for next year compared to US$2.73 last year. Reported Earnings • Jan 30
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$2.73 (up from US$1.57 in FY 2024). Revenue: US$77.6m (up 12% from FY 2024). Net income: US$18.6m (up 82% from FY 2024). Profit margin: 24% (up from 15% in FY 2024). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • Jan 25
Third quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 4th February 2026 Payment date: 27th February 2026 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 42% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 47% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 22
Princeton Bancorp, Inc. Announces Quarterly Cash Dividend, Payable on February 27, 2026 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on January 21, 2026, declared a cash dividend of $0.35 per share of the common stock of the Company. This dividend will be paid on February 27, 2026, to shareholders of record at the close of business on February 4, 2026. Recent Insider Transactions • Nov 04
Director recently bought US$50k worth of stock On the 3rd of November, Susan Barrett bought around 2k shares on-market at roughly US$31.50 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$330k. Insiders have collectively bought US$664k more in shares than they have sold in the last 12 months. Declared Dividend • Nov 02
Third quarter dividend increased to US$0.35 Dividend of US$0.35 is 17% higher than last year. Ex-date: 7th November 2025 Payment date: 26th November 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (46% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 39% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 48% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: US$0.95 (up from US$0.68 loss in 3Q 2024). Revenue: US$22.2m (up 52% from 3Q 2024). Net income: US$6.47m (up US$10.9m from 3Q 2024). Profit margin: 29% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Oct 30
Princeton Bancorp, Inc. Declares Third Quarter Cash Dividend, Payable on November 26, 2025 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on October 29, 2025, declared a third quarter cash dividend of $0.35 per share of the common stock of the Company. This dividend will be paid on November 26, 2025, to shareholders of record at the close of business on November 7, 2025. Recent Insider Transactions • Sep 10
Independent Director recently bought US$330k worth of stock On the 8th of September, Martin Tuchman bought around 10k shares on-market at roughly US$33.00 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$944k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 22
Independent Director recently bought US$132k worth of stock On the 20th of August, Martin Tuchman bought around 4k shares on-market at roughly US$32.98 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$614k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 06
Independent Director recently bought US$89k worth of stock On the 4th of August, Martin Tuchman bought around 3k shares on-market at roughly US$30.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$131k. Insiders have collectively bought US$318k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 27
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.10 (down from US$0.81 in 2Q 2024). Revenue: US$14.1m (down 22% from 2Q 2024). Net income: US$688.0k (down 87% from 2Q 2024). Profit margin: 4.9% (down from 28% in 2Q 2024). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 24
Princeton Bancorp Declares Cash Dividend, Payable August 29, 2025 Princeton Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.30 per share of common stock, payable on August 29, 2025, to shareholders of record as of August 6, 2025. Recent Insider Transactions Derivative • Jul 15
Executive VP & Chief Lending Officer exercised options to buy US$313k worth of stock. On the 11th of July, Stephanie Adkins exercised options to buy 10k shares at a strike price of around US$18.17, costing a total of US$182k. This transaction amounted to 136% of their direct individual holding at the time of the trade. Since September 2024, Stephanie's direct individual holding has increased from 7.38k shares to 9.86k. Company insiders have collectively bought US$1.4m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jun 25
Independent Vice Chairman of the Board exercised options to buy US$300k worth of stock. On the 23rd of June, Ross Wishnick exercised options to buy 10k shares at a strike price of around US$18.17, costing a total of US$182k. This transaction amounted to 13% of their direct individual holding at the time of the trade. Since March 2025, Ross has owned 79.19k shares directly. Company insiders have collectively bought US$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jun 06
Independent Director exercised options to buy US$308k worth of stock. On the 4th of June, Stephen Shueh exercised options to buy 10k shares at a strike price of around US$18.17, costing a total of US$182k. This transaction amounted to 48% of their direct individual holding at the time of the trade. Since June 2024, Stephen's direct individual holding has decreased from 21.59k shares to 20.84k. Company insiders have collectively bought US$764k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jun 05
Executive VP & Chief Lending Officer recently sold US$77k worth of stock On the 3rd of June, Stephanie Adkins sold around 3k shares on-market at roughly US$30.65 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$102k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Jun 04
Executive VP & Chief Lending Officer notifies of intention to sell stock Stephanie Adkins intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of June. If the sale is conducted around the recent share price of US$30.61, it would amount to US$77k. Since September 2024, Stephanie's direct individual holding has increased from 7.38k shares to 9.86k. Company insiders have collectively bought US$623k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • May 29
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$3.34 to US$2.81. Revenue forecast unchanged from US$78.3m at last update. Net income forecast to grow 87% next year vs 14% growth forecast for Banks industry in the US. Consensus price target of US$33.75 unchanged from last update. Share price was steady at US$30.69 over the past week. Recent Insider Transactions Derivative • May 21
Independent Director exercised options to buy US$137k worth of stock. On the 19th of May, Judith Giacin exercised 10.00k options at around US$18.17, then sold 5.65k of them at US$32.17 each and kept the remainder. Since March 2025, Judith has owned 33.94k shares directly. Company insiders have collectively bought US$780k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • May 09
Independent Director recently bought US$77k worth of stock On the 6th of May, Martin Tuchman bought around 2k shares on-market at roughly US$31.11 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$225k more in shares than they have sold in the last 12 months. Reported Earnings • Apr 25
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: US$0.78 (up from US$0.69 in 1Q 2024). Revenue: US$20.7m (up 20% from 1Q 2024). Net income: US$5.38m (up 24% from 1Q 2024). Profit margin: 26% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 23
Princeton Bancorp, Inc. Announces Quarterly Cash Dividend, Payable on May 29, 2025 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on April 22, 2025, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on May 29, 2025, to shareholders of record at the close of business on May 6, 2025. Recent Insider Transactions Derivative • Apr 14
Secretary & Independent Director exercised options to buy US$277k worth of stock. On the 9th of April, Robert Ridolfi exercised options to buy 10k shares at a strike price of around US$18.17, costing a total of US$182k. This transaction amounted to 10% of their direct individual holding at the time of the trade. Since September 2024, Robert's direct individual holding has increased from 97.36k shares to 108.61k. Company insiders have collectively bought US$504k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 17
Princeton Bancorp, Inc., Annual General Meeting, Apr 22, 2025 Princeton Bancorp, Inc., Annual General Meeting, Apr 22, 2025. Reported Earnings • Mar 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$1.57 (down from US$4.10 in FY 2023). Revenue: US$69.6m (flat on FY 2023). Net income: US$10.2m (down 60% from FY 2023). Profit margin: 15% (down from 37% in FY 2023). Net interest margin (NIM): 3.38% (down from 3.93% in FY 2023). Non-performing loans: 1.47% (up from 0.43% in FY 2023). Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Recent Insider Transactions Derivative • Mar 10
Executive VP exercised options to buy US$162k worth of stock. On the 4th of March, Daniel O'Donnell exercised options to buy 5k shares at a strike price of around US$17.13, costing a total of US$86k. This transaction amounted to 55% of their direct individual holding at the time of the trade. Since December 2024, Daniel's direct individual holding has decreased from 26.08k shares to 8.30k. Company insiders have collectively bought US$902k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Feb 04
Price target decreased by 10% to US$35.00 Down from US$39.00, the current price target is an average from 2 analysts. New target price is 8.0% above last closing price of US$32.41. Stock is up 3.3% over the past year. The company is forecast to post earnings per share of US$3.31 for next year compared to US$1.57 last year. Reported Earnings • Jan 29
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$1.57 (down from US$4.10 in FY 2023). Revenue: US$69.6m (flat on FY 2023). Net income: US$10.2m (down 60% from FY 2023). Profit margin: 15% (down from 37% in FY 2023). Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • Jan 26
Third quarter dividend of US$0.30 announced Dividend of US$0.30 is the same as last year. Ex-date: 5th February 2025 Payment date: 28th February 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (74% payout ratio) and is expected to be covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 47% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 96% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 23
Princeton Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend, Payable on February 28, 2025 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on January 22, 2025, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on February 28, 2025, to shareholders of record at the close of business on February 5, 2025. Recent Insider Transactions Derivative • Nov 17
Executive VP exercised options to buy US$122k worth of stock. On the 14th of November, Daniel O'Donnell exercised options to buy 3k shares at a strike price of around US$16.29, costing a total of US$53k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since December 2023, Daniel's direct individual holding has increased from 18.89k shares to 22.83k. Company insiders have collectively bought US$2.1m more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$2.12 to US$1.80 per share. Revenue forecast steady at US$68.9m. Net income forecast to grow 89% next year vs 12% growth forecast for Banks industry in the US. Consensus price target of US$38.00 unchanged from last update. Share price was steady at US$35.80 over the past week. New Risk • Oct 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Significant insider selling over the past 3 months (US$70k sold). Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.55 loss per share (down from US$1.21 profit in 3Q 2023). Revenue: US$14.6m (down 24% from 3Q 2023). Net loss: US$3.61m (down 148% from profit in 3Q 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 197%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Oct 23
Princeton Bancorp, Inc. Declares Cash Dividend, Payable on November 28, 2024 On October 22, 2024, Princeton Bancorp, Inc. announced that its Board of Directors declared a cash dividend of $0.30 per share of common stock. The dividend will be payable November 28, 2024, to shareholders of record as of November 5, 2024. New Risk • Aug 25
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$399k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$399k sold). Recent Insider Transactions • Aug 19
Executive VP & Chief Lending Officer recently sold US$70k worth of stock On the 15th of August, Stephanie Adkins sold around 2k shares on-market at roughly US$35.10 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.8m more than they sold in the last 12 months. Recent Insider Transactions Derivative • Aug 09
Executive VP & Chief Lending Officer notifies of intention to sell stock Stephanie Adkins intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 7th of August. If the sale is conducted around the recent share price of US$34.59, it would amount to US$69k. Since September 2023, Stephanie's direct individual holding has increased from 9.57k shares to 9.74k. Company insiders have collectively bought US$2.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: US$0.81 (down from US$1.08 in 2Q 2023). Revenue: US$18.2m (up 21% from 2Q 2023). Net income: US$5.13m (down 25% from 2Q 2023). Profit margin: 28% (down from 45% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to stay flat during the next 2 years compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Announcement • Jul 25
Princeton Bancorp, Inc. Announces Quarterly Cash Dividend, Payable on August 30, 2024 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on July 24, 2024, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on August 30, 2024, to shareholders of record at the close of business on August 9, 2024. Recent Insider Transactions • May 24
Independent Director recently bought US$67k worth of stock On the 22nd of May, Martin Tuchman bought around 2k shares on-market at roughly US$30.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$446k. Insiders have collectively bought US$1.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 03
Independent Director recently bought US$62k worth of stock On the 1st of May, Martin Tuchman bought around 2k shares on-market at roughly US$29.42 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$609k. Insiders have collectively bought US$1.8m more in shares than they have sold in the last 12 months. Declared Dividend • Apr 28
First quarter dividend of US$0.30 announced Dividend of US$0.30 is the same as last year. Ex-date: 9th May 2024 Payment date: 31st May 2024 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 47% per year over the past 6 years and payments have been stable during that time. EPS is expected to decline by 10% over the next year. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Apr 27
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.69 (down from US$0.97 in 1Q 2023). Revenue: US$17.2m (down 2.9% from 1Q 2023). Net income: US$4.35m (down 29% from 1Q 2023). Profit margin: 25% (down from 34% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Apr 25
Princeton Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend, Payable on May 31, 2024 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on April 24, 2024, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on May 31, 2024 to shareholders of record at the close of business on May 10, 2024. "This dividend reflects the Board of Director's continuing commitment in providing a return to shareholders," stated Edward Dietzler, President and CEO. Announcement • Mar 30
Princeton Bancorp, Inc., Annual General Meeting, Apr 23, 2024 Princeton Bancorp, Inc., Annual General Meeting, Apr 23, 2024, at 10:00 US Eastern Standard Time. Agenda: To consider the election of eight directors to the company’s board of directors, each to serve until the 2025 annual meeting of shareholders, and until his or her successor is elected and qualified; to consider an advisory vote to approve our named executive officer compensation; to consider a proposal to approve an amendment to the company’s articles of incorporation to authorize a class of 2,000,000 shares of preferred stock. Reported Earnings • Mar 26
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$4.10 (down from US$4.19 in FY 2022). Revenue: US$69.3m (down 4.4% from FY 2022). Net income: US$25.8m (down 2.8% from FY 2022). Profit margin: 37% (in line with FY 2022). Net interest margin (NIM): 3.99% (down from 4.47% in FY 2022). Non-performing loans: 0.43% (up from 0.02% in FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 15
Independent Director recently bought US$95k worth of stock On the 12th of March, Martin Tuchman bought around 3k shares on-market at roughly US$29.99 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$609k. Insiders have collectively bought US$1.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 06
Independent Director recently bought US$188k worth of stock On the 2nd of February, Martin Tuchman bought around 6k shares on-market at roughly US$32.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$621k more in shares than they have sold in the last 12 months. Upcoming Dividend • Feb 01
Upcoming dividend of US$0.30 per share at 3.7% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 01 March 2024. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (3.1%). Major Estimate Revision • Feb 01
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2024 has been updated. 2024 consensus EPS estimate fell from US$2.87 to US$2.09. Revenue forecast reaffirmed at US$67.9m. Net income forecast to shrink 46% next year vs 3.6% decline forecast for Banks industry in the US. Consensus price target of US$33.00 unchanged from last update. Share price fell 5.3% to US$32.66 over the past week. Declared Dividend • Jan 29
Fourth quarter dividend of US$0.30 announced Dividend of US$0.30 is the same as last year. Ex-date: 8th February 2024 Payment date: 1st March 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (29% payout ratio) and is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 58% per year over the past 5 years and payments have been stable during that time. EPS is expected to decline by 28% over the next 2 years. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 26
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$4.10 (down from US$4.19 in FY 2022). Revenue: US$69.3m (down 4.4% from FY 2022). Net income: US$25.8m (down 2.8% from FY 2022). Profit margin: 37% (in line with FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
Princeton Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on March 1, 2024 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on January 24, 2024, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on March 1, 2024 to shareholders of record at the close of business on February 9, 2024. Major Estimate Revision • Jan 24
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$74.4m to US$65.9m. EPS estimate unchanged from US$3.98 per share at last update. Banks industry in the US expected to see average net income decline 7.8% next year. Consensus price target of US$33.00 unchanged from last update. Share price was steady at US$34.50 over the past week. Announcement • Jan 18
Princeton Bancorp, Inc. (NasdaqGS:BPRN) entered into an agreement to acquire Cornerstone Financial Corporation (OTCPK:CFIC) for $17.9 million. Princeton Bancorp, Inc. (NasdaqGS:BPRN) entered into an agreement to acquire Cornerstone Financial Corporation (OTCPK:CFIC) for $17.9 million on January 18, 2024. As part of consideration, each share of Cornerstone common stock outstanding will be exchanged for 0.24 shares of Princeton Bancorp. Each share of Cornerstone’s preferred stock outstanding will be exchanged for its stated value of $1,000 per share. CFIC preferred equity of $3.3 million will be repaid at transaction closing. Princeton Bancorp will acquire Cornerstone in a transaction valued at approximately $17.9 million. Under the terms of the merger agreement, Cornerstone will merge with, into and under the charter of Princeton Bancorp. As of the effective time of the merger, one member of the board of directors of Cornerstone, to be selected by the Nominating/Governance Committee of Princeton Bancorp, will be appointed to the board of directors of Princeton Bancorp.
The transaction has been approved by the boards of directors of both companies. The transaction is subject to receipt of all required banking regulatory approvals, Cornerstone stockholder approval and certain financial and other contingencies. The transaction is expected to close in the second or third quarter of 2024. The transaction is also expected to be 21% accretive to Princeton Bancorp’s 2025 earnings per share on a GAAP basis and 16% accretive on a cash basis.
Raymond James & Associates, Inc. acted as financial advisor and Stevens & Lee, P.C. acted as legal counsel to Princeton Bancorp. Janney Montgomery Scott acted as financial advisor to Cornerstone and rendered a fairness opinion. Windels Marx Lane & Mittendorf, LLP acted as legal counsel to Cornerstone. Recent Insider Transactions Derivative • Dec 31
Executive VP exercised options to buy US$539k worth of stock. On the 28th of December, Daniel O'Donnell exercised options to buy 15k shares at a strike price of around US$14.03, costing a total of US$210k. This transaction amounted to 386% of their direct individual holding at the time of the trade. Since March 2023, Daniel has owned 3.89k shares directly. Company insiders have collectively bought US$731k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Nov 03
Upcoming dividend of US$0.30 per share at 3.8% yield Eligible shareholders must have bought the stock before 10 November 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (5.3%). In line with average of industry peers (4.0%). Major Estimate Revision • Nov 02
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$3.27 to US$3.98. Revenue forecast unchanged at US$74.4m. Net income forecast to shrink 29% next year vs 9.9% decline forecast for Banks industry in the US. Consensus price target of US$33.00 unchanged from last update. Share price rose 4.3% to US$29.87 over the past week. Reported Earnings • Oct 28
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$1.21 (up from US$1.11 in 3Q 2022). Revenue: US$19.1m (flat on 3Q 2022). Net income: US$7.60m (up 8.9% from 3Q 2022). Profit margin: 40% (up from 36% in 3Q 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 95%. Revenue is expected to decline by 3.2% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Oct 26
Princeton Bancorp, Inc. Announces of Quarterly Cash Dividend, Payable on November 30, 2023 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on October 25, 2023, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on November 30, 2023 to shareholders of record at the close of business on November 13, 2023. New Risk • Aug 12
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$105k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 34% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$105k sold). Announcement • Aug 11
Princeton Bancorp, Inc. (NasdaqGS:BPRN) announces an Equity Buyback for 314,000 shares, representing 5% for $10.7 million. Princeton Bancorp, Inc. (NasdaqGS:BPRN) announces a share repurchase program. Under the program, the company will repurchase up to 314,000 shares, representing 5% of its issued share capital for $10.7 million. The shares will be repurchased at a price of not less than the Company’s tangible book value per share. Upcoming Dividend • Aug 01
Upcoming dividend of US$0.30 per share at 4.0% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$1.08 (up from US$1.00 in 2Q 2022). Revenue: US$15.1m (down 13% from 2Q 2022). Net income: US$6.79m (up 7.3% from 2Q 2022). Profit margin: 45% (up from 36% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) exceeded analyst estimates by 83%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jul 23
Princeton Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend, Payable on August 31, 2023 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on July 20, 2023, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on August 31, 2023 to shareholders of record at the close of business on August 9, 2023. Recent Insider Transactions Derivative • Jul 14
Executive VP & Chief Lending Officer exercised options to buy US$138k worth of stock. On the 7th of July, Stephanie Adkins exercised options to buy 5k shares at a strike price of around US$13.25, costing a total of US$66k. This transaction amounted to 76% of their direct individual holding at the time of the trade. Since March 2023, Stephanie's direct individual holding has increased from 3.77k shares to 6.57k. Company insiders have collectively bought US$817k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jun 19
Independent Director recently sold US$105k worth of stock On the 12th of June, Judith Giacin sold around 4k shares on-market at roughly US$29.92 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$445k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Jun 16
Independent Director notifies of intention to sell stock Judith Giacin intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of June. If the sale is conducted around the recent share price of US$29.92, it would amount to US$105k. Since June 2022, Judith's direct individual holding has increased from 31.04k shares to 31.69k. Company insiders have collectively bought US$1.0m more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$28.75, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 43% over the past three years. Announcement • May 21
The Bank of Princeton (NasdaqGS:BPRN) acquired Noah Bank. The Bank of Princeton (NasdaqGS:BPRN) entered into a definitive agreement to acquire Noah Bank for approximately $25.4 million on October 19, 2022. The terms of the merger agreement has been approved by the boards of directors of both companies. The transaction is subject to receipt of all required banking regulatory approvals, shareholder approvals, Noah stockholder approval and certain financial and other contingencies. As of February 7, 2023, The Bank of Princeton has received regulatory approval in the deal. The transaction is expected to close in the second quarter of 2023. The transaction is expected to be accretive to The Bank of Princeton's earnings per share in the first year after the acquisition closes. Janney Montgomery Scott served as financial advisor to The Bank of Princeton. Stevens & Lee, P.C. is serving as legal counsel to the Bank. Piper Sandler & Co. served as financial advisor to Noah Bank and rendered a fairness opinion. Holland & Knight, LLP is serving as legal counsel to Noah Bank.
The Bank of Princeton (NasdaqGS:BPRN) acquired Noah Bank on May 19, 2023. Under the agreement, Noah merged with and into TBOP with TBOP surviving the merger under TBOP's charter and bylaws. Recent Insider Transactions • May 06
Independent Director recently bought US$148k worth of stock On the 4th of May, Martin Tuchman bought around 6k shares on-market at roughly US$26.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$152k. Insiders have collectively bought US$394k more in shares than they have sold in the last 12 months. Upcoming Dividend • May 01
Upcoming dividend of US$0.30 per share at 4.2% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of American dividend payers (4.9%). Higher than average of industry peers (3.6%). Recent Insider Transactions • Apr 28
Independent Director recently bought US$152k worth of stock On the 26th of April, Martin Tuchman bought around 5k shares on-market at roughly US$30.49 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$246k more in shares than they have sold in the last 12 months. Price Target Changed • Apr 23
Price target decreased by 7.2% to US$32.00 Down from US$34.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$31.85. Stock is up 4.5% over the past year. The company posted earnings per share of US$4.19 last year. Reported Earnings • Mar 27
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$4.19 (up from US$3.37 in FY 2021). Revenue: US$72.5m (up 14% from FY 2021). Net income: US$26.5m (up 18% from FY 2021). Profit margin: 37% (up from 35% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.47% (up from 4.08% in FY 2021). Non-performing loans: 0.02% (down from 0.09% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 17
Insider recently bought US$66k worth of stock On the 15th of March, Martin Tuchman bought around 2k shares on-market at roughly US$31.61 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$94k more in shares than they have sold in the last 12 months. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$76.7m to US$78.0m. EPS estimate increased from US$3.18 to US$3.60 per share. Net income forecast to shrink 14% next year vs 7.3% growth forecast for Banks industry in the US . Consensus price target up from US$34.50 to US$36.50. Share price fell 2.2% to US$34.42 over the past week. Upcoming Dividend • Feb 02
Upcoming dividend of US$0.30 per share at 3.5% yield Eligible shareholders must have bought the stock before 09 February 2023. Payment date: 03 March 2023. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (3.0%). Reported Earnings • Jan 27
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: US$4.19 (up from US$3.37 in FY 2021). Revenue: US$72.5m (up 14% from FY 2021). Net income: US$26.5m (up 18% from FY 2021). Profit margin: 37% (up from 35% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jan 26
Princeton Bancorp, Inc. Announces Declaration of Quarterly Cash Dividend, Payable on March 3, 2023 Princeton Bancorp, Inc. announced that its Board of Directors, at a meeting held on January 25, 2023, declared a cash dividend of $0.30 per share of the common stock of the company. This dividend will be paid on March 3, 2023 to shareholders of record at the close of business on February 10, 2023. Recent Insider Transactions Derivative • Jan 25
Vice Chairman of the Board notifies of intention to sell stock Stephen Distler intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 25th of January. If the sale is conducted around the recent share price of US$31.74, it would amount to US$459k. Since March 2022, Stephen's direct individual holding has increased from 166.96k shares to 172.84k. Company insiders have collectively bought US$859k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Dec 12
Price target increased to US$33.50 Up from US$31.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$32.40. Stock is up 8.1% over the past year. The company is forecast to post earnings per share of US$4.06 for next year compared to US$3.37 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. President, CEO & Director Ed Dietzler was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Recent Insider Transactions • Oct 30
Vice Chairman of the Board recently sold US$81k worth of stock On the 27th of October, Stephen Distler sold around 3k shares on-market at roughly US$31.72 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months.