Peoples Bancorp price target lowered to $33.50 from $36 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the firm’s price target on Peoples Bancorp (PEBO) to $33.50 from $36 and keeps an Overweight rating on the shares. While credit metrics were again mixed in Q3, results were generally solid otherwise as net interest income/net interest margin exceeded expectations and drove 3% PPNR upside, the firm says. In Piper’s view, Peoples Bancorp remains well positioned to generate at least peer-like profitability and capture a peer-like forward price to earnings with management focused on the company’s solid organic balance sheet growth prospects, ongoing strong cost controls to support positive operating leverage, and as credit noise likely moderates.