Peoples Bancorp price target lowered to $36 from $39 at Piper Sandler

Piper Sandler analyst Nathan Race lowered the firm’s price target on Peoples Bancorp (PEBO) to $36 from $39 and keeps an Overweight rating on the shares. The firm notes results in Q3 included some puts and takes. Encouragingly, fee revenue growth exceeded expectations with Peoples Bancorp’s diversified core fee income businesses and operating expenses were well-controlled. Both of which are likely to continue, Piper adds. However, core net interest income fell short of the firm’s expectations partially due to some loan portfolio shrinkage and credit quality metrics were mixed.