William Penn Bancorp price target lowered to $13 from $14 at Piper Sandler

Piper Sandler lowered the firm’s price target on William Penn Bancorp to $13 from $14 and keeps an Overweight rating on the shares. The firm notes the company reported calendar Q3 EPS of 2c and excluding modest securities gains and normalizing the tax rate, Piper pegs core EPS at 1c. The result compared to Piper’s 3c estimate. At this stage, P&L trends have largely taken a back seat at William Penn Bancorp, and instead the focus on capital return continues to grow. While profitability remains under pressure, the firm views positively the company continuing to manage expenses while also taking the opportunity to heavily engage repurchases given the attractive math and with still plenty of excess capital at its disposal.