MARIETTA, OH— Peoples Bancorp Inc . (NASDAQ:PEBO) discussed several non-GAAP financial measures to aid in understanding its performance and trends. Notably, Peoples Bancorp reported core non-interest expense of $68.8 million for the quarter and $137.3 million for the half-year. The company's efficiency ratio, a measure of expense control relative to revenue, was 59.19% for the quarter, showing an improvement from the previous year's 62.75%.
The tangible book value per common share stood at $18.91 as of June 30, 2024, with tangible equity to tangible assets ratio at 7.61%. Peoples Bancorp's pre-provision net revenue for the quarter was $42.3 million, an increase from $37.1 million in the same period last year.
Net income before non-core items was adjusted to $29.6 million for the quarter, reflecting an annualized net income of $119.1 million. The company's return on average assets, adjusted for non-core items, was 1.30% for the quarter, up from 1.47% in the previous year.
The data also revealed a net income excluding amortization of other intangible assets of $31.2 million for the quarter. This calculation brings the annualized net income, excluding these assets, to $125.5 million. Additionally, the return on average tangible equity ratio stood at 19.21%.
In other recent news, Peoples Bancorp Inc. announced a quarterly cash dividend of $0.40 per common share, payable in August 2024. The dividend distribution, totaling around $14.2 million, represents 49% of the company's reported earnings for the second quarter of 2024. Analysts at Keefe, Bruyette & Woods and DA Davidson have adjusted their outlooks for the company, with the former reducing its price target and the latter maintaining a Buy rating.
In terms of earnings, Peoples Bancorp reported a strong Q1 with earnings of $29.6 million and a diluted earnings per share of $0.84. The company is optimistic about the benefits of the Limestone merger, anticipating loan growth of 6-8% for 2024. These developments are part of the recent events surrounding Peoples Bancorp Inc.
InvestingPro Insights
Peoples Bancorp Inc. (NASDAQ:PEBO) has demonstrated a robust financial performance in the recent quarter, with notable efficiency improvements and strong profitability metrics. To provide additional insights, here are key takeaways from InvestingPro:
InvestingPro Data shows that Peoples Bancorp has a market capitalization of $1.17 billion and a P/E ratio of 9.53, which suggests that the company is trading at a reasonable valuation relative to its earnings. Furthermore, with a dividend yield of 4.66% as of the last dividend ex-date on May 3, 2024, the company stands out as an attractive option for income-seeking investors, particularly as it has maintained dividend payments for an impressive 51 consecutive years.
In terms of performance, the company has enjoyed strong returns, with a 1-month price total return of 17.95% and a 3-month price total return of 16.81%, reflecting positive investor sentiment and market performance. Moreover, the company is trading near its 52-week high, at 96.76% of the peak price, indicating investor confidence in its current trajectory.
InvestingPro Tips highlight that Peoples Bancorp has raised its dividend for 8 consecutive years and analysts predict the company will be profitable this year. These factors underscore the company's commitment to shareholder value and its stable financial outlook.
For those looking to delve deeper into Peoples Bancorp's financials and future prospects, additional InvestingPro Tips are available. There are 9 more tips that can be accessed by visiting https://www.investing.com/pro/PEBO, providing a comprehensive analysis of the company's performance and potential. To enhance your investment research, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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