Zacks Investment Research upgraded shares of Peoples Utah Bancorp (NASDAQ:PUB) from a hold rating to a buy rating in a research report released on Friday morning, Zacks.com reports. The firm currently has $31.00 target price on the bank’s stock.
According to Zacks, “People’s Utah Bancorp is a bank holding company which provides banking products and services primarily in the United States. It offers deposit services, commercial, personal and mortgage loans, mobile and Internet banking services; automatic teller machine services as well as business cash management services. The company serves businesses, professional firms, real estate developers, residential home builders, high net-worth individuals, investors and other customers. People’s Utah Bancorp is headquartered in American Fork, Utah. “
Other equities research analysts have also issued research reports about the stock. ValuEngine lowered shares of Peoples Utah Bancorp from a hold rating to a sell rating in a report on Saturday, June 1st. DA Davidson restated a neutral rating on shares of Peoples Utah Bancorp in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Peoples Utah Bancorp presently has an average rating of Hold and an average price target of $31.00.
Peoples Utah Bancorp (NASDAQ:PUB) last posted its earnings results on Thursday, July 25th. The bank reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.01. Peoples Utah Bancorp had a net margin of 32.16% and a return on equity of 14.38%. The company had revenue of $31.32 million for the quarter, compared to analyst estimates of $31.24 million. Sell-side analysts predict that Peoples Utah Bancorp will post 2.31 earnings per share for the current fiscal year.
In other news, Director Jr. Fred W. Fairclough sold 1,375 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $25.91, for a total transaction of $35,626.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Glen Anderson sold 16,389 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $27.02, for a total transaction of $442,830.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,584 shares of company stock valued at $1,300,127. Company insiders own 17.34% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crewe Advisors LLC bought a new position in Peoples Utah Bancorp in the 1st quarter worth approximately $53,000. Marshall Wace North America L.P. bought a new position in Peoples Utah Bancorp in the 1st quarter worth approximately $58,000. River & Mercantile Asset Management LLP purchased a new stake in Peoples Utah Bancorp in the 2nd quarter worth approximately $69,000. Marshall Wace LLP purchased a new stake in Peoples Utah Bancorp in the 1st quarter worth approximately $80,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Peoples Utah Bancorp by 107,166.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,218 shares of the bank’s stock worth $85,000 after purchasing an additional 3,215 shares in the last quarter. 37.04% of the stock is owned by institutional investors.
About Peoples Utah Bancorp
People's Utah Bancorp operates as the bank holding company for People's Intermountain Bank that provides retail and commercial banking products and services. The company accepts various deposits, such as checking, rewards checking, savings, and money market deposit accounts, as well as individual retirement accounts and certificates of deposit.
Read More: What is the cash asset ratio?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Peoples Utah Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Peoples Utah Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.