Ponce Financial Group (NASDAQ:PDLB) Reaches New 52-Week High on Better-Than-Expected Earnings

Ponce Financial Group, Inc. (NASDAQ:PDLB)’s share price reached a new 52-week high on Monday following a stronger than expected earnings report. The stock traded as high as $21.22 and last traded at $21.22, with a volume of 72,216 shares changing hands. The stock had previously closed at $20.62.

The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.52 by $0.24. Ponce Financial Group had a net margin of 16.51% and a return on equity of 10.52%.

Analysts Set New Price Targets

PDLB has been the topic of several recent research reports. Zacks Research downgraded Ponce Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 20th. Weiss Ratings raised Ponce Financial Group from a “buy (a-)” rating to a “buy (a)” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ponce Financial Group currently has an average rating of “Buy” and a consensus price target of $24.00.

Hedge Funds Weigh In On Ponce Financial Group

Several hedge funds have recently modified their holdings of PDLB. M3F Inc. increased its position in shares of Ponce Financial Group by 8.0% during the 1st quarter. M3F Inc. now owns 2,003,960 shares of the company’s stock worth $33,486,000 after purchasing an additional 147,979 shares during the last quarter. Empirical Finance LLC lifted its stake in shares of Ponce Financial Group by 19.4% during the 1st quarter. Empirical Finance LLC now owns 247,389 shares of the company’s stock worth $4,134,000 after buying an additional 40,176 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Ponce Financial Group by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 939,100 shares of the company’s stock worth $15,692,000 after acquiring an additional 25,634 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Ponce Financial Group by 9.9% during the 1st quarter. Renaissance Technologies LLC now owns 242,135 shares of the company’s stock worth $4,046,000 after purchasing an additional 21,888 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Ponce Financial Group by 0.3% in the first quarter. Bank of America Corp DE now owns 504,558 shares of the company’s stock valued at $8,431,000 after acquiring an additional 1,658 shares during the period. Institutional investors own 64.35% of the company’s stock.

Ponce Financial Group Stock Up 2.9%

The stock has a market cap of $513.48 million, a P/E ratio of 15.13 and a beta of 0.72. The company has a debt-to-equity ratio of 1.85, a quick ratio of 1.34 and a current ratio of 1.34. The stock’s fifty day simple moving average is $20.30 and its 200-day simple moving average is $19.48.

About Ponce Financial Group

Ponce Financial Group, Inc is the holding company for Ponce Bank, a community-focused savings bank headquartered in the Bronx, New York. Through its banking subsidiary, the company provides financial services to individuals, families, businesses and nonprofit organizations in the New York metropolitan area.

Ponce Bank’s primary offerings include deposit accounts, residential and commercial real estate lending, multifamily and construction loans, commercial and industrial financing, consumer loans and other traditional banking services.