Boenning & Scattergood analyst Matthew Schultheis maintained a Buy rating on Bryn Mawr Bank Corp (NASDAQ: BMTC) today and set a price target of $50. The company’s shares closed on Friday at $46.75, close to its 52-week high of $47.20.
Schultheis noted:
“We suspect the company is settling in for an extended period of producing plus range, which is better than peers. Currently, the shares trade at a premium to peers based on price-to-tangible book (2.9x vs. 2.3x), which we believe is appropriate given the company’s better- than-peers return metrics. The shares trade at a discount based on 2018 P/E (14.3x vs. 15.2x), which we consider unwarranted due to Bryn Mawr’s relative earnings growth outlook. As such, we maintain our Outperform rating on BMTC shares. Our $50.00 target price is based on applying the current tangible book multiple to our year-end 2018 tangible book estimate.”
According to TipRanks.com, Schultheis is a 4-star analyst with an average return of 10.1% and a 82.5% success rate. Schultheis covers the Financial sector, focusing on stocks such as Orrstown Financial Services Inc, Citizens Financial Services Inc, and Provident Financial Services.
Bryn Mawr Bank Corp has an analyst consensus of Moderate Buy, with a price target consensus of $53.
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Based on Bryn Mawr Bank Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $15.29 million. In comparison, last year the company had a net profit of $9.04 million.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Scott Mahaley Jenkins, a Director at BMTC sold 3,500 shares for a total of $155,935.
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Bryn Mawr Bank Corp. is engaged in the provision of personal and business banking services. It also offers consumer & commercial loans, equipment leasing, mortgages, insurance and wealth management services, including investment management, trust and estate administration, retirement planning, custody services, and tax planning and preparation.
