BCB Bancorp (BCBP) PT Raised to $13 at DA Davidson

DA Davidson analyst Manuel Navas raised the price target on BCB Bancorp (NASDAQ: BCBP) to $13.00 (from $3.00) while maintaining a Neutral rating.

The analyst commented: "BCBP's PPNR beat on stronger NII with NIM expansion (+10bp Q/Q, -32bp Y/Y) and lower OpEx offsetting weaker fees.BCBP's focus continues to be on profitability, capital (7.58% TCE), and liquidity (cash at 9% of assets) and is limiting go-forward loan growth (-8% in 2Q24) to better manage past robust growth (1H23 loan growth of +18% annualized and +32% in 2022).Deposit declines (-8%) kept the L/D ratio flat at a high 109% with new initiatives expected to boost growth.Shares were +1.5% vs the KRX on the print on the PPNR beat. Trading 0.7x P/ TBV vs. 8-9% ROATCE, we see minimal upside until returns improve and reiterate NEUTRAL."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
• Home Depot (HD) call put ratio 1.5 calls to 1 put with a focus on September 330 puts into quarter results