QCR Holdings Receives “Outperform” Rating from Zacks (QCRH)
QCR Holdings (NASDAQ:QCRH)‘s stock had its “outperform” rating restated by Zacks in a research note issued to investors on Friday. They currently have a $20.50 target price on the stock. Zacks‘s target price would indicate a potential upside of 18.22% from the company’s current price.
Zacks’ analyst wrote, “Compared to the year-ago quarter, second quarter net earnings after preferred stock dividends rose 12% to $3.6 million from $3.2 million. Results are better than they first appear as last year’s second quarter included one-time items adding $1.4 million to earnings. These consisted of a $1.8 million bargain purchase gain on the CNB acquisition, partly offset by $0.4 million in acquisition and data conversion costs. On a diluted per share basis, EPS decreased $0.09, or 14%, to $0.45 from $0.59, reflecting a 46% increase in average diluted shares due to the CNB acquisition in last year’s second quarter and the conversion of the Series E preferred stock in the fourth quarter, which added almost 100 basis points to the tangible common equity ratio and eliminated $1.75 million in annual preferred dividends. QCRH’s 2014 second quarter diluted EPS of $0.45 was a penny better than our $0.44 estimate. There were a number of positives in the quarter that beat our expectations, including a higher net interest margin, stronger loan growth, a lower loan loss provision, and more restrained growth in compensation costs. On the other side of the ledger, asset quality weakened a bit, noncompensation expenses were greater than we had anticipated, and the effective tax rate was higher. Also noteworthy was the redemption of the remaining $14.9 million of Series F preferred stock on the last day of the quarter, about two quarters before the yearend date we had been expecting. As a result, QCRH eliminated all remaining future preferred stock dividend payments, which will add about $0.7 million, or $0.08 per diluted share, to the Company’s bottom line in 2014. We are raising our 2014 EPS estimate by $0.13 to $1.83 from $1.70 and increasing our 2015 EPS estimate by $0.08 to $1.93 from $1.85. “
QCR Holdings (NASDAQ:QCRH) traded down 0.40% during mid-day trading on Friday, hitting $17.27. 4,807 shares of the company’s stock traded hands. QCR Holdings has a 52-week low of $15.61 and a 52-week high of $18.20. The stock’s 50-day moving average is $17.14 and its 200-day moving average is $17.16. The company has a market cap of $136.9 million and a P/E ratio of 9.46.
QCR Holdings (NASDAQ:QCRH) last released its earnings data on Wednesday, July 23rd. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.02. On average, analysts predict that QCR Holdings will post $1.85 earnings per share for the current fiscal year.
In other QCR Holdings news, Director Michael Lawrence Peterson acquired 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $17.19 per share, with a total value of $687,600.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
QCR Holdings, Inc is a multi-bank holding company. The Company serves the Quad Cities, Cedar Rapids, and Rockford communities through its three wholly owned banking subsidiaries, which provide full-service commercial and consumer banking and trust and asset management services.
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