Keefe, Bruyette & Woods Cuts BCB Bancorp, Inc. (NJ) (NASDAQ:BCBP) Price Target to $8.35

BCB Bancorp, Inc. (NJ) (NASDAQ:BCBP) had its target price decreased by Keefe, Bruyette & Woods from $11.00 to $8.35 in a report released on Thursday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

A number of other equities analysts have also recently issued reports on BCBP. Wall Street Zen cut BCB Bancorp, Inc. (NJ) from a “hold” rating to a “sell” rating in a report on Monday, August 17th. Weiss Ratings cut BCB Bancorp, Inc. (NJ) from a “hold (c-)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $9.45.

BCB Bancorp, Inc. (NJ) Stock Performance

Shares of BCB Bancorp, Inc. (NJ) stock opened at $8.72 on Thursday. The firm has a fifty day moving average of $9.21 and a two-hundred day moving average of $9.57. The stock has a market capitalization of $157.83 million, a price-to-earnings ratio of -7.93 and a beta of 0.69. BCB Bancorp, Inc. has a 52 week low of $7.31 and a 52 week high of $11.71. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.06 and a current ratio of 1.07.

BCB Bancorp, Inc. (NJ) (NASDAQ:BCBP) last posted its quarterly earnings results on Monday, August 3rd. The bank reported ($0.85) earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($1.10). The company had revenue of $22.88 million during the quarter, compared to analyst estimates of $25.55 million. BCB Bancorp, Inc. (NJ) had a negative net margin of 10.21% and a negative return on equity of 6.29%. As a group, equities research analysts predict that BCB Bancorp, Inc. will post -0.48 EPS for the current year.

Hedge Funds Weigh In On BCB Bancorp, Inc. (NJ)

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of BCB Bancorp, Inc. (NJ) by 247.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,105 shares of the bank’s stock valued at $37,000 after buying an additional 2,922 shares in the last quarter. Cannell & Spears LLC bought a new position in BCB Bancorp, Inc. (NJ) during the first quarter worth about $92,000. World Investment Advisors bought a new position in BCB Bancorp, Inc. (NJ) during the fourth quarter worth about $358,000. Bank of America Corp DE grew its stake in BCB Bancorp, Inc. (NJ) by 80.1% in the first quarter. Bank of America Corp DE now owns 45,656 shares of the bank’s stock valued at $410,000 after acquiring an additional 20,300 shares during the period. Finally, Strs Ohio grew its stake in BCB Bancorp, Inc. (NJ) by 3.3% in the first quarter. Strs Ohio now owns 66,500 shares of the bank’s stock valued at $597,000 after acquiring an additional 2,100 shares during the period. Institutional investors and hedge funds own 36.00% of the company’s stock.

BCB Bancorp, Inc. (NJ) News Roundup

Here are the key news stories impacting BCB Bancorp, Inc. (NJ) this week:

• Positive Sentiment: BCB Bancorp completed a public offering of 12.65 million common shares at $7.75 per share, including the underwriter’s full 1.65 million-share overallotment. The offering generated approximately $98 million in gross proceeds, providing additional capital for BCB Community Bank and potentially strengthening its balance sheet. BCB Bancorp offering closing
• Neutral Sentiment: Brean Capital downgraded BCBP from “buy” to “neutral” but assigned a $9.00 price target, implying limited potential upside from the referenced price. Brean Capital rating update
• Neutral Sentiment: Keefe, Bruyette & Woods lowered its price target from $11.00 to $8.35 and maintained a “market perform” rating, reflecting reduced expectations for the bank’s near-term performance. KBW price target update
• Negative Sentiment: The stock offering substantially increases the share count, creating dilution for existing shareholders. The shares were priced below the referenced market price, which can pressure the stock.
• Negative Sentiment: BCB Bancorp disclosed a portfolio of problem loans and warned that it expects a third-quarter net loss. The combination of deteriorating credit quality and anticipated losses is likely the main reason for recent selling pressure. BCB Bancorp problem loans and loss warning

About BCB Bancorp, Inc. (NJ)

BCB Bancorp, Inc is the holding company for BCB Community Bank, a community-focused banking institution headquartered in Bayonne, New Jersey. Through its banking subsidiary, the company provides deposit, lending and other financial services to individuals, families and businesses.

BCB Community Bank offers checking, savings, money market and certificate of deposit accounts, along with residential and commercial real estate loans, construction financing, commercial and industrial loans, consumer loans and home equity products.