Boston Private Financial (BPFH) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Boston Private Financial (NASDAQ:BPFH) from a sell rating to a hold rating in a report published on Wednesday. The firm currently has $15.00 price target on the bank’s stock.
According to Zacks, “Boston Private Bancorp, through its subsidiaries offers a full range of banking, commercial and residential lending, and trust and investment management services to its domestic and international clientele with a commitment to exceptional service. In the city of Boston, Boston Private Bank & Trust Company offers a First Time Homebuyer program, and “soft second” mortgage financing. Under its Accessible Banking program, the Bank is an active provider of real estate financing for affordable housing, economic development, and small businesses. “
A number of other brokerages also recently issued reports on BPFH. BidaskClub downgraded shares of Boston Private Financial from a strong-buy rating to a buy rating in a research report on Wednesday, June 13th. BMO Capital Markets reduced their price objective on shares of Boston Private Financial from $17.00 to $15.00 and set a market perform rating on the stock in a research report on Tuesday, July 24th. ValuEngine raised shares of Boston Private Financial from a sell rating to a hold rating in a research report on Friday, September 7th. Finally, TheStreet downgraded shares of Boston Private Financial from a b- rating to a c+ rating in a research report on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The stock has a consensus rating of Hold and an average target price of $16.00.
Boston Private Financial (NASDAQ:BPFH) last issued its quarterly earnings data on Wednesday, July 18th. The bank reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.02). The company had revenue of $89.64 million for the quarter, compared to analysts’ expectations of $92.53 million. Boston Private Financial had a net margin of 6.97% and a return on equity of 10.48%. During the same period in the previous year, the firm posted $0.27 earnings per share. As a group, analysts anticipate that Boston Private Financial will post 0.94 EPS for the current year.
In other news, insider George G. Schwartz sold 6,205 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $14.20, for a total value of $88,111.00. Following the sale, the insider now directly owns 152,557 shares of the company’s stock, valued at approximately $2,166,309.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen M. Waters sold 5,000 shares of the company’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $14.40, for a total transaction of $72,000.00. Following the completion of the sale, the director now directly owns 24,093 shares in the company, valued at $346,939.20. The disclosure for this sale can be found here. 2.11% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its position in shares of Boston Private Financial by 9.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 41,140 shares of the bank’s stock worth $653,000 after buying an additional 3,630 shares during the period. Metropolitan Life Insurance Co. NY grew its position in shares of Boston Private Financial by 14.2% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 29,365 shares of the bank’s stock worth $467,000 after buying an additional 3,653 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Boston Private Financial by 29.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 18,738 shares of the bank’s stock worth $298,000 after buying an additional 4,311 shares during the period. UBS Group AG grew its position in shares of Boston Private Financial by 63.6% in the 1st quarter. UBS Group AG now owns 17,982 shares of the bank’s stock worth $271,000 after buying an additional 6,989 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Boston Private Financial by 12.5% in the 1st quarter. Russell Investments Group Ltd. now owns 76,277 shares of the bank’s stock worth $1,148,000 after buying an additional 8,483 shares during the period. 92.71% of the stock is currently owned by hedge funds and other institutional investors.
Boston Private Financial Company Profile
Boston Private Financial Holdings, Inc operates as the bank holding company for Boston Private Bank & Trust Company that provides a range of banking services in the United States. The company operates through four segments: Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory.
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