Stock News Alert: Peoples Financial Services Corp. (NASDAQ:PFIS)

Peoples Financial Services Corp. (NASDAQ:PFIS)  stock observed trading -27.64% off 52-week high price. On the other end, the stock has been noted 0.28% away from low price over the last 52-weeks. The stock disclosed a move of -18.47% away from 50 day moving average and -16.35% away from 200 day moving average. Moving closer, we can see that shares have been trading -15.33% off 20-day moving average. It has market cap of $299.83M and dividend yield of 3.69%.

On March 11, 2020, Peoples Financial Services Corp. (NASDAQ:PFIS) the bank holding company for Peoples Security Bank and Trust Company, is issuing this press release to report revised unaudited net income for the year ended December 31, 2019.  The unaudited results of operations for the three and twelve-month periods ended December 31, 2019 and financial condition at December 31, 2019 previously reported in the company’s January 24, 2020 press release should no longer be relied upon.

Beginning on or about March 2, 2020, management identified issues with certain small business credits originated by one bank employee.  As a result, the bank undertook a credit review and determined that certain actions were required with respect to eight credits totaling approximately $2.6 million in outstanding principal, including certain charge offs and an additional provision for loan losses.  As a result, Peoples will be revising its previously reported results of operations for the three- and twelve-months ended December 31, 2019 and financial condition at December 31, 2019.

Peoples’ net income for the year ended December 31, 2019, totaled $25.7 million or $3.48 per share (revised from $27.5 million or $3.72 per share).  The downward revision in net income resulted primarily from a $6.1 million provision for loan losses (revised from $3.5 million), offset by related decreases in income tax expense and performance-based salaries and employee benefits expense.  At December 31, 2019, loans, net totaled $1,938.2 million (revised from $1,940.5 million), and the allowance for loan losses was $22.7 million (revised from $22.3 million).

The USA based company Peoples Financial Services Corp. moved with change of -4.90% to $38.99 with the total traded volume of 12118 shares in recent session versus to an average volume of 8.97K. The stock was observed in the 5 days activity at -15.92%. The one month performance of stock was -18.74%. PFIS’s shares are at -21.38% for the quarter and driving a -10.39% return over the course of the past year and is now at -22.56% since this point in 2018.  Right now the stock beta is 0.37. The average volatility for the week and month was at 6.17% and 3.05% respectively. There are 7.69M shares outstanding and 6.83M shares are floated in market.

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