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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 54GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
8.8%
Sector: 8.5%
Dividend Analysis audit
INCOME
5.40%
Trailing Yield
$5.40
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
61%MID
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, PEOPLES BANCORP INC (PEBO) receives a "Hold" rating with a composite score of 52.3/100, ranked #336 out of 4446 stocks. Key factor scores: Quality 54/100, Value 72/100, Momentum 51/100. This is quantitative analysis only — not investment advice.
PEOPLES BANCORP INC (PEBO) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does PEOPLES BANCORP INC Do?
Peoples Bancorp Inc. operates as the holding company for Peoples Bank that provides commercial and retail banking products and services. The company accepts various deposit products, including demand deposit accounts, savings accounts, money market accounts, and certificates of deposit; and provides commercial and industrial, commercial real estate, construction, finance, residential real estate, and consumer indirect and direct loans, as well as home equity lines of credit and overdrafts. It also offers debit and automated teller machine (ATM) cards; safe deposit rental facilities; money orders and cashier's checks; and telephone, mobile, and Internet-based banking services. In addition, the company provides various life, health, and property and casualty insurance products; third-party insurance administration; insurance premium financing; commercial and technology equipment leasing; fiduciary and trust; underwriting, origination and servicing of equipment leases, and equipment financing agreements; and asset management and administration services, as well as employee benefit, retirement, and health care plan administration services. Further, it offers brokerage services through an unaffiliated registered broker-dealers; insurance premium finance lending and lease financing services; and credit cards to individuals and businesses, as well as provides merchant credit card transaction processing, and person-to-person payment processing services. The company operates through 135 financial service offices and ATMs, including 119 full-service branches in Ohio, West Virginia, Kentucky, Virginia, Washington, D.C., and Maryland. Peoples Bancorp Inc. was founded in 1902 and is based in Marietta, Ohio. PEOPLES BANCORP INC (PEBO) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Charles W. Sulerzyski and employs approximately 1,270 people, headquartered in MARIETTA, Ohio. With a market capitalization of $1.2B, PEBO is one of the notable companies in the Financials sector.
PEOPLES BANCORP INC (PEBO) Stock Rating — Hold (April 2026)
As of April 2026, PEOPLES BANCORP INC receives a Hold rating with a composite score of 52.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.PEBO ranks #336 out of 4,446 stocks in our coverage universe. Within the Financials sector, PEOPLES BANCORP INC ranks #119 of 891 stocks, placing it in the top quartile of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
PEBO Stock Price and 52-Week Range
PEOPLES BANCORP INC (PEBO) currently trades at $34.68. The 52-week high for PEBO is $34.33, which means the stock is currently trading 1.0% from its annual peak. The 52-week low is $26.21, putting the stock 32.3% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is PEBO Overvalued or Undervalued? — Valuation Analysis
PEOPLES BANCORP INC (PEBO) carries a value factor score of 72/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 11.33x, compared to the Financials sector average of 14.88x — a discount of 24%. The price-to-book ratio stands at 1.00x, versus the sector average of 1.22x. The price-to-sales ratio is 14.18x, compared to 0.90x for the average Financials stock. On an enterprise value basis, PEBO trades at 10.26x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, PEOPLES BANCORP INC appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
PEOPLES BANCORP INC Profitability — ROE, Margins, and Quality Score
PEOPLES BANCORP INC (PEBO) earns a quality factor score of 54/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.1% versus the sector average of 1.2%.
On a margin basis, PEOPLES BANCORP INC reports gross margins of 0.0%. The operating margin is 162.0% (sector: 21.8%). Net profit margin stands at 125.5%, versus 17.7% for the average Financials stock. Revenue growth is running at 4.7% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
PEBO Debt, Balance Sheet, and Financial Health
PEOPLES BANCORP INC has a debt-to-equity ratio of 17.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.14x, suggesting adequate working capital coverage. Total debt on the balance sheet is $204M. Cash and equivalents stand at $121M.
PEBO has a beta of 0.63, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for PEOPLES BANCORP INC is 89/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
PEOPLES BANCORP INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, PEOPLES BANCORP INC reported revenue of $85M and earnings per share (EPS) of $3.03. Net income for the quarter was $107M. Gross margin was 0.0%. Operating income came in at $138M.
In FY 2025, PEOPLES BANCORP INC reported revenue of $87M and earnings per share (EPS) of $3.03. Net income for the quarter was $107M. Revenue grew 2.3% year-over-year compared to FY 2024. Operating income came in at $135M.
In Q3 2025, PEOPLES BANCORP INC reported revenue of $22M and earnings per share (EPS) of $0.83. Net income for the quarter was $29M. Revenue grew 5.3% year-over-year compared to Q3 2024. Operating income came in at $38M.
In Q2 2025, PEOPLES BANCORP INC reported revenue of $21M and earnings per share (EPS) of $0.60. Net income for the quarter was $21M. Revenue grew 3.4% year-over-year compared to Q2 2024. Operating income came in at $27M.
Over the past 8 quarters, PEOPLES BANCORP INC has demonstrated a growth trajectory, with revenue expanding from $21M to $85M. Investors analyzing PEBO stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
PEBO Dividend Yield and Income Analysis
PEOPLES BANCORP INC (PEBO) currently pays a dividend yield of 5.4%. At this yield, a $10,000 investment in PEBO stock would generate approximately $$540.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning PEBO offers above-average income for its sector. With a net margin of 125.5%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
PEBO Momentum and Technical Analysis Profile
PEOPLES BANCORP INC (PEBO) has a momentum factor score of 51/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 7/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
PEBO vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing PEBO against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PEBO vs S&P 500 (SPY) comparison to assess how PEOPLES BANCORP INC stacks up against the broader market across all factor dimensions.
PEBO Next Earnings Date
No upcoming earnings date has been announced for PEOPLES BANCORP INC (PEBO) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy PEBO? — Investment Thesis Summary
PEOPLES BANCORP INC presents a balanced picture with arguments on both sides. The value score of 72/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 89/100) reduces downside risk.
In summary, PEOPLES BANCORP INC (PEBO) earns a Hold rating with a composite score of 52.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PEBO stock.
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Institutional Research Dossier
PEOPLES BANCORP INC (PEBO) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Peoples Bancorp Inc. (PEBO). While the company exhibits attractive valuation metrics relative to the sector, particularly in P/E and EV/EBITDA, and demonstrates strong profitability with high operating and net margins, concerns arise from its negative free cash flow and relatively weak investment score. The Hold rating reflects a balanced view, acknowledging the company's strengths in valuation and stability, while remaining cautious due to its capital allocation and growth prospects.
The most critical takeaway is that PEBO presents a mixed picture. Its undervaluation and stability are appealing, but investors should closely monitor its free cash flow generation and capital allocation strategies to determine if it can sustain its profitability and growth in the long term. A more aggressive stance would require evidence of improved capital allocation and a return to positive free cash flow.
Business Strategy & Overview
Peoples Bancorp Inc. operates as a community bank, providing a range of commercial and retail banking services. Its primary revenue drivers are net interest income from loans and investment securities, and non-interest income from services like insurance, trust activities, and brokerage services. The company's strategy involves expanding its footprint through organic growth and strategic acquisitions, focusing on markets in Ohio, West Virginia, Kentucky, Virginia, Washington, D.C., and Maryland. This geographic diversification aims to reduce concentration risk and capitalize on regional economic opportunities.
PEBO's business model is predicated on building strong customer relationships within its communities. It emphasizes personalized service and local decision-making, differentiating itself from larger national banks. The company also invests in technology to enhance its digital banking offerings, catering to evolving customer preferences. This includes mobile banking, online account management, and other digital solutions designed to improve customer convenience and efficiency.
The company's product pipeline includes a variety of loan products, deposit accounts, and wealth management services. It continuously evaluates and refines its offerings to meet the changing needs of its customers. For example, it offers specialized lending programs for small businesses and commercial real estate developers, as well as tailored wealth management solutions for high-net-worth individuals. These targeted offerings are designed to attract and retain specific customer segments.
In the competitive landscape, PEBO faces competition from other community banks, regional banks, and national financial institutions. Its ability to compete effectively depends on its ability to offer competitive rates, provide superior customer service, and maintain a strong local presence. The company's focus on community involvement and relationship banking is a key differentiator in this competitive environment.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
4.7%
Sector: 9.4%
-50% VS SCTR
Economic Moat Analysis
Peoples Bancorp's economic moat can be classified as Narrow. The primary source of its competitive advantage stems from its established local presence and customer relationships within its operating regions. Community banks often benefit from strong ties to their local communities, fostering customer loyalty and reducing customer attrition. This localized advantage creates a barrier to entry for larger national banks that may struggle to replicate the same level of personalized service and community engagement.
Switching costs, while not exceptionally high, contribute to the narrow moat. Customers who have established banking relationships, particularly small businesses, may face some inconvenience in switching to a new bank. This includes transferring accounts, updating payment information, and establishing new credit lines. These switching costs, combined with the convenience of local branches and personalized service, can create some stickiness among existing customers.
The company's intangible assets, such as its brand reputation and local market knowledge, also contribute to its narrow moat. A positive brand image and a deep understanding of the local economy can help attract new customers and retain existing ones. This local expertise allows PEBO to make informed lending decisions and provide tailored financial solutions to its customers.
However, the moat is not wide due to the relatively low barriers to entry in the banking industry. New banks can be established, and existing banks can expand their operations into PEBO's markets. Furthermore, the increasing prevalence of online banking and fintech companies is eroding the traditional advantages of brick-and-mortar branches. These factors limit the company's ability to sustain its competitive advantage over the long term.
Efficient scale is not a significant factor in PEBO's moat. While there are some economies of scale in banking, they are not substantial enough to create a significant barrier to entry. Larger banks may have lower operating costs due to their scale, but PEBO can still compete effectively by focusing on personalized service and local market expertise.
Financial Health & Profitability
Peoples Bancorp demonstrates a mixed financial profile. The company's revenue growth has been modest, with a 4.7% increase compared to the sector's 9.3%. However, its profitability metrics are exceptionally strong. The operating margin of 162.0% and net margin of 125.5% significantly outperform the sector averages of 22.0% and 17.8%, respectively. This suggests that PEBO is highly efficient in managing its expenses and generating profits from its revenue.
The company's return on equity (ROE) of 8.8% is slightly above the sector average of 8.5%, indicating that it is effectively utilizing shareholder equity to generate profits. The debt-to-equity ratio of 17.00 is significantly lower than the sector average of 115.00, suggesting a conservative approach to leverage and a strong balance sheet.
However, a significant concern is the negative free cash flow of -$326.43 million. This indicates that the company is spending more cash than it is generating from its operations, which could raise concerns about its long-term financial sustainability. It is crucial to understand the reasons behind this negative free cash flow and whether it is a temporary issue or a persistent problem.
Analyzing the quarterly financial history reveals consistent profitability. The company has consistently generated positive net income and maintained high operating margins over the past several quarters. However, the revenue growth has been relatively flat, suggesting that the company may be struggling to increase its top-line growth. The operating margins have fluctuated slightly, but have generally remained above 125%.
The current ratio of 1.14 indicates that the company has sufficient liquid assets to cover its short-term liabilities. The total cash of $120.99 million provides a buffer against unexpected expenses or economic downturns. The total debt of $204.14 million is manageable, given the company's strong profitability and low debt-to-equity ratio.
Valuation Assessment
Peoples Bancorp appears undervalued based on several key valuation metrics. The company's price-to-earnings (P/E) ratio of 10.4x is significantly lower than the sector average of 15.5x, suggesting that the stock is trading at a discount to its peers. Similarly, the enterprise value-to-EBITDA (EV/EBITDA) ratio of 2.5x is also lower than the sector average of 3.5x, further supporting the undervaluation thesis.
However, the negative free cash flow complicates the valuation assessment. While the company's earnings multiples are attractive, the lack of positive free cash flow raises concerns about its ability to generate sustainable cash flows in the long term. Investors may be hesitant to pay a premium for a company that is not generating positive free cash flow.
Compared to its historical valuation, PEBO's current multiples are relatively low. This could be due to concerns about the company's growth prospects, the negative free cash flow, or broader macroeconomic factors affecting the banking industry. It is important to consider these factors when evaluating the company's valuation.
The market capitalization of $1.13 billion suggests that PEBO is a mid-sized community bank. Its valuation is likely influenced by its size, geographic focus, and growth potential. Larger banks with more diversified operations may command higher valuations.
Overall, PEBO's valuation appears attractive based on its earnings multiples, but the negative free cash flow warrants caution. Investors should carefully consider the reasons behind the negative free cash flow and assess whether it is a temporary issue or a persistent problem. If the company can improve its free cash flow generation, its valuation could potentially increase.
Risk & Uncertainty
One of the primary risks facing Peoples Bancorp is interest rate risk. As a bank, PEBO's profitability is sensitive to changes in interest rates. A rising interest rate environment could increase the cost of funds, while a falling interest rate environment could compress net interest margins. Effective management of interest rate risk is crucial for maintaining profitability.
Credit risk is another significant concern. PEBO's loan portfolio is exposed to the risk of borrowers defaulting on their loans. Economic downturns or regional economic weakness could increase the likelihood of loan defaults, which could negatively impact the company's earnings and capital. Prudent underwriting standards and effective loan monitoring are essential for mitigating credit risk.
Regulatory risk is also a factor. The banking industry is heavily regulated, and changes in regulations could increase compliance costs or restrict the company's operations. For example, changes in capital requirements or lending regulations could impact PEBO's profitability and growth. Staying abreast of regulatory developments and maintaining a strong compliance program are crucial for managing regulatory risk.
Competition from larger banks and fintech companies poses a threat to PEBO's market share. Larger banks may have greater resources and economies of scale, while fintech companies may offer innovative financial products and services that appeal to customers. PEBO needs to differentiate itself through personalized service, local market expertise, and innovative digital solutions to compete effectively.
Bulls Say / Bears Say
The Bull Case
BULL VIEWPeoples Bancorp's low P/E and EV/EBITDA ratios indicate significant undervaluation, offering substantial upside potential as the market recognizes its true worth.
BULL VIEWThe company's strong operating and net margins demonstrate superior efficiency and profitability compared to its peers, suggesting a well-managed and resilient business model.
The Bear Case
BEAR VIEWThe negative free cash flow raises serious concerns about the company's long-term financial sustainability and its ability to fund future growth initiatives.
BEAR VIEWModest revenue growth and increasing competition from larger banks and fintech companies limit PEBO's ability to expand its market share and generate significant returns.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score PEBO and 4,400+ other equities.
PEOPLES BANCORP INC exhibits a 412% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
162.0%
Sector: 21.8%
Net Margin
Bottom-line profitability
125.5%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+118%
Income Projection audit
A $10,000 investment would generate approximately $540 annually in dividends at the current trailing rate.
