UPDATE: Keefe, Bruyette & Woods Raises PT to $23 on Peoples Bancorp; Strong Q1

Keefe, Bruyette & Woods increases its price target on Outperform-rated Peoples Bancorp

from $21 to $23 following a beat across the board for Q1. Keefe, Bruyette & Woods says, "First quarter operating results of $0.64/share handily beat our estimate and consensus due to a combination of materially lower credit costs, double digit fee income growth, and an improved expense run rate. Following the quarter, we are raising estimates and our price target to $23 from $21 and reiterating our Outperform rating." PEBO closed at $18 on Monday.