Peoples Financial Services: The Picture Has Improved Enough For An Upgrade

2025-12-21 07:23:29 ET

Back in August, I decided to take a look at Peoples Financial Services ( PFIS ) to see if an upgrade was in order. On the one hand, the company had achieved strong revenue and profit growth. Asset quality was robust, and net interest margins were improving. At the end of the day, however, the valuation of the business was not low enough to justify a bullish outlook. The price-to-earnings multiple was particularly high compared to what I would typically like to see. So ultimately, I decided to pass on an upgrade and to keep it rated a ‘hold.’...

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