QNB Corp Swings to $2.67 Per-Share Quarterly Loss
QNBC sits 45% above its 52-week low of $32.16 on elevated volume (2.1× avg).
Summary
QNB Corp. posted a third-quarter loss of $2.67 per share, or $14.8 million, a sharp reversal from the $0.60 GAAP EPS it reported for Q2, though adjusted EPS came in at $1.30. The swing comes just weeks after the company closed its Victory Bancorp acquisition and completed a $45 million stock offering at $42 a share, plus a $254.4 million securities repositioning that sold 46.8% of its available-for-sale portfolio and unwound $162 million in related positions. A loss of this size against a roughly $289 million market cap is material and points to charges tied to those moves hitting the quarter. The stock is trading near its 52-week high of $46.81, so the miss lands with little cushion priced in.
At the time of this announcement, QNBC was trading at $46.60 on NASDAQ in the Finance sector, with a market capitalization of approximately $289.5M. The 52-week trading range was $32.16 to $46.81. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.