Peoples Bancorp (PEBO) Stock Forecast & Price Target

Peoples Bancorp is well-positioned for fundamental upside because its pending acquisitions expand scale, diversify revenue into higher-margin national businesses, and support pro forma assets of $14.3B, loans of $10.8B, and deposits of $11.8B. Its earnings power is being reinforced by steady NIM expansion to 4.23%, NII of $92.7M, disciplined expense control, and strong operating leverage, while management expects fully phased-in 5%+ NIM in 2027 with about 1.79% ROAA and ~20% ROATCE. Credit risk bears watching as the deals add exposure, but improving NCO trends, declining brokered deposits, and stronger capital ratios, including 12.5% CET1, support confidence in the outlook.

Peoples Bancorp is facing a mixed but ultimately pressured fundamental backdrop because its 2Q26 core EPS of $0.96 benefited from a lower-than-expected LLP and tight expense control, yet those positives were not enough to offset weaker balance-sheet trends. Deposits fell 10.0% LQA, loan growth is expected to land at the low end of the 3%-5% range, and the bank is still navigating securities restructuring, CBNK integration, and operational risk, while management’s 19% accretion view appears more likely to be realized only in 2028. Although credit quality improved with classified loans at $141.9M and criticized loans at $224.1M, the 88% loan-to-deposit ratio, below-$10B asset management through YE2026, and uncertainty around the timing of full cost savings support a cautious outlook.