Nicholas Cucharale from Sandler O'Neill & Partners initiated coverage of Cranbury, N.J.-based 1st Constitution Bancorp's stock at "buy" and set a price target of $21.50.
Cucharale wrote that the company has built a quality funding franchise that has driven considerable earnings growth in recent years. He believes that the company will continue to perform admirably even given a competitive backdrop.
He also noted that the company has diversified the loan portfolio and minimized the effect of the strong but highly seasonal mortgage warehouse business over the past decade.
The analyst's EPS estimates for the company are $1.60 for 2019 and $1.64 for 2020.