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Tuesday, Keefe, Bruyette & Woods maintained their positive stance on QCR Holdings (NASDAQ:QCRH) with an Outperform rating and a steady price target of $105.00. The affirmation came as QCR Holdings announced significant upcoming changes in its executive leadership.
QCR Holdings revealed that CEO Larry Helling will retire from his role and from the company’s board after the annual meeting set for May 22, 2025. Todd Gipple, who is currently serving as President and CFO, is poised to take over as CEO. Additionally, Nick Anderson, the SVP and Chief Accounting Officer, will step into the role of CFO following the transition. Under current leadership, the company has achieved a solid return on equity of 12% and maintains strong profitability with earnings per share of $6.71 over the last twelve months. Get deeper insights into QCRH’s performance metrics and more with a InvestingPro subscription.
The research firm noted that although the exact timing of the succession was previously uncertain, Todd Gipple has been viewed as the logical successor for some time. Analysts believe that his extensive experience with QCR Holdings, which spans over 25 years, makes him a strong candidate for ensuring a seamless leadership transition. The company has demonstrated consistent performance, maintaining dividend payments for 24 consecutive years, though InvestingPro analysis indicates some challenges with gross profit margins.
Gipple’s significant contributions to QCR Holdings’ growth and success were highlighted as key factors in the decision. The analysts expressed confidence in the future direction of the company under Gipple’s leadership, despite acknowledging that Helling’s leadership will be missed.
The executive changes at QCR Holdings are part of the company’s long-term strategic planning and are expected to uphold the company’s trajectory of growth and success in the banking sector.
In other recent news, QCR Holdings reported its fourth-quarter 2024 earnings, which exceeded expectations with an earnings per share (EPS) of $1.93 against a forecast of $1.67. Despite this positive performance in EPS, the company faced challenges with revenue, reporting $91.83 million, falling short of the expected $96.57 million. The company achieved a record full-year net income of $114 million, translating to $6.71 per diluted share, and adjusted net income was $119 million, or $7.03 per diluted share. In addition to earnings news, QCR Holdings declared a cash dividend of $0.06 per share, payable on April 3, 2025, for shareholders on record as of March 19, 2025.
QCR Holdings’ strategic outlook includes plans for a LiTec loan securitization in late 2025 and a loan growth target of 8-10% for the year. Analysts from firms like KBW and Piper Sandler have shown interest in the company’s performance, particularly in its swap fee income pipeline and capital allocation strategies. The company’s management has indicated that there are no immediate plans for mergers, acquisitions, or share buybacks, as they focus on sustaining strong financial performance. QCR Holdings’ net interest income grew by 5%, reflecting an $11 million increase, although the revenue shortfall against forecasts indicates ongoing challenges in meeting market expectations.
The company has also demonstrated robust loan growth, with total loans increasing by 10% for the year, supported by its low-income housing tax credit lending program. The company remains optimistic about future growth, projecting continued margin expansion and modest growth in core commercial segments. Despite the revenue miss, QCR Holdings maintains a strong balance sheet, with a focus on improving liquidity and managing growth as it approaches $10 billion in assets.
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