Raymond James starts ‘high-quality’ Plumas Bancorp with an Outperform

As previously reported, Raymond James initiated coverage of Plumas Bancorp with an Outperform rating and $38 price target. The “high-quality community bank” has “one of the strongest core deposit franchises in the country,” says the analyst, who sees Plumas’ highly floating rate loan portfolio supporting core net interest margin, or NIM, expansion and above-peer profitability. Plumas is “well-positioned to defend NIM,” supporting mid-double digit tangible book value growth and mid-single digit EPS growth, the analyst tells investors.