Peoples Bancorp director sells $29,150 in company stock

In a recent transaction, James S. Abernethy, a director of Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc (NASDAQ:PEBK), sold 1,000 shares of the company's common stock. The sale took place on August 26, 2024, and was executed at a price of $29.15 per share, amounting to a total value of $29,150.

Peoples Bancorp of North Carolina Inc, which operates as a state commercial bank, saw this transaction decrease Abernethy's direct holdings to 80,086 shares following the sale. This move by a key insider is often scrutinized by investors seeking to understand the sentiment of the company's executives towards their own firm's stock.

In a separate transaction on the same day, Abernethy also reported a gift of 610 shares of common stock, which did not involve any monetary transaction. According to the footnotes of the filing, the value of the gifted shares was estimated at $18,000. It's worth noting that such non-monetary transactions can be part of an executive's personal financial planning or estate strategy and are not always indicative of their outlook on the company's future performance.

The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission. While these filings provide transparency regarding insider transactions, they do not necessarily signal a fundamental change in the company's prospects or performance. Investors often look at the context and frequency of such insider trades when assessing their potential impact on stock valuation.

Peoples Bancorp of North Carolina Inc's shares are traded on the NASDAQ under the ticker symbol PEBK. As with any insider transaction, market participants will be observing any further trading activity by company executives and directors for insights into their perspective on the bank's valuation and strategic direction.

In other recent news, Peoples Bancorp of North Carolina, Inc. has announced a regular Q3 cash dividend of $0.19 per share, payable to shareholders on record as of September 3, 2024. Additionally, the company has initiated a stock repurchase program, authorizing the buyback of up to $2 million of its common stock, a decision influenced by its strong balance sheet and capital position.

The company has also seen significant changes at the executive level. Bill Cable, a long-standing executive at Peoples Bancorp, has been appointed the new President and CEO, effective from September 19, 2024. This transition is due to current CEO Lance Sellers' plans to retire in early 2025.

These are recent developments at Peoples Bancorp, a company that has experienced significant growth under Lance Sellers' tenure, with assets rising from $1 billion to $1.6 billion, record earnings for five years, and a total shareholder return of over 380%. The company continues its operations across North Carolina, serving its community, employees, and shareholders.

InvestingPro Insights

Amidst insider transaction news, Peoples Bancorp of North Carolina Inc (NASDAQ:PEBK) presents a mixed financial picture according to recent data. With a market capitalization of $153.72 million and a price-to-earnings (P/E) ratio standing at 9.48, the company appears to be valued reasonably in the market. The P/E ratio has seen a slight adjustment in the last twelve months as of Q2 2024, dipping to 9.37, which may suggest a stable earnings outlook.

One of the notable InvestingPro Tips for PEBK is the company's ability to maintain dividend payments for an impressive 40 consecutive years, which could be a reassuring sign for income-focused investors. Moreover, the company has been profitable over the last twelve months, reinforcing its financial stability. While PEBK suffers from weak gross profit margins, the bank's commitment to shareholder returns and sustained profitability is worth considering. For investors looking for more in-depth analysis, there are additional InvestingPro Tips available at: https://www.investing.com/pro/PEBK.

Further financial metrics show that the company has experienced a modest revenue growth of 1.61% over the last twelve months as of Q2 2024. This growth is reflected in the quarterly figures, with an 8.11% increase in the same period. The dividend yield as of the second quarter of 2024 stands at 3.15%, which, coupled with the company's consistent dividend history, could be attractive to those seeking regular income from their investments. In terms of stock performance, PEBK has seen a 1-year price total return of 49.64%, which is significant and could indicate investor confidence in the bank's operations and future prospects.

While individual insider transactions like those of director James S. Abernethy may capture the attention of market watchers, the broader financial data and InvestingPro Tips provide a more comprehensive view of Peoples Bancorp of North Carolina Inc's standing in the financial arena.

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