In a recent transaction, James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc (NASDAQ:PEBK), sold 2,500 shares of the company's common stock. The sale took place on September 4, 2024, with the shares sold at an average price of $28.73, totaling $71,825.
This transaction has adjusted Abernethy's direct holdings in the company to 76,976 shares. Additionally, it's noted that Abernethy has indirect ownership through family relations, with 40,900 shares owned by his son and 70,441 shares owned in his capacity as Vice President, Secretary, and Chairman of Alexander Railroad. These holdings are separate from the shares sold and were not part of the recent transaction.
Investors often monitor insider transactions such as these for insights into how executives and directors view the company's stock performance and value. However, it is essential to consider that these sales can be motivated by a variety of personal financial needs or portfolio strategies and do not always indicate a change in the company's outlook.
Peoples Bancorp of North Carolina Inc, headquartered in Newton, North Carolina, operates as a state commercial bank and is incorporated in the state of North Carolina. The company's stock is traded on the NASDAQ under the ticker symbol PEBK.
In other recent news, Peoples Bancorp of North Carolina has announced a regular Q3 dividend of $0.19 per share, payable to shareholders of record as of early September. The company has also initiated a significant change at the executive level, with the appointment of Bill Cable as the new President and CEO, effective from late September. This decision comes in light of the planned retirement of current CEO, Lance Sellers, in early 2025.
In financial developments, Peoples Bancorp has launched a stock repurchase plan, authorizing the buyback of up to $2 million of its own common stock. This move is underpinned by the company's robust balance sheet and capital position, according to outgoing CEO Lance Sellers.
These are the latest developments at Peoples Bancorp. The company has experienced significant growth under Lance Sellers' leadership, with assets increasing from $1 billion to $1.6 billion, and a total shareholder return of over 380%. The company continues to operate 16 banking offices across North Carolina.
InvestingPro Insights
Amidst the recent insider transaction involving James S. Abernethy, a director at Peoples Bancorp of North Carolina Inc (NASDAQ:PEBK), investors looking to gauge the company's financial health can find valuable data on InvestingPro. According to InvestingPro, the company's market capitalization stands at $149.22 million, with a price-to-earnings (P/E) ratio of 9.19, which is slightly lower than the adjusted P/E ratio for the last twelve months as of Q2 2024, at 9.07. This suggests a reasonable valuation relative to earnings.
One of the notable InvestingPro Tips for PEBK is that the stock is currently in oversold territory according to the Relative Strength Index (RSI), which could indicate a potential rebound in the stock's price. Moreover, the company has demonstrated a commitment to shareholder returns, maintaining dividend payments for an impressive 40 consecutive years with a current dividend yield of 3.24%.
Despite concerns about weak gross profit margins, PEBK has been profitable over the last twelve months, as evidenced by an operating income margin of 27.13%. This profitability, coupled with a consistent dividend history, may offer some reassurance to investors concerned about the recent insider sale. For those interested in a deeper analysis, there are additional InvestingPro Tips available for PEBK at InvestingPro's dedicated page for the company.
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