Peoples Bancorp of NC director sells $14,400 in company stock

In a recent transaction on August 16, James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc. (NASDAQ:PEBK), sold 500 shares of the company's stock. The sale was executed at a price of $28.80 per share, resulting in a total value of $14,400.

The transaction was disclosed in a filing with the Securities and Exchange Commission. Following the sale, Abernethy continues to hold a significant number of shares in the bank, with direct ownership of 81,706 shares. Additionally, records show indirect holdings through family relations, including 41,290 shares owned by his son and 70,441 shares held in a position described as VP, Sec, & Chairman of Alexander Railroad.

Peoples Bancorp of North Carolina Inc., based in Newton, NC, operates as a state commercial bank and provides a variety of banking services to individuals and businesses. The sale by a high-ranking executive often attracts the attention of investors, as it provides insights into the executive's view of the company's stock value.

It's worth noting that alongside the sale, there was also a reported "G" transaction, commonly associated with gifts or transfers of ownership without any monetary exchange. In this particular case, 620 shares were transferred, but as this transaction does not involve a sale or purchase at a market price, it does not affect the financial considerations of the stock's performance.

Investors and analysts often monitor insider transactions as they may provide valuable insights into the company's health and future performance. However, it is also common for executives to sell shares for personal financial management reasons unrelated to their outlook on the company.

For further details on the transaction, interested parties can refer to the full filing available on the SEC's website.

In other recent news, Peoples Bancorp of North Carolina has been active with significant developments. The company announced a regular cash dividend for the third quarter of 2024, set at $0.19 per share, payable to shareholders of record as of early September 2024. Simultaneously, the company has initiated a stock repurchase plan, authorizing the buyback of up to $2 million of its own common stock.

New leadership is also on the horizon for Peoples Bancorp, with Bill Cable, a long-standing executive, stepping up as the new President and CEO effective from mid-September 2024. This change will occur as the current CEO, Lance Sellers, plans for retirement in early 2025.

These are recent developments that have taken place at Peoples Bancorp. The company's assets have grown significantly under Lance Sellers' tenure, from $1 billion to $1.6 billion, with record earnings for five consecutive years and a total shareholder return of over 380%. These announcements come as part of the company's ongoing commitment to serving its community, employees, and shareholders.

InvestingPro Insights

Peoples Bancorp of North Carolina Inc. (NASDAQ:PEBK) has recently been under the investor's microscope due to insider trading activity. To provide additional context to these corporate movements, InvestingPro has surfaced some key metrics and insights that could be instrumental for shareholders and potential investors in assessing the company's current financial standing and future prospects.

InvestingPro Data indicates that Peoples Bancorp of North Carolina has a market capitalization of $151.86 million, which reflects the market's valuation of the company. The P/E Ratio, a measure of the company's current share price relative to its per-share earnings, stands at 9.35, suggesting that investors may find the stock to be modestly valued when compared to earnings. Furthermore, the company has demonstrated a stable revenue growth, with a 1.61% increase over the last twelve months as of Q2 2024, and a more pronounced quarterly revenue growth of 8.11% in Q2 2024.

When it comes to dividends, an InvestingPro Tip highlights that Peoples Bancorp of North Carolina has maintained dividend payments for an impressive 40 consecutive years, showcasing a commitment to returning value to shareholders. The dividend yield as of the latest data point is 3.18%, which could be attractive for income-focused investors. Additionally, the company has experienced a substantial 50.65% return on its stock price over the last year, indicating strong performance in the market.

While the company's gross profit margins have been identified as a point of weakness according to an InvestingPro Tip, it's important to note that Peoples Bancorp has been profitable over the last twelve months. This profitability, coupled with a history of dividend reliability, may provide a degree of assurance to investors looking at the long-term financial health of the bank.

For those interested in further analysis and additional InvestingPro Tips, there are more insights available on the Peoples Bancorp profile on the InvestingPro platform, which includes comprehensive financial data and proprietary analytics.

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