Plumas Bancorp (NASDAQ:PLBC) has reported a recent transaction by director Richard Francis Kenny, who acquired 300 shares of the company's common stock. The purchase, which took place on May 17, 2024, was executed at a price of $35.38 per share, amounting to a total investment of $10,614.
The transaction has increased Kenny's direct holdings in the financial institution, with the new total reaching 9,807 shares following the acquisition. The shares are held indirectly through the Richard and Kate Kenny Family Trust, indicating a long-term investment interest in the company.
Plumas Bancorp, based in Reno, Nevada, operates within the short-term business credit industry and is incorporated in California. The purchase by a director of the company may signal confidence in Plumas Bancorp's financial health and future prospects.
Investors often monitor such insider transactions as they can provide insights into the company's internal perspective and potential future performance. The acquisition by Kenny represents a notable addition to his investment in the company, and could be of interest to current and prospective shareholders alike.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission, as required by federal securities laws for insiders of publicly traded companies.
InvestingPro Insights
Following the recent insider transaction by director Richard Francis Kenny at Plumas Bancorp (NASDAQ:PLBC), investors may be seeking additional context to assess the company's valuation and performance. According to InvestingPro, Plumas Bancorp is currently trading at a low earnings multiple, with a P/E ratio of 7.26, which is slightly below the adjusted P/E ratio for the last twelve months as of Q1 2024, standing at 7.3. This could indicate that the stock is undervalued relative to its earnings.
Despite a challenging environment, Plumas Bancorp has maintained a consistent dividend, increasing it for 9 consecutive years, showcasing the company's commitment to returning value to shareholders. This is further supported by a current dividend yield of 3.07%, which is attractive to income-focused investors. The company's revenue growth over the last twelve months was positive at 6.25%, although it experienced a quarterly revenue decline of -3.95% in Q1 2024.
InvestingPro Tips suggest that while analysts anticipate a sales decline in the current year and expect net income to drop, they also predict the company will remain profitable this year. This is consistent with the company's recent profitability over the last twelve months. For a deeper dive into Plumas Bancorp's financials and additional InvestingPro Tips, investors can explore the full range of insights, including 9 additional tips, by visiting InvestingPro. To enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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