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Susan Covey, Executive Vice President at Enterprise Bancorp Inc. (NASDAQ:EBTC), a regional bank with a market capitalization of $485 million, recently reported stock transactions involving the sale of common shares. According to InvestingPro data, EBTC has delivered an impressive 65% return over the past year, significantly outperforming many peers. On February 20 and February 26, Covey sold fractional shares totaling around $50, with prices per share ranging from $42.44 to $43.07. Following these transactions, Covey holds approximately 12,980 shares. The sales of fractional shares were executed by the transfer agent in connection with a transfer of shares to a brokerage account. Additionally, a transaction on March 16 involved the disposition of 71 shares at $39.53 per share, totaling $2,806. Notable for investors, EBTC has maintained dividend payments for 21 consecutive years and currently trades at a P/E ratio of 12.6. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with additional insights available to subscribers.
In other recent news, Enterprise Bancorp has announced a retention bonus for executive officer Joseph R. Lussier amid its merger plans with Independent Bank (NASDAQ:INDB) Corp. According to a recent SEC filing, Lussier will receive a $100,000 bonus, distributed in two equal installments. The first installment of $50,000 is scheduled for payment by December 31, 2024, contingent upon his continued employment and good standing with the company. The second installment will be paid within 30 days after the completion of the merger, again dependent on his employment status at that time. This retention bonus is part of Enterprise Bancorp’s strategy as it prepares to merge with Independent Bank Corp., the parent company of Rockland Trust Company. The merger agreement was initially announced on December 8, 2024. The SEC filing also includes forward-looking statements about the potential operational and financial benefits of the merger, while noting that these are subject to risks and uncertainties. Investors are encouraged to review the SEC filings for comprehensive details regarding the merger’s implications and the retention bonus agreement.
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