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Michael Kevin Foster, a director at Plumas Bancorp (NASDAQ:PLBC), recently acquired shares of the company’s common stock, according to a regulatory filing. On May 22, Foster purchased a total of 581 shares, with the transaction valued at approximately $25,555. The shares were bought at prices ranging from $43.90 to $44.00 per share, close to InvestingPro’s Fair Value assessment. The $261.3M market cap company trades at an attractive P/E ratio of 8.7x, with analyst price targets ranging from $48 to $59. Following this transaction, Foster’s direct ownership in the company increased to 1,581 shares. The company maintains a strong financial profile with a "GOOD" overall health score according to InvestingPro, which notes several additional insights about the company’s performance and outlook. Notably, Plumas has maintained dividend payments for 10 consecutive years, demonstrating consistent shareholder returns.
In other recent news, Plumas Bancorp reported first-quarter earnings that exceeded analyst expectations, with earnings per diluted share reaching $1.20, surpassing the projected $1.12. Revenue also outperformed estimates, coming in at $21.75 million compared to the expected $20.75 million. The company announced a merger agreement with Cornerstone Community Bancorp, which will create a combined entity with assets exceeding $2.3 billion. Additionally, Plumas Bancorp declared a quarterly dividend of $0.30 per share, payable in mid-May, as part of its ongoing commitment to returning value to shareholders. The company’s annual shareholder meeting saw the election of nine directors and the approval of executive compensation, along with the appointment of Elliott Davis, LLC as independent auditors for the fiscal year. Raymond (NSE:RYMD) James adjusted its price target for Plumas Bancorp to $48, maintaining an Outperform rating, citing the bank’s strong fundamentals and strategic positioning. The bank’s recent sale-leaseback transaction and pending acquisition of CRSB are anticipated to enhance profitability. Plumas Bancorp’s strong asset quality and increased net interest income, along with improved net interest margin, were highlighted in the earnings report. These developments reflect Plumas Bancorp’s strategic growth and financial health amidst broader economic challenges.
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