In a recent transaction on May 20, 2024, James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc. (NASDAQ:PEBK), sold 1,000 shares of the company's common stock at a price of $29.90 per share, totaling $29,900. This sale was disclosed in a filing with the Securities and Exchange Commission.
The transaction has adjusted Abernethy's direct holdings in Peoples Bancorp to 82,206 shares. Additionally, the filing revealed indirect holdings of 41,290 shares through a family member and 70,441 shares where Abernethy serves as Vice President, Secretary, and Chairman of Alexander RR. These indirect holdings are not part of the recent sale but are disclosed for transparency regarding Abernethy's total interest in the company.
Peoples Bancorp of North Carolina Inc., headquartered in Newton, North Carolina, operates as a state commercial bank and is known for its community-oriented banking services. The sale by a director may be of interest to investors tracking insider transactions as an indicator of management's perspective on the company's value.
It's important to note that the SEC filing does not necessarily indicate a bearish or bullish stance by the director on the company's future performance. Insider transactions can be motivated by various factors and do not always reflect the executive's outlook on the company's stock.
Investors and stakeholders in Peoples Bancorp often monitor such filings to gain insight into the actions of company insiders, which can sometimes signal confidence or concern regarding the company's prospects. However, individual transactions may not provide a complete picture and should be considered alongside other market data and company developments.
InvestingPro Insights
As investors digest the recent insider transaction at Peoples Bancorp of North Carolina Inc. (NASDAQ:PEBK), it's beneficial to consider the company's financial health and performance metrics. According to InvestingPro data, Peoples Bancorp currently has a market capitalization of $157.73 million and trades with a P/E ratio of 9.85, which adjusts to 9.66 when looking at the last twelve months as of Q1 2024. This relatively low P/E ratio could suggest that the stock is undervalued, especially when considering the company's strong return over the last year, with a price total return of 64.11%.
Furthermore, an InvestingPro Tip highlights that Peoples Bancorp has maintained dividend payments for an impressive 40 consecutive years, which may appeal to income-focused investors. The current dividend yield stands at 3.05%, with a modest dividend growth of 1.1% over the last twelve months as of Q1 2024. This consistent dividend track record underscores the company's commitment to shareholder returns.
While the company's gross profit margins have been identified as a weak point by an InvestingPro Tip, the operating income margin is robust at 27.55%, indicating efficient management of operating expenses relative to gross profits. This financial stability is further reflected in the company's profitability over the last twelve months.
For those looking to delve deeper into Peoples Bancorp's financials and performance, InvestingPro offers additional insights and tips. Access these by visiting https://www.investing.com/pro/PEBK and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With several more InvestingPro Tips available, investors can gain a comprehensive understanding of the company's potential and make more informed decisions.
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