SCRANTON, PA – Peoples Financial Services Corp. (NASDAQ:PFIS) reported that William P. Conaboy, a member of the company's board of directors, purchased shares of the company's common stock on July 30, according to a recent regulatory filing.
Conaboy acquired a total of 2,208 shares at a price of $48.78 each, amounting to an investment of approximately $107,706. The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission, which reports changes in beneficial ownership of the company's stock by its directors and executive officers.
Following the transaction, Conaboy's direct holdings in Peoples Financial increased to a total of 3,246 shares. This amount includes 746 shares held individually and 2,500 shares held jointly with his spouse, as noted in the footnotes of the filing.
Peoples Financial Services Corp., headquartered in Scranton, Pennsylvania, operates as the bank holding company for Peoples Security Bank & Trust Company. It provides a range of financial services to individuals and corporate clients in its regional market.
The stock purchase by Conaboy may signal confidence in the financial institution's future prospects, as insider transactions are often closely watched by investors for insights into a company's performance and valuation.
For more information on Peoples Financial Services Corp. and its latest insider transactions, investors can refer to the company's SEC filings and public disclosures.
In other recent news, Peoples Financial Services Corp. has announced a significant increase in its third-quarter dividend, following the completion of its merger with FNCB Bancorp, Inc. Shareholders can anticipate a cash dividend of $0.6175 per share, marking a substantial 50.6% rise from the previous quarter. This development is seen as a direct outcome of the merger between the two companies.
In addition to this, financial services firm Stephens has adjusted its outlook on Peoples Financial Services, reducing the price target to $47 from the previous $50, while maintaining an Equal Weight rating on the stock. This revision comes after the company's first-quarter earnings report, which indicated a miss on earnings per share due to increased expenses. Despite this, Stephens predicts an improvement in Peoples Financial's return on assets after the merger with FNCB.
The firm also revised its operating EPS forecasts for 2024 and 2025, considering the delayed merger, increased expenses, and slower loan growth. These recent developments reflect the ongoing changes within Peoples Financial Services Corp. and its strategic moves in the financial market.
InvestingPro Insights
As investors digest the news of William P. Conaboy's recent stock purchase in Peoples Financial Services Corp. (NASDAQ:PFIS), it's worth noting some key financial metrics and insights that could shed further light on the company's current standing and future outlook.
According to InvestingPro data, Peoples Financial Services Corp. has a market capitalization of $332.4 million. The company's price-to-earnings (P/E) ratio stands at 19.38, indicating how much investors are willing to pay for each dollar of earnings. This figure aligns with the industry average, suggesting a fair market valuation. Moreover, the company has demonstrated a significant return on assets over the last twelve months as of Q2 2024, with a rate of 0.47%, reflecting its ability to generate profit from its assets.
One of the more attractive aspects for dividend-seeking investors is the company's dividend yield, which as of the recent data, stands at a robust 4.97%. This is complemented by an impressive dividend growth rate of 50.61% over the last twelve months as of Q2 2024, underscoring the company's commitment to returning value to shareholders.
Two InvestingPro Tips that stand out for Peoples Financial Services Corp. include the company's track record of raising its dividend for 7 consecutive years and its ability to maintain dividend payments for 23 consecutive years. These consistent dividend payments highlight the company's financial stability and reliability as an income-generating investment. Additionally, analysts anticipate that Peoples Financial will be profitable this year, which may further bolster investor confidence.
For those seeking more in-depth analysis and additional tips on Peoples Financial Services Corp., InvestingPro offers a wealth of information, including 6 more tips available at: https://www.investing.com/pro/PFIS.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.