James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc. (NASDAQ:PEBK), has sold 1,000 shares of common stock. The shares were sold at a price of $28.64 each, totaling $28,640. Following the transaction, Abernethy holds 74,976 shares directly. Additionally, he has indirect holdings of 40,400 shares through his son and 70,441 shares in his capacity as Vice President, Secretary, and Chairman of Alexander Railroad.
In other recent news, Peoples Bancorp of North Carolina has declared a regular third-quarter cash dividend of $0.19 per share, payable to shareholders of record as of early September. Additionally, the company has initiated a significant shift in its executive lineup, with Bill Cable stepping into the role of President and CEO, following the planned retirement of current CEO Lance Sellers in early 2025. Alongside these developments, Peoples Bancorp has also launched a stock repurchase program, with the authorization to buy back up to $2 million of its own common stock, reflecting its robust balance sheet and capital position.
These recent changes follow a period of substantial growth for Peoples Bancorp under Sellers' leadership, with assets increasing from $1 billion to $1.6 billion, and a record of earnings for five consecutive years. The company continues to operate 16 banking offices across North Carolina, serving its community, employees, and shareholders.
InvestingPro Insights
Recent data from InvestingPro sheds light on Peoples Bancorp of North Carolina Inc.'s (NASDAQ:PEBK) financial performance and market position. The company's stock has shown significant strength recently, with a 13.75% return over the past week and a 15.81% return over the last month. This upward momentum aligns with the timing of director James S. Abernethy's stock sale, potentially indicating a favorable market perception of the company.
PEBK's market capitalization stands at $158.17 million, with a price-to-earnings ratio of 9.82, suggesting a relatively modest valuation compared to earnings. The company's dividend yield of 3.13% may be attractive to income-focused investors, especially considering that PEBK has maintained dividend payments for 40 consecutive years, as highlighted by an InvestingPro Tip.
Another InvestingPro Tip notes that PEBK is profitable over the last twelve months, with a reported revenue of $80 million for the same period. This profitability, combined with the company's long-standing dividend history, could provide some context for why a director might choose to sell shares, possibly for portfolio rebalancing or personal financial planning.
Investors seeking a more comprehensive analysis can find 6 additional InvestingPro Tips for PEBK, offering deeper insights into the company's financial health and market position.
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