FVCBankcorp, Inc. (NASDAQ:FVCB) has reported that its Chief Operating Officer, Dempsey B. Todd, sold a total of 2,702 shares of company stock on the 5th and 6th of June, 2024. The transactions were carried out in two separate sales, with a combined total value of $30,139.
On the first day, Todd sold 2,411 shares at a price of $11.16 each. The following day, a further 291 shares were sold at a slightly lower price of $11.11 per share. These sales resulted in a price range between $11.11 and $11.16 for the shares disposed of over the two-day period.
Following these transactions, Todd's remaining ownership in FVCBankcorp stands at 91,616 shares of common stock, as per the latest filing. The sales were executed directly and are part of the normal course of action for executives managing their personal stock holdings.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. However, it's important to note that these transactions do not necessarily indicate a change in company fundamentals or future performance.
The report of the sales was signed by Jennifer L. Deacon, Power of Attorney, on behalf of Dempsey B. Todd on June 7, 2024.
In other recent news, FVCBankcorp, a Virginia-based bank holding company, has announced the extension of its share repurchase program until March 31, 2025. Initially launched in 2020, the program permits the repurchase of up to 1,300,000 shares, or approximately 7% of its outstanding common stock as of the end of 2023. In 2023, the company repurchased 115,750 shares during open trading windows and has indicated that future repurchases may occur through various methods, subject to management's discretion and market conditions.
The program is in compliance with SEC Rule 10b-18 and may also be carried out under a trading plan in accordance with SEC Rule 10b5-1. This allows the company to repurchase shares even when it might otherwise be restricted due to insider trading laws. Once repurchased, the shares will be canceled and returned to the status of authorized but unissued shares.
FVCBankcorp has clarified that the share repurchase program does not obligate it to repurchase any specific number of shares and may be altered, suspended, or terminated at any time based on a variety of factors. These factors include market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and the need for capital in the company's operations. These are the latest developments surrounding FVCBankcorp.
InvestingPro Insights
As FVCBankcorp, Inc. (NASDAQ:FVCB) navigates the financial landscape, recent insider transactions have caught the attention of shareholders and potential investors. In light of these developments, insights from InvestingPro provide a more comprehensive understanding of FVCB's financial health and future outlook.
InvestingPro Data indicates that FVCBankcorp has a market capitalization of $199.45 million, reflecting its size within the banking sector. The company's P/E ratio stands at 43.02, suggesting a premium valuation compared to the industry average. However, when adjusted for the last twelve months as of Q1 2024, the P/E ratio slightly decreases to 40.61. Despite the high earnings multiple, analysts predict the company will be profitable this year, which could justify the valuation to some extent.
One of the InvestingPro Tips highlights that net income is expected to grow this year, which could be a positive sign for investors seeking growth in their investments. Additionally, it's noteworthy that FVCBankcorp has been profitable over the last twelve months. On the other hand, the company does not pay a dividend, which might influence the investment decisions of income-focused shareholders.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available for FVCBankcorp at https://www.investing.com/pro/FVCB. These tips include insights on earnings revisions by analysts and the company's gross profit margins. With the use of the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to the full array of valuable financial metrics and expert analysis that InvestingPro offers.
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