In a recent transaction, director Kim Boyd-Leaks sold 8,686 shares of Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc (NASDAQ:PEBK), resulting in a total value of approximately $251,077. The shares were sold at a price of $28.906 each. This move has adjusted Boyd-Leaks' holding in the company to a total of 1,022.2690 shares following the transaction.
The sale was made public through a filing with the Securities and Exchange Commission, which provides transparency into the trading activities of the company's insiders. The transaction took place on August 7, 2024, and was disclosed in the filing dated August 9, 2024.
Peoples Bancorp of North Carolina Inc, based in Newton, North Carolina, operates as a state commercial bank and serves its community with a variety of banking services. The director's sale of shares represents a notable change in her investment in the bank, though the reasons for the sale were not disclosed in the filing.
Investors often monitor insider transactions as they can provide insights into the perspectives of those closest to the company's operations and potential future performance. However, these transactions may be motivated by various personal financial considerations and do not necessarily indicate a change in company fundamentals.
The transaction details provide investors with current and factual information regarding the director's stake in Peoples Bancorp, which can be a valuable piece of data when assessing the stock's investment profile.
In other recent news, Peoples Bancorp of North Carolina has announced a significant change in its executive leadership. Bill Cable has been appointed as the new President and CEO, taking over from Lance Sellers, who plans to retire in 2025. Cable, a seasoned executive with a tenure at Peoples Bank since 1995, has held various positions within the company, including Chief Operating Officer since 2000.
This development comes as the outgoing CEO, Sellers, reflected on the bank's growth from $1 billion to $1.6 billion in assets during his tenure. He also noted a record five years of earnings and a total shareholder return of over 380%.
Cable expressed his honor in leading the bank, which has a 112-year history and a commitment to its community, employees, and shareholders. As the new CEO, he will carry forward the bank's legacy, which operates 16 banking offices across North Carolina and several loan production offices.
InvestingPro Insights
Peoples Bancorp of North Carolina Inc (NASDAQ:PEBK) has recently seen significant insider trading activity, with director Kim Boyd-Leaks selling a notable number of shares. While insider transactions can be a key indicator of a company's health and future prospects, it's important to consider the broader financial context provided by key metrics and expert analysis.
According to the latest data, Peoples Bancorp has a market capitalization of $151.86 million and maintains a Price-to-Earnings (P/E) ratio of 9.35, which is slightly lower than the adjusted P/E ratio for the last twelve months as of Q2 2024, sitting at 9.26. This suggests a stable valuation relative to the company's earnings. Additionally, the company has shown a commitment to shareholder returns, having maintained dividend payments for an impressive 40 consecutive years, with a current dividend yield of 3.19%.
InvestingPro Tips indicate that while Peoples Bancorp suffers from weak gross profit margins, it has remained profitable over the last twelve months. The company's revenue growth over the last quarter of Q2 2024 was 8.11%, indicating a healthy upward trend. These insights, combined with the company's long-standing dividend payment history, could be of interest to investors seeking stability and consistent returns.
For those looking to delve deeper into Peoples Bancorp's financial performance and gain additional insights, InvestingPro offers a comprehensive list of tips. Currently, there are over 15 additional InvestingPro Tips available for PEBK, which can be accessed to help investors make more informed decisions.
It's worth noting that the InvestingPro Fair Value estimate for PEBK is $27.43, which is slightly below the price at which the recent insider shares were sold, suggesting that the stock might be fairly valued or even slightly overvalued at the current market price. As always, investors should consider a range of factors, including insider transactions, when evaluating their investment strategies.
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