Jason R. Belcher, the Senior Vice President and Chief Administrative Officer at First Community (NASDAQ:FCCO) Bankshares Inc. (NASDAQ:FCBC), recently made notable transactions involving the company's common stock. On November 8, Belcher sold 6,384 shares at prices ranging from $46.40 to $46.60, amounting to a total sale value of approximately $296,792.
In addition to the sales, Belcher acquired 7,384 shares through the exercise of stock options at a price of $33 per share, totaling $243,672. Following these transactions, Belcher holds 15,317 shares directly, with an additional 4,200 shares held indirectly through an Employee Stock Ownership & Savings Plan.
In other recent news, First Community Bankshares reported a decrease in third-quarter earnings for 2024, with a net income of $13.03 million, marking an approximate 11% drop from the same period in 2023. Despite this, the company declared a quarterly cash dividend of $0.31 per common share. However, the nine months ending September 30, 2024, saw a net income of $38.56 million, indicating a 6.42% increase from the same period in 2023.
The company also reported a decrease in net interest income due to higher rates paid on interest-bearing deposits and a slight increase in non-performing loans to total loans. On the other hand, noninterest income showed an increase, including a gain from the sale of two closed branch properties.
In other developments, First Community Bankshares renewed employment agreements with its top executive officers, including the CEO, President, CFO, COO, and Chief Administrative Officer. The new contracts span an initial three-year period ending December 31, 2027, with provisions for automatic annual renewals extending the term for an additional three years. These are the recent developments at First Community Bankshares.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on First Community Bankshares Inc.'s (NASDAQ:FCBC) financial position and market performance, providing context to Jason R. Belcher's recent stock transactions.
As of the latest available data, FCBC boasts a market capitalization of $876.14 million. The company's stock has shown remarkable strength recently, with a 13.81% return over the past week and an impressive 23.16% return over the last three months. This upward momentum is further emphasized by the stock trading near its 52-week high, with the current price at 97.88% of that peak.
InvestingPro Tips highlight FCBC's consistent dividend performance, noting that the company has maintained dividend payments for 31 consecutive years and has raised its dividend for 5 consecutive years. This track record of reliable income generation may be attractive to investors seeking stable returns. The current dividend yield stands at 2.58%, with a 6.9% dividend growth rate over the last twelve months.
From a valuation perspective, FCBC's P/E ratio (adjusted) is 16.22, suggesting a moderate valuation compared to industry peers. The company's revenue for the last twelve months was $163.17 million, with a 7.32% growth rate, indicating steady expansion.
These insights from InvestingPro provide a broader context for understanding the company's financial health and market position at the time of Belcher's stock transactions. Investors interested in a more comprehensive analysis can access additional tips and data through the InvestingPro product, which offers 10 more tips for FCBC.
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