Matthew Edgell, Chief of Staff at Peoples Bancorp Inc . (NASDAQ:PEBO), recently sold 3,000 shares of the company's common stock. The transaction, which took place on November 7, 2024, was executed at an average price of $34.36 per share, amounting to a total sale value of $103,081. Following this transaction, Edgell holds 16,092 shares of Peoples Bancorp.
In other recent news, Peoples Bancorp reported substantial operational results for Q3 2024. The company disclosed a decrease in core non-interest expenses to $66.8 million, down from $71.7 million in the same period last year. The efficiency ratio improved from the previous year's third quarter, standing at 55.10%. The adjusted net income for the third quarter was reported at $31.8 million. The tangible book value per common share also saw an increase, reaching $20.29 from $16.52 in the same period last year.
Peoples Bancorp also reported an increase in earnings per share, net interest income, and fee-based income. The diluted EPS rose to $0.89 from $0.82 in the previous quarter, while net interest income and fee-based income grew by 3% and 5% respectively. Concurrently, non-interest expenses decreased by 4%, leading to an improved efficiency ratio of 55.1%. The bank also reported a growth in total deposits by $185 million, with a significant client deposit increase surpassing $100 million.
Looking ahead, Peoples Bancorp anticipates continued loan growth and a healthy commercial loan pipeline for Q4. The bank also expects positive operating leverage and stabilization of net interest margins for 2025. However, a modest decline in net interest income and margin is expected in Q4 2024 due to anticipated Federal Reserve rate cuts.
InvestingPro Insights
In light of Matthew Edgell's recent stock sale, it's worth examining some key financial metrics and insights for Peoples Bancorp Inc. (NASDAQ:PEBO). According to InvestingPro data, the company's market capitalization stands at $1.19 billion, with a price-to-earnings (P/E) ratio of 9.72. This relatively low P/E ratio suggests that the stock may be undervalued compared to its earnings potential.
Notably, Peoples Bancorp has demonstrated strong recent performance, with InvestingPro Tips highlighting significant returns over the last week, month, and three months. The stock's one-month price total return stands at an impressive 17.09%, indicating positive momentum that aligns with the timing of Edgell's sale.
From a dividend perspective, PEBO offers a yield of 4.69%, which is attractive for income-focused investors. An InvestingPro Tip reveals that the company has maintained dividend payments for 51 consecutive years, showcasing a commitment to shareholder returns that may provide stability in uncertain market conditions.
While these metrics paint a positive picture, it's important to note that 6 analysts have revised their earnings downwards for the upcoming period, according to another InvestingPro Tip. This could suggest some caution regarding the company's near-term financial outlook.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's mentioned here. In fact, there are 10 more InvestingPro Tips available for Peoples Bancorp, providing a deeper understanding of the company's financial health and market position.
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