BJ North, the Executive Vice President and Chief Banking Officer of Plumas Bancorp (NASDAQ:PLBC), recently sold a significant portion of their holdings in the company. According to a recent SEC filing, North disposed of 2,496 shares of common stock on October 22, 2024, at a price of $42.55 per share. This transaction totaled $106,204. Following this sale, North no longer holds any shares in the company. The transaction was executed as a direct ownership sale, as indicated in the filing.
In other recent news, Plumas Bancorp, the Nevada-based financial institution, announced a quarterly cash dividend of $0.27 per common share. This payout is scheduled for November 15, 2024, to shareholders of record as of November 1, 2024. This is an example of the company's regular practice of distributing a portion of its earnings back to its shareholders.
In other developments, Plumas Bancorp and Mountainseed Real Estate Services, LLC, mutually agreed to terminate their property sale agreement. The deal, initially set in 2024, involved the sale of three properties operated by Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, for around $7.9 million. This termination does not affect another transaction involving nine branch office properties.
These are the latest developments for Plumas Bancorp, as the company continues to manage its real estate assets and strategies.
InvestingPro Insights
Following BJ North's significant share disposal, it's worth examining Plumas Bancorp's (NASDAQ:PLBC) current financial position and market performance. According to InvestingPro data, PLBC has a market capitalization of $250.68 million and a P/E ratio of 8.92, suggesting the stock may be undervalued compared to industry peers.
Despite the executive's sale, PLBC has shown some positive financial indicators. The company's revenue grew by 3.64% over the last twelve months, with a quarterly growth of 6.2% in Q3 2024. Additionally, PLBC boasts an impressive operating income margin of 48.17%, indicating efficient management of operating costs.
InvestingPro Tips highlight that PLBC has raised its dividend for 4 consecutive years and maintained dividend payments for 9 consecutive years. This consistent dividend policy may appeal to income-focused investors, with the current dividend yield standing at 2.54%. The company's commitment to shareholder returns is further evidenced by its dividend growth of 8.0% over the last twelve months.
However, it's important to note that analysts anticipate a sales decline in the current year, and net income is expected to drop. These projections align with the executive's decision to sell shares and may warrant closer attention from investors.
For those seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for PLBC, providing a deeper understanding of the company's financial health and market position.
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