In a recent transaction on June 11, Charles E. Kranich, a director at Penns Woods Bancorp Inc. (NASDAQ:PWOD), purchased shares of the company's common stock. The acquisition was part of multiple transactions at prices ranging from $20.05 to $20.10 per share, totaling approximately $28,126.
The purchase by Kranich is a display of confidence in the bank holding company, which operates through its subsidiary Jersey Shore State Bank and offers a range of financial services. With these transactions, Kranich's holdings in Penns Woods Bancorp increased, reflecting his vested interest in the company's performance.
Investors often monitor insider buying as it can be a sign that those with the most insight into a company see value at current prices. The transactions occurred directly and were reported in a timely manner, as required by SEC regulations.
The exact number of shares acquired by Kranich was not disclosed in the news release, but the transactions are recorded in the latest SEC filings, which provide details about insider trades. The filings are a routine part of transparency in financial markets, allowing investors to see the trading activity of company executives and directors.
Penns Woods Bancorp Inc., headquartered in Jersey Shore, PA, has been serving its community through various banking products and services. The insider purchase by Kranich may be seen by investors as a positive indicator for the bank's stock, which trades on the NASDAQ under the ticker symbol PWOD.
In other recent news, Penns Woods Bancorp, the parent company of Jersey Shore State Bank and Luzerne Bank, has launched a new stock repurchase program. The company's Board of Directors has authorized the buyback of up to 5% of the firm's outstanding shares over a one-year period, concluding in May 2025. This initiative allows for the repurchase of approximately 376,000 shares, effectively replacing the existing plan set to expire in May 2024. The company has stated that the shares could be procured on the open market, in block trades, or via privately negotiated transactions, all contingent on market conditions as evaluated by management. However, it's crucial to note that the program doesn't bind Penns Woods Bancorp to repurchase any specific number of shares, and the timing and volume of share repurchases under this plan are not guaranteed. The company also retains the right to alter, suspend, or terminate the repurchase plan at any given time for any reason. These are among the recent developments concerning Penns Woods Bancorp.
InvestingPro Insights
Following the insider purchase by director Charles E. Kranich, Penns Woods Bancorp Inc. (NASDAQ:PWOD) has shown certain financial metrics that could be of interest to investors. The company's Market Cap stands at a modest $151.42M, and it sports a Price/Earnings (P/E) Ratio of 9.18, which adjusted for the last twelve months as of Q1 2024, is slightly higher at 9.81. This may suggest that the stock is reasonably valued in the current market.
An InvestingPro Tip worth noting is that Penns Woods Bancorp pays a significant dividend to shareholders, with a current Dividend Yield of 6.45%, and it has maintained dividend payments for an impressive 40 consecutive years. This consistent return to shareholders could be a compelling factor for income-focused investors, especially considering the company's ability to remain profitable over the last twelve months.
While the company's Revenue Growth has seen a slight decline of -3.43% over the last twelve months as of Q1 2024, the strong Operating Income Margin of 33.68% demonstrates efficient management and profitability. Additionally, the company's commitment to shareholder returns is further underscored by the recent insider purchase, suggesting a belief in the company's value and stability.
For those interested in further analysis and additional InvestingPro Tips, you can find 4 more tips on the Penns Woods Bancorp Inc. page at https://www.investing.com/pro/PWOD. To enhance your investment strategy with these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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