Carol A. Schneeberger, a director at Peoples Bancorp Inc . (NASDAQ:PEBO), recently sold 1,000 shares of the company's common stock. The shares were sold at an average price of $34.1253 each, totaling approximately $34,125. Following this transaction, Schneeberger holds 29,322 shares directly. The transaction was executed on November 8, 2024, according to a filing with the Securities and Exchange Commission.
In other recent news, Peoples Bancorp Inc. reported promising operational results for Q3 2024. The company highlighted a decrease in core non-interest expenses to $66.8 million, down from $71.7 million in the same period last year. The company's adjusted net income for the third quarter was reported at $31.8 million, with tangible book value per common share rising to $20.29.
Peoples Bancorp also noted an increase in earnings per share, net interest income, and fee-based income. The company's 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 company also reported a growth in total deposits by $185 million, with a significant client deposit increase surpassing $100 million. Despite a decline in criticized loans, classified loans increased due to two downgrades totaling nearly $10 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
While Carol A. Schneeberger's recent sale of 1,000 shares in Peoples Bancorp Inc. (NASDAQ:PEBO) is noteworthy, it's important to consider this transaction within the broader context of the company's performance and market position.
According to InvestingPro data, Peoples Bancorp has a market capitalization of $1.2 billion and is currently trading at a P/E ratio of 9.7, which suggests a relatively modest valuation compared to some peers in the banking sector. The company's dividend yield stands at an attractive 4.69%, which may appeal to income-focused investors.
InvestingPro Tips highlight that Peoples Bancorp has maintained dividend payments for an impressive 51 consecutive years, demonstrating a strong commitment to shareholder returns. This consistent dividend history, coupled with the fact that the company has raised its dividend for 9 consecutive years, indicates financial stability and a shareholder-friendly approach.
The stock has shown significant momentum recently, with a 17.09% price return over the past month and a 27.29% return over the past year. This positive performance is further underscored by the fact that PEBO is trading near its 52-week high, with its current price at 96.58% of that peak.
However, investors should note that 6 analysts have revised their earnings downwards for the upcoming period, which could signal some caution about near-term performance. Additionally, the company's PEG ratio of 3.21 suggests that it may be trading at a high P/E ratio relative to its near-term earnings growth potential.
For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for Peoples Bancorp, providing a deeper dive into the company's financial health and market position.
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