David F. Dierker, a director at Peoples Bancorp Inc . (NASDAQ:PEBO), has recently sold a substantial amount of the company's common stock. According to a filing with the Securities and Exchange Commission, Dierker sold shares totaling $70,710. The transactions, which took place on November 27, 2024, involved multiple sales at prices ranging from $35.30 to $35.42 per share. The stock has shown impressive momentum with a 23.5% return over the past six months, while maintaining its 51-year track record of consistent dividend payments, currently yielding 4.56%.
Following these transactions, Dierker retains ownership of 1,214 shares of Peoples Bancorp stock. The sales were executed in a series of transactions, with the largest single block involving 416 shares at $35.34 each. This activity represents a significant divestment by the director, reflecting a common practice among corporate insiders to rebalance their portfolios or meet personal financial needs. With a market capitalization of $1.22 billion and a P/E ratio of 9.92, InvestingPro data shows the company maintains a GOOD financial health score.
Investors often scrutinize such insider transactions for insights into the insider's view of the company's future performance. However, it's important to note that insider sales do not necessarily indicate negative sentiment about the company's prospects. For deeper insights into PEBO's valuation and future prospects, InvestingPro subscribers can access comprehensive research reports and additional financial metrics. Peoples Bancorp is based in Marietta, Ohio, and operates as a state commercial bank.
In other recent news, Peoples Bancorp reported operational results for Q3 2024, showcasing a decrease in core non-interest expenses to $66.8 million from $71.7 million in the same period last year. The company's adjusted net income for the quarter was $31.8 million, with annualized returns on average assets and average tangible equity of 1.38% and 19.40%, respectively. The bank's tangible book value per common share increased to $20.29, up from $16.52 last year, and the tangible equity to tangible assets ratio saw an increase to 8.25%.
Furthermore, Peoples Bancorp reported an increase in earnings per share, net interest income, and fee-based income for the third quarter of 2024. 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. The bank also reported a growth in total deposits by $185 million, despite a rise in classified loans due to two downgrades totaling nearly $10 million.
As for future expectations, 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. These recent developments provide insights into the financial performance and future prospects of Peoples Bancorp.
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