James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc. (NASDAQ:PEBK), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. Abernethy disposed of 1,500 shares of common stock on October 28, 2024. The shares were sold at prices ranging from $25.50 to $25.57, totaling $38,320.
After these transactions, Abernethy holds 75,976 shares directly. Additionally, he retains indirect ownership of 40,400 shares through his son and 70,441 shares in his capacity as Vice President, Secretary, and Chairman of Alexander Railroad.
In other recent news, Peoples Bancorp of North Carolina announced a regular Q3 dividend of $0.19 per share, payable on September 13, 2024, to shareholders of record as of September 3, 2024. The company also initiated a stock repurchase program, authorizing the buyback of up to $2 million of its own common stock. This decision was attributed to the company's strong balance sheet and capital position.
In addition, significant changes have occurred at the executive level of Peoples Bancorp. Bill Cable, a long-standing executive, has been appointed as the new President and CEO, effective from September 19, 2024. This transition comes as the current CEO, Lance Sellers, plans to retire in early 2025.
These are recent developments that have taken place at Peoples Bancorp. The company's growth has been notable under Lance Sellers' tenure, with assets growing from $1 billion to $1.6 billion, record earnings for five years, and a total shareholder return of over 380%. These facts reflect the company's ongoing commitment to its community, employees, and shareholders.
InvestingPro Insights
While James S. Abernethy's recent sale of Peoples Bancorp of North Carolina Inc. (NASDAQ:PEBK) shares might raise eyebrows, a closer look at the company's financials provides additional context. According to InvestingPro data, PEBK's stock is currently trading at a P/E ratio of 8.48, which is relatively low compared to many in the banking sector. This could suggest that the stock is undervalued, despite the director's decision to sell.
One of the InvestingPro Tips highlights that PEBK "has maintained dividend payments for 40 consecutive years," a remarkable feat that speaks to the company's financial stability and commitment to shareholder returns. This long-standing dividend policy may be particularly appealing to income-focused investors, especially given the current dividend yield of 3.59%.
However, another InvestingPro Tip notes that the stock "price has fallen significantly over the last three months," with data showing a -19.12% total return over that period. This recent downturn might explain the timing of Abernethy's sale, although it's important to note that insider transactions can occur for various personal reasons unrelated to a company's performance.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. In fact, there are 8 more InvestingPro Tips available for PEBK, providing a deeper dive into the company's financial health and market position.
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