Craig W. Best, CEO of Peoples Financial Services Corp. (NASDAQ:PFIS), has sold 2,500 shares of the company's common stock. The shares were sold at an average price of $57.0144 each, resulting in a total transaction value of $142,536. Following this transaction, Best holds 4,726 shares indirectly through an IRA. Additionally, he maintains direct ownership of 18,443.892 shares and holds 1,543.10080 shares through the PSBT Employee Stock Ownership Plan.
In other recent news, Peoples Financial Services Corp. has announced a significant increase in its quarterly cash dividend. The dividend, set at $0.6175 per share for the fourth quarter, represents a substantial 50.6% rise from the same quarter of the previous year. This announcement follows the completion of Peoples' merger with FNCB Bancorp, Inc. Despite the company's caution about forward-looking statements regarding the merger, the dividend increase is a notable development for shareholders.
Financial services firm Stephens has adjusted its operating EPS forecasts for Peoples Financial Services for 2024 and 2025, taking into account the merger, increased expenses, and slower loan growth. Despite missing earnings per share estimates due to increased expenses, the company's net interest margin experienced a minimal decrease. These are the recent developments for Peoples Financial Services Corp.
InvestingPro Insights
Following Craig W. Best's recent sale of Peoples Financial Services Corp. (NASDAQ:PFIS) shares, investors might be interested in additional context about the company's financial performance and market position. According to InvestingPro data, PFIS has a market capitalization of $565.4 million and is currently trading at a P/E ratio of 72.99, which suggests a premium valuation compared to industry peers.
Despite the CEO's stock sale, there are several positive indicators for PFIS. An InvestingPro Tip reveals that the company has raised its dividend for 8 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the impressive dividend growth of 50.61% over the last twelve months, with a current dividend yield of 4.35%.
The stock has shown strong performance recently, with a 23.06% price total return over the past month and a 41.66% return over the last six months. This positive momentum is reflected in another InvestingPro Tip, which notes that PFIS has experienced a significant return over the last week.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for PFIS, providing a deeper understanding of the company's financial health and market position.
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