In a recent transaction, James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc (NASDAQ:PEBK), sold shares of the company's common stock. The sale, which took place on May 3, 2024, involved 2,000 shares at an average price of $31.19 per share, resulting in a total transaction value of $62,380.
Peoples Bancorp of North Carolina, a state commercial bank headquartered in Newton, NC, saw this transaction reflected in its stock holdings. Following the sale, Abernethy's direct and indirect ownership in the company includes a total of 154,437 shares of common stock, with 83,706 shares held directly and 70,441 shares held indirectly through positions such as Vice President, Secretary, and Chairman of Alexander RR.
Investors and market watchers often look to insider sales and purchases as a signal of confidence in the company's future prospects. In this case, Abernethy's sale represents a small portion of his overall holdings in Peoples Bancorp, suggesting a continued vested interest in the company's performance.
The transaction was made public through a Form 4 filing with the Securities and Exchange Commission. Shareholders and potential investors can access these filings to monitor insider transactions, which can provide insights into the company's health and insider perspectives on its value.
Peoples Bancorp of North Carolina Inc's stock is publicly traded, and interested parties can follow its performance on the NASDAQ under the ticker symbol PEBK.
InvestingPro Insights
As investors digest the recent insider transaction at Peoples Bancorp of North Carolina Inc (NASDAQ:PEBK), it's important to consider key financial metrics and expert analysis that may influence the stock's valuation. According to InvestingPro data, PEBK currently holds a market capitalization of $169.14 million and a P/E ratio of 10.23, reflecting the company's earnings relative to its share price. Additionally, the stock is trading near its 52-week high, with a price 98.13% of that peak value. This proximity to the annual high, coupled with a robust 27.52% price total return over the last six months, signals strong recent performance.
From the perspective of InvestingPro Tips, two insights stand out for PEBK. Firstly, the stock's Relative Strength Index (RSI) suggests it is in overbought territory, which could indicate a potential pullback or leveling off in the near future. Secondly, while PEBK has maintained dividend payments for an impressive 40 consecutive years, currently yielding 2.97%, it is trading at a high P/E ratio relative to near-term earnings growth, with a PEG ratio of 2.2 as of the last twelve months ending Q1 2024. This may suggest that the stock's current price is optimistic compared to its earnings growth potential.
For those looking to delve deeper into Peoples Bancorp's financials and stock performance, more InvestingPro Tips are available. By visiting InvestingPro, investors can access additional insights to inform their investment decisions. Plus, using the coupon code PRONEWS24, new subscribers can enjoy an extra 10% off a yearly or biyearly Pro and Pro+ subscription. With 7 additional tips listed on InvestingPro for PEBK, investors have a wealth of information at their fingertips.
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