Insider Selling: Peoples Bancorp of North Carolina (NASDAQ:PEBK) Director Sells 7,000 Shares of Stock

Key Points

• Director Robert Abernethy sold 7,000 shares of Peoples Bancorp of North Carolina at an average price of $43.61, totaling $305,270. His remaining stake fell 6.47% to 101,116 shares.
• PEBK shares rose 1.6% to $43.88, near the stock’s 52-week high of $45.78. The company reported quarterly EPS of $0.96 on $23.11 million in revenue.
• The bank declared a quarterly dividend of $0.21 per share, equivalent to an annualized $0.84 payout and a 1.9% yield; the stock carries a consensus “Buy” rating.

Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK - Get Free Report) Director Robert Abernethy sold 7,000 shares of Peoples Bancorp of North Carolina stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $43.61, for a total value of $305,270.00. Following the completion of the transaction, the director owned 101,116 shares in the company, valued at $4,409,668.76. This represents a 6.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Peoples Bancorp of North Carolina Stock Up 1.6%

Shares of NASDAQ PEBK traded up $0.68 during mid-day trading on Wednesday, reaching $43.88. 33,723 shares of the company were exchanged, compared to its average volume of 31,376. Peoples Bancorp of North Carolina, Inc. has a 1 year low of $27.33 and a 1 year high of $45.78. The firm has a 50-day moving average of $43.31 and a 200 day moving average of $41.35. The stock has a market cap of $239.67 million, a price-to-earnings ratio of 12.05 and a beta of 0.29. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.10.

Peoples Bancorp of North Carolina (NASDAQ:PEBK - Get Free Report) last posted its earnings results on Monday, July 20th. The bank reported $0.96 earnings per share (EPS) for the quarter. Peoples Bancorp of North Carolina had a return on equity of 12.75% and a net margin of 17.25%.The company had revenue of $23.11 million for the quarter.

Peoples Bancorp of North Carolina Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, September 3rd. Peoples Bancorp of North Carolina's payout ratio is 23.08%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Peoples Bancorp of North Carolina from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy".

Hedge Funds Weigh In On Peoples Bancorp of North Carolina

Several hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its position in shares of Peoples Bancorp of North Carolina by 28.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,600 shares of the bank's stock worth $49,000 after purchasing an additional 351 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Peoples Bancorp of North Carolina by 116.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 932 shares of the bank's stock worth $29,000 after buying an additional 502 shares in the last quarter. Geode Capital Management LLC increased its stake in Peoples Bancorp of North Carolina by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 109,401 shares of the bank's stock worth $3,157,000 after buying an additional 530 shares in the last quarter. Maltese Capital Management LLC raised its holdings in shares of Peoples Bancorp of North Carolina by 1.2% during the fourth quarter. Maltese Capital Management LLC now owns 49,958 shares of the bank's stock valued at $1,808,000 after acquiring an additional 612 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Peoples Bancorp of North Carolina by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 3,684 shares of the bank's stock valued at $113,000 after acquiring an additional 662 shares in the last quarter. 43.83% of the stock is owned by institutional investors and hedge funds.

Peoples Bancorp of North Carolina Company Profile

Peoples Bancorp of North Carolina, Inc is a bank holding company headquartered in Hickory, North Carolina, that operates through its wholly owned subsidiary, Peoples Bank. The company provides a comprehensive suite of banking and financial services tailored to individuals, small businesses, and municipal clients in the western region of North Carolina.

Through its community banking network, Peoples Bancorp offers deposit products such as checking, savings, money market accounts and certificates of deposit, alongside consumer and commercial lending solutions.

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