Sharon L. Jackson, the Executive Vice President and Chief Banking Officer of FVCBankcorp, Inc. (NASDAQ:FVCB), has sold a total of 1,200 shares of the company's common stock, according to recent filings. The transactions, which took place on June 10 and June 12, 2024, resulted in proceeds of $13,000 for the executive.
The shares were sold at prices ranging from $10.80 to $11.00. On June 10th, Jackson sold 200 shares at $11.00 each, and on June 12th, another 1,000 shares were sold at $10.80 per share. Following these sales, Jackson's ownership in FVCBankcorp stands at 31,501 shares.
Investors often keep a close watch on insider transactions as they can provide insights into an executive's perspective on the company's current valuation and future prospects. The sale by a high-ranking officer like Jackson might be of particular interest to current and potential shareholders.
The transactions were executed without any indication of an equity swap being involved and were made public through the mandatory filing with the Securities and Exchange Commission. The signature on the filing was provided by Jennifer L. Deacon, under the power of attorney, on behalf of Sharon L. Jackson.
FVCBankcorp, Inc., headquartered in Fairfax, Virginia, is a state commercial bank that operates in the financial sector, providing various banking products and services to businesses and individuals. The company's stock is traded on the NASDAQ under the ticker symbol FVCB.
In other recent news, FVCBankcorp, Inc. has announced the extension of its share repurchase program until March 31, 2025. Originally initiated in 2020, the program permits the repurchase of up to 1,300,000 shares, approximately 7% of its outstanding common stock as of December 31, 2023. The company repurchased 115,750 shares in 2023 during open trading windows. Future repurchases may occur through various methods, subject to market conditions and other relevant factors.
The repurchase program adheres to SEC Rule 10b-18 and may also operate under SEC Rule 10b5-1, allowing share buybacks even when otherwise restricted due to insider trading laws. Once repurchased, shares will be cancelled and returned to the status of authorized but unissued shares. FVCBankcorp has clarified that the program does not obligate it to repurchase any specific number of shares and may be modified, suspended, or terminated at any time based on several factors. These recent developments reflect the company's ongoing strategic financial management.
InvestingPro Insights
Amidst the recent insider trading activity at FVCBankcorp, Inc. (NASDAQ:FVCB), where Executive Vice President and Chief Banking Officer Sharon L. Jackson sold shares, investors are looking at the company's financial health and market performance to gauge the implications. As of the latest metrics, FVCBankcorp has a market capitalization of approximately $191.36 million and is trading at a P/E ratio of 41.73, which reflects a premium compared to the industry average. Notably, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands slightly lower at 39.07.
Revenue figures for the company have seen a contraction, with a decrease of 22.88% over the last twelve months as of Q1 2024. Despite this, FVCBankcorp has shown a substantial quarterly revenue growth of 44.2% in Q1 2024. This mixed performance might be a factor for investors to consider.
An InvestingPro Tip suggests that net income is expected to grow this year, which aligns with analysts' predictions that FVCBankcorp will be profitable this year. Moreover, the company has been profitable over the last twelve months. However, two analysts have revised their earnings downwards for the upcoming period, which could be a signal for investors to keep a watchful eye on future earnings releases. Additionally, FVCBankcorp does not pay a dividend, which might influence the investment decisions for income-focused shareholders.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips on FVCBankcorp, including its valuation and future earnings projections. To explore these further, visit: https://www.investing.com/pro/FVCB. Also, take advantage of an additional 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24. InvestingPro lists several more tips that could provide valuable guidance in your investment decisions.
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