James S. Abernethy, a director at Peoples Bancorp (NASDAQ:PEBO) of North Carolina Inc. (NASDAQ:PEBK), recently sold a portion of his holdings in the company. According to a regulatory filing, Abernethy sold a total of 1,500 shares of common stock on November 22, 2024. The shares were sold at prices ranging from $30.02 to $30.21 per share, amounting to a total transaction value of $45,125.
Following these transactions, Abernethy directly owns 73,976 shares, while his indirect holdings, through his son, amount to 39,900 shares. Additionally, he holds 70,441 shares indirectly as Vice President, Secretary, and Chairman of Alexander Railroad.
This activity is part of routine transactions and provides insight into insider trading activities at Peoples Bancorp, a state commercial bank headquartered in Newton, North Carolina.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Peoples Bancorp of North Carolina Inc.'s (NASDAQ:PEBK) financial position and market performance, providing context to the insider sale by director James S. Abernethy.
As of the latest available data, PEBK's stock is trading near its 52-week high, with a strong return of 23.9% over the last month. This recent performance aligns with the timing of Abernethy's stock sale, suggesting he may be capitalizing on the stock's upward momentum.
InvestingPro Tips highlight that PEBK has maintained dividend payments for an impressive 40 consecutive years, demonstrating a commitment to shareholder returns. The company's current dividend yield stands at 2.92%, which may be attractive to income-focused investors.
However, it's worth noting that PEBK is trading at a high P/E ratio relative to its near-term earnings growth, with a P/E ratio of 10.33 and a PEG ratio of 5.17 for the last twelve months as of Q3 2024. This could indicate that the stock may be somewhat overvalued at current levels, potentially supporting Abernethy's decision to sell a portion of his holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for PEBK, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.