NEWTON, N.C. - Peoples Bancorp (NASDAQ:PEBO) of North Carolina, Inc. (NASDAQ:PEBK) has announced a regular cash dividend for the third quarter of 2024, set at $0.19 per share. The dividend is payable on September 13, 2024, to shareholders of record as of September 3, 2024.
The company, which operates 16 banking offices exclusively in North Carolina, encourages its shareholders to take advantage of the Dividend Reinvestment and Stock Purchase Plan. Further details can be obtained from the company's transfer agent, Broadridge Corporate Issuer Solutions, Inc.
Peoples Bank, the wholly-owned subsidiary of Peoples Bancorp, extends its services across several counties in North Carolina and maintains loan production offices in additional counties. The bank's common stock is publicly traded on the Nasdaq Global Market.
The information for this announcement is based on a press release statement from Peoples Bancorp of North Carolina, Inc. The company has issued a reminder that, aside from historical facts, statements made in the press release are forward-looking and subject to risks and uncertainties as described in their annual report and other filings.
For any inquiries, Peoples Bancorp has provided contact information for Lance A. Sellers, President and Chief Executive Officer, and Jeffrey N. Hooper, Executive Vice President and Chief Financial Officer.
In other recent news, Peoples Bancorp of North Carolina has made significant changes at the executive level and initiated a stock repurchase program. Bill Cable, a long-standing executive at the company, has been named the new President and CEO, effective from September 19, 2024. This change comes as the current CEO, Lance Sellers, plans to retire in early 2025.
On the financial front, Peoples Bancorp has announced a stock repurchase plan. The company is authorized to buy back up to $2 million of its own common stock. This decision was based on the company's strong balance sheet and capital position, as stated by outgoing CEO Lance Sellers.
These are recent developments that have taken place at Peoples Bancorp. The company has grown significantly under Lance Sellers' tenure, with assets growing from $1 billion to $1.6 billion, record earnings for five years, and a total shareholder return of over 380%. The company continues to operate 16 banking offices across North Carolina, serving its community, employees, and shareholders.
InvestingPro Insights
Peoples Bancorp of North Carolina (NASDAQ:PEBK) continues to demonstrate its commitment to shareholder returns, announcing its latest quarterly dividend. This marks a notable achievement for the company, as it has maintained dividend payments for an impressive 40 consecutive years, a testament to its stability and reliability as an investment. This consistency is a key highlight for those seeking regular income from their stock holdings, and it aligns with the company's overall financial performance.
InvestingPro data shows that Peoples Bancorp has a market capitalization of $152.92 million and maintains a healthy price-to-earnings (P/E) ratio of 9.39. This valuation measure is slightly adjusted to 9.25 based on the last twelve months as of Q2 2024, suggesting a reasonable valuation compared to earnings. Additionally, the company has achieved a revenue growth rate of 8.11% in the most recent quarter, indicating its ability to expand its financial base in a competitive banking landscape.
While the company has faced challenges with its gross profit margins, as noted in InvestingPro Tips, its overall profitability over the last twelve months remains a strong point. This financial health is reflected in the company's solid operating income margin of 27.13% for the same period.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available on the platform that can provide further insights into Peoples Bancorp's financial metrics and performance indicators. Visit the dedicated page for PEBK at https://www.investing.com/pro/PEBK to explore these valuable resources.
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