Texas Community Bancshares, Inc. (NASDAQ:TCBS) Chief Financial Officer Julie Sharff sold a total of 910 shares of the company's stock on May 31, 2024, for a total value of $12,967. The shares were sold at a price of $14.25 each, as revealed by the latest SEC filings.
The transaction has adjusted Sharff's direct holdings in the company, which now total 14,727 shares, including restricted stock that is set to vest at a rate of 20% per year starting February 28, 2024. Additionally, Sharff has indirect holdings through an Employee Stock Ownership Plan (ESOP) and 401(k), accounting for 2,355 and 25,000 shares respectively. Another 25,000 shares are held indirectly by Sharff's spouse through an Individual Retirement Account (IRA).
The filings also disclosed derivative holdings in the form of stock options, which amount to 39,093 shares. These stock options are set to vest at a similar rate of 20% per year from February 28, 2024, and remain exercisable until February 28, 2033.
The sale by the CFO of Texas Community Bancshares is part of the routine disclosures required by company insiders. These transactions provide current and potential investors with insight into the actions of the company's executives regarding their holdings in the company.
InvestingPro Insights
The recent sale of Texas Community Bancshares, Inc. (NASDAQ:TCBS) shares by CFO Julie Sharff coincides with a period where the company's financial performance has faced challenges. According to InvestingPro, TCBS has not been profitable over the last twelve months. This is reflected in the company's negative P/E Ratio, which stands at -17.61, indicating that investors are currently paying more for each dollar of loss the company reports.
Moreover, the company's revenue has seen a decline, with a -10.92% change in the last twelve months as of Q1 2024, and an even steeper quarterly revenue growth rate of -124.12% in Q1 2024. These figures suggest that the company is experiencing significant challenges in generating sales growth.
Despite these financial headwinds, the company has managed to maintain a dividend yield of 1.11%, showcasing a commitment to returning value to shareholders. Investors should note that the InvestingPro platform lists additional tips that could provide deeper insights into the company's financial health and future prospects. With a total of 2 additional InvestingPro Tips available, users can gain a more comprehensive understanding of TCBS's financial position by visiting InvestingPro. To access these tips and more in-depth analysis, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The stock's previous close at $14.45, coupled with a P/B ratio of 0.89 as of Q1 2024, suggests that the market values the company's assets conservatively relative to its share price. This could be a point of interest for value-oriented investors analyzing the company's market position and asset valuation.
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