David F. Dierker, a director at Peoples Bancorp Inc . (NASDAQ:PEBO), recently sold shares of the company's common stock totaling $53,227. The transactions, executed on November 27, involved the sale of 1,500 shares at prices ranging from $35.48 to $35.49 per share. Following these transactions, Dierker holds 3,214 shares directly. The sales were conducted under a Rule 10b5-1 trading plan that Dierker adopted earlier this year on February 12.
In other recent news, Peoples Bancorp has disclosed its financial performance for the third quarter of 2024. The company reported a decrease in core non-interest expenses to $66.8 million from $71.7 million in the same period last year. The efficiency ratio improved to 55.10% from 58.38% in Q3 2023. The adjusted net income for Q3 2024 was $31.8 million, and the tangible book value per common share increased to $20.29.
Peoples Bancorp also reported a successful third quarter with an increase in earnings per share to $0.89 from $0.82 in the previous quarter. Net interest income and fee-based income grew by 3% and 5% respectively, while non-interest expenses decreased by 4%. Total (EPA:TTEF) deposits grew by $185 million, however, classified loans increased due to two downgrades totaling nearly $10 million.
Looking ahead, Peoples Bancorp anticipates continued loan growth and a healthy commercial loan pipeline for Q4. The company expects positive operating leverage and stabilization of net interest margins for 2025, but a modest decline in net interest income and margin is expected in Q4 2024 due to anticipated Federal Reserve rate cuts.
InvestingPro Insights
While David F. Dierker's recent stock sale might raise eyebrows, it's essential to consider Peoples Bancorp Inc.'s (NASDAQ:PEBO) broader financial picture. According to InvestingPro data, PEBO boasts a market capitalization of $1.23 billion and trades at a price-to-earnings ratio of 10.01, suggesting a potentially attractive valuation relative to its earnings.
An InvestingPro Tip highlights that PEBO has maintained dividend payments for an impressive 51 consecutive years, demonstrating a strong commitment to shareholder returns. This is further supported by the company's current dividend yield of 4.53%, which may appeal to income-focused investors.
Despite Dierker's sale, PEBO has shown strong recent performance, with a one-month price total return of 17.86%. This aligns with another InvestingPro Tip indicating a strong return over the last month, suggesting positive market sentiment towards the stock.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for PEBO, providing a deeper understanding of the company's financial health and market position.
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