Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) Sees Large Increase in Short Interest

Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 55,373 shares, a growth of 45.9% from the February 26th total of 37,963 shares. Based on an average trading volume of 21,707 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.3% of the shares of the stock are sold short.

Peoples Bancorp of North Carolina Price Performance

Shares of PEBK stock traded up $0.25 during trading on Monday, hitting $38.74. The company had a trading volume of 4,000 shares, compared to its average volume of 21,193. The stock’s 50-day moving average is $37.88 and its two-hundred day moving average is $34.50. The stock has a market capitalization of $211.49 million, a price-to-earnings ratio of 10.70 and a beta of 0.31. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.10. Peoples Bancorp of North Carolina has a 52 week low of $23.74 and a 52 week high of $40.74.

Peoples Bancorp of North Carolina (NASDAQ:PEBK) last announced its earnings results on Monday, January 26th. The bank reported $1.21 earnings per share (EPS) for the quarter. Peoples Bancorp of North Carolina had a net margin of 17.30% and a return on equity of 13.47%. The business had revenue of $24.99 million during the quarter.

Peoples Bancorp of North Carolina Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Wednesday, March 4th were paid a $0.21 dividend. This is a boost from Peoples Bancorp of North Carolina’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, March 4th. Peoples Bancorp of North Carolina’s payout ratio is currently 23.20%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PEBK. Wall Street Zen upgraded shares of Peoples Bancorp of North Carolina to a “hold” rating in a research report on Saturday, December 20th. Weiss Ratings upgraded Peoples Bancorp of North Carolina from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, March 11th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy”.

Insider Activity at Peoples Bancorp of North Carolina

In related news, Director James S. Abernethy sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $38.34, for a total transaction of $38,340.00. Following the sale, the director owned 72,526 shares of the company’s stock, valued at approximately $2,780,646.84. This represents a 1.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 2,123 shares of company stock valued at $81,586 in the last three months. 18.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Peoples Bancorp of North Carolina

Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Peoples Bancorp of North Carolina by 28.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,600 shares of the bank’s stock valued at $49,000 after purchasing an additional 351 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Peoples Bancorp of North Carolina by 116.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 932 shares of the bank’s stock worth $29,000 after acquiring an additional 502 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Peoples Bancorp of North Carolina by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 109,401 shares of the bank’s stock valued at $3,157,000 after purchasing an additional 530 shares in the last quarter. Maltese Capital Management LLC boosted its stake in shares of Peoples Bancorp of North Carolina by 1.2% in the 4th quarter. Maltese Capital Management LLC now owns 49,958 shares of the bank’s stock valued at $1,808,000 after purchasing an additional 612 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Peoples Bancorp of North Carolina by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,684 shares of the bank’s stock valued at $113,000 after purchasing an additional 662 shares during the last quarter. Institutional investors own 43.83% of the company’s stock.

About Peoples Bancorp of North Carolina

Peoples Bancorp of North Carolina, Inc is a bank holding company headquartered in Hickory, North Carolina, that operates through its wholly owned subsidiary, Peoples Bank. The company provides a comprehensive suite of banking and financial services tailored to individuals, small businesses, and municipal clients in the western region of North Carolina.

Through its community banking network, Peoples Bancorp offers deposit products such as checking, savings, money market accounts and certificates of deposit, alongside consumer and commercial lending solutions.