Peoples Bancorp of North Carolina, Inc. Announces $3.0 Million Stock Repurchase Program

Peoples Bancorp of North Carolina authorized a $3 million stock repurchase program to enhance shareholder value.

Quiver AI Summary

Peoples Bancorp of North Carolina, Inc. announced a stock repurchase program, authorizing up to $3.0 million to buy back its common stock, reflecting the company's strong balance sheet and capital position. As of December 31, 2024, the company recorded assets of $1.65 billion and shareholders' equity of $130.6 million. Stock purchases will be made in accordance with securities laws and may occur intermittently in the open market or via private transactions, depending on market conditions. The program can be suspended without notice at management's discretion. CEO William D. Cable, Sr. emphasized this initiative as a means to enhance shareholder value, while also noting potential risks and uncertainties that may affect future performance.

Potential Positives

• The Board of Directors has authorized a $3.0 million stock repurchase program, indicating confidence in the company’s financial stability and potential for returning value to shareholders.
• The decision to repurchase stock is based on the strength of the Company's balance sheet and capital position, reflecting overall positive financial health.
• The implementation of the repurchase program may enhance shareholder value, presenting an opportunity for stock price appreciation.

Potential Negatives

• The announcement of a stock repurchase program may imply that the company lacks better investment opportunities that could yield higher returns for shareholders.
• The repurchase program could also raise concerns among investors about the company's ability to generate adequate internal growth, as reallocating capital towards buybacks instead of expansion could be viewed as a sign of stagnation.
• The extensive list of potential risks mentioned may create uncertainty regarding future performance, highlighting vulnerabilities that could impact investor confidence.

FAQ

What is the purpose of Peoples Bancorp's stock repurchase program?

The program aims to enhance shareholder value by utilizing the company's capital effectively.

How much is allocated for the stock repurchase?

Peoples Bancorp has authorized up to $3.0 million for the repurchase of common stock.

Where is Peoples Bank located?

Peoples Bank operates 16 banking offices across several counties in North Carolina.

What is the ticker symbol for Peoples Bancorp?

The company's common stock is traded on the Nasdaq Global Market under the symbol “PEBK.”

What factors may affect the stock repurchase program?

The timing and amount of repurchases will depend on market conditions and other evaluation factors by management.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$PEBK Insider Trading Activity

$PEBK insiders have traded $PEBK stock on the open market 6 times in the past 6 months. Of those trades, 0 have been purchases and 6 have been sales.

Here’s a breakdown of recent trading of $PEBK stock by insiders over the last 6 months:

• JAMES S ABERNETHY has made 0 purchases and 6 sales selling 4,500 shares for an estimated $128,035.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$PEBK Hedge Fund Activity

We have seen 32 institutional investors add shares of $PEBK stock to their portfolio, and 23 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• WELLINGTON MANAGEMENT GROUP LLP added 366,459 shares (+606.4%) to their portfolio in Q4 2024, for an estimated $11,451,843
• STRATEGIC VALUE BANK PARTNERS LLC removed 272,089 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $8,502,781
• FOURTHSTONE LLC added 41,069 shares (+203.6%) to their portfolio in Q4 2024, for an estimated $1,283,406
• MILLENNIUM MANAGEMENT LLC removed 23,923 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $747,593
• KENNEDY CAPITAL MANAGEMENT LLC removed 19,921 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $505,794
• EXODUSPOINT CAPITAL MANAGEMENT, LP removed 15,990 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $499,687
• MARSHALL WACE, LLP removed 14,857 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $464,281

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

NEWTON, N.C., March 13, 2025 (GLOBE NEWSWIRE) -- Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK), the parent company of Peoples Bank, Newton, NC announced today that its Board of Directors has authorized a stock repurchase program, whereby up to $3.0 million will be allocated to repurchase the Company’s common stock. At December 31, 2024, the Company had assets of $1.65 billion and shareholders’ equity of $130.6 million

Any purchases under the Company’s repurchase program may be made periodically as permitted by securities laws and other legal requirements in the open market or in privately-negotiated transactions. The timing and amount of any repurchase of shares will be determined by the Company’s management, based on its evaluation of market conditions and other factors. The repurchase program may be suspended at any time or from time-to-time without prior notice.

“The Board’s decision to repurchase stock was based on the strength of the Company’s balance sheet and capital position. We believe this is an appropriate way to utilize capital and enhance shareholder value,” said William D. Cable, Sr., President and Chief Executive Officer.

Peoples Bank operates 16 banking offices in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Rowan and Forsyth Counties. The Company’s common stock is publicly traded and is listed on the Nasdaq Global Market under the symbol “PEBK.”

Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management and on the information available to management at the time that this release was prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate,” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, (1) competition in the markets served by the Bank, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Company’s other filings with the Securities and Exchange Commission, including but not limited to those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.