Cornercap Investment Counsel Inc. Cuts Stock Holdings in Peoples Bancorp Inc. (NASDAQ:PEBO)

Cornercap Investment Counsel Inc. lowered its stake in Peoples Bancorp Inc. (NASDAQ:PEBO) by 77.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,971 shares of the bank’s stock after selling 27,487 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Peoples Bancorp were worth $240,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PEBO. nVerses Capital LLC bought a new stake in shares of Peoples Bancorp in the second quarter worth about $27,000. Innealta Capital LLC bought a new stake in Peoples Bancorp in the 2nd quarter worth approximately $46,000. CWM LLC raised its holdings in shares of Peoples Bancorp by 503.9% during the 3rd quarter. CWM LLC now owns 1,860 shares of the bank’s stock worth $56,000 after acquiring an additional 1,552 shares in the last quarter. Quest Partners LLC boosted its position in shares of Peoples Bancorp by 20,273.3% during the 2nd quarter. Quest Partners LLC now owns 3,056 shares of the bank’s stock valued at $92,000 after acquiring an additional 3,041 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Peoples Bancorp in the third quarter valued at $123,000. Hedge funds and other institutional investors own 60.68% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price target on shares of Peoples Bancorp from $39.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $33.50.

Peoples Bancorp Price Performance

NASDAQ:PEBO opened at $35.00 on Tuesday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 9.97 and a beta of 0.74. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day simple moving average of $31.35 and a 200-day simple moving average of $30.68. Peoples Bancorp Inc. has a 1 year low of $26.74 and a 1 year high of $36.19.

Peoples Bancorp (NASDAQ:PEBO) last issued its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.07. Peoples Bancorp had a return on equity of 11.84% and a net margin of 20.16%. The company had revenue of $158.41 million during the quarter, compared to the consensus estimate of $112.30 million. During the same period last year, the company earned $1.06 earnings per share. Equities analysts forecast that Peoples Bancorp Inc. will post 3.31 EPS for the current year.

Peoples Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 18th. Investors of record on Monday, November 4th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.57%. Peoples Bancorp’s dividend payout ratio is presently 45.58%.

Insider Activity at Peoples Bancorp

In other news, Director S Craig Beam sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $34.31, for a total transaction of $137,240.00. Following the completion of the sale, the director now directly owns 23,760 shares of the company’s stock, valued at approximately $815,205.60. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carol A. Schneeberger sold 1,000 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $30.33, for a total transaction of $30,330.00. Following the completion of the transaction, the director now owns 29,963 shares in the company, valued at approximately $908,777.79. The trade was a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,445 shares of company stock worth $348,956. Insiders own 3.46% of the company’s stock.

About Peoples Bancorp

Peoples Bancorp Inc operates as the holding company for Peoples Bank that provides commercial and consumer banking products and services. The company accepts various deposit products, including demand deposit accounts, savings accounts, money market accounts, certificates of deposit, and governmental deposits; and provides commercial and industrial, commercial real estate, construction, finance, residential real estate, and consumer indirect and direct loans, as well as home equity lines of credit and overdrafts.