MARIETTA, Ohio - Peoples Bancorp Inc . (NASDAQ:PEBO), a diversified financial services firm, has announced a quarterly cash dividend of $0.40 per common share. The dividend, declared on Monday, is payable on May 20, 2024, to shareholders of record as of May 6, 2024.
The upcoming dividend distribution amounts to approximately $14.2 million, which is 48.0% of the company's reported earnings for the first quarter of 2024. With Peoples' common shares closing at $28.49 on April 19, 2024, the dividend yield is calculated at an annualized rate of 5.62%.
Peoples Bancorp, with a legacy stretching back to 1902, operates as a holding company that offers a variety of financial services. These services include banking, trust and investment management, insurance, and premium financing solutions, delivered through its subsidiaries. The company's primary subsidiary, Peoples Bank, is based in Marietta, Ohio, and oversees a network of 152 locations.
The company is part of the Russell 3000 index, which tracks the performance of the largest U.S. publicly traded companies.
This financial update is based on a press release statement from Peoples Bancorp Inc.
InvestingPro Insights
Peoples Bancorp Inc. (NASDAQ:PEBO) has been a consistent performer when it comes to rewarding its shareholders. The company's commitment to returning value is evident in its dividend track record, having raised its dividend for 8 consecutive years and maintained dividend payments for an impressive 51 consecutive years. This is a testament to Peoples Bancorp's dedication to its shareholders and indicates a strong financial discipline within the company.
From a valuation standpoint, the company currently holds a market capitalization of approximately $998.08 million, with a Price/Earnings (P/E) ratio of 8.31, which is below the industry average, signaling that the stock may be undervalued. Additionally, the Price to Book (P/B) ratio as of the last twelve months sits at 0.95, suggesting that the stock is potentially trading at nearly its book value.
While the company's gross profit margins have been a point of concern, as highlighted by one of the InvestingPro Tips, it is important to note that analysts are predicting profitability for the current year. This, coupled with a solid revenue growth of 22.55% in the last twelve months, positions Peoples Bancorp in a favorable light for potential investors.
For those interested in diving deeper into the financial health and future prospects of Peoples Bancorp, additional InvestingPro Tips are available at https://www.investing.com/pro/PEBO. There are currently 5 more tips that can provide further guidance. And don't forget, by using the coupon code PRONEWS24, you can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment decision-making with a suite of professional tools and insights.
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