In a recent move that signals confidence in Norwood Financial Corp (NASDAQ:NWFL), director Jeffrey S. Gifford has purchased additional shares in the company. Gifford acquired 1,000 shares of common stock at a price of $24.25 per share, amounting to a total investment of $24,250.
This transaction, which took place on May 10, 2024, has increased Gifford's direct holdings to 19,519 shares. The purchase was made public through a Form 4 filing with the Securities and Exchange Commission, which was filed on May 14, 2024.
In addition to his direct holdings, the filing also disclosed various indirect holdings through family and trusts. Notably, Gifford's spouse holds 76,082 shares, and there are additional indirect holdings for the benefit of minor children and through individual retirement accounts (IRAs), including 2,322 shares held by custodian Abigail Lockwood, 2,322 shares by custodian Ryan Lockwood, 33,385 shares in an IRA, and 6,463 shares in a spouse's IRA.
Furthermore, the report mentioned restricted stock awards, which are subject to vesting conditions. These awards, as detailed in the footnotes of the filing, are set to vest in several installments over the coming years, contingent upon continued service with the company.
Gifford's recent acquisition is part of the non-derivative transactions that are closely watched by investors as they often reflect the insiders' perspective on the company's current valuation and future prospects.
Norwood Financial Corp, based in Honesdale, Pennsylvania, operates as a state commercial bank and has been serving its community through various banking services. The company's stock is traded on the NASDAQ under the ticker symbol NWFL.
InvestingPro Insights
As investors digest the news of director Jeffrey S. Gifford's recent share purchase in Norwood Financial Corp (NASDAQ:NWFL), there are several key metrics and InvestingPro Tips that can provide a deeper understanding of the company's financial health and market position.
With a market capitalization of $198.09 million, NWFL is maintaining a stable footing in the financial sector. The company's P/E ratio stands at 12.81, reflecting investor sentiment about its earnings relative to its share price. It's worth noting that the P/E ratio has remained consistent at 12.85 over the last twelve months as of Q1 2024. Additionally, NWFL's price/book ratio during the same period is 1.09, which can be appealing to value-oriented investors.
InvestingPro Tips highlight that NWFL has a commendable track record of raising its dividend for 26 consecutive years, which is indicative of the company's commitment to returning value to its shareholders. Moreover, NWFL has maintained dividend payments for 27 consecutive years, with a current dividend yield of 4.96%, substantially higher than the average yield in the financial sector. This consistent dividend history may be particularly attractive to income-focused investors.
However, it's important to note that the company is trading near its 52-week low, and has experienced a revenue decline of -15.42% over the last twelve months as of Q1 2024. This suggests that while NWFL is managing to reward its shareholders, it may also be facing challenges that have impacted its revenue growth.
For those interested in exploring further insights and metrics, InvestingPro offers additional tips for NWFL. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to an even broader array of investment analytics and data to inform their decisions.
As the company approaches its next earnings date on July 24, 2024, investors will be keen to see how Norwood Financial Corp's strategies and financial performance align with the insights provided by the latest metrics and InvestingPro Tips.
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