OMAHA, Neb. - Boston Omaha Corporation (NYSE: BOC), a $448 million market cap company currently trading above its InvestingPro Fair Value, has announced that Board of Directors member Bradford B. Briner will resign from his position on December 31, 2024. Briner is set to take office as the Treasurer of the State of North Carolina beginning January 1, 2025, following his election to the role in November 2024.
Company President and CEO Adam K. Peterson praised Briner's contributions to the board, highlighting his business acumen and analytical skills that have garnered respect across the organization. Peterson expressed confidence that Briner will be an asset to the people of North Carolina in his upcoming role as Treasurer.
Briner himself remarked on the difficulty of leaving the board, citing his positive experiences with the management team and fellow board members. He also expressed enthusiasm for Boston Omaha's future and his intention to remain a long-term stockholder in the company.
Boston Omaha Corporation is a holding company with interests in outdoor advertising, broadband telecommunications services, surety insurance, and asset management. The company's leadership transition comes at a time when it is positioning itself for future growth, with revenue increasing by 11.5% in the last twelve months. According to InvestingPro data, the company maintains a healthy liquidity position with a current ratio of 2.09 and operates with moderate debt levels. Discover more insights and 5 additional ProTips with an InvestingPro subscription.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties, including expectations about future growth and market conditions. These statements are not guarantees of future performance, and actual results may differ, particularly given the company's current unprofitable status and Financial Health score of "FAIR" according to InvestingPro analysis. The company has pointed to risk factors in its Annual Report and other SEC filings that could influence outcomes.
The information regarding Briner's resignation and his new role as Treasurer of North Carolina does not include any promotional content or endorsement of claims. It is presented as a factual report on the company's board changes.
In other recent news, Boston Omaha Corp has been lauded for surpassing revenue expectations for the third consecutive quarter, with TD Cowen maintaining a Buy rating for the company. A significant part of this success is attributed to a 40% year-over-year increase in the insurance sector. Additionally, Boston Omaha's EBITDA margins have expanded by 350 basis points year-over-year, a testament to effective cost efficiencies. These developments have resulted in TD Cowen making slight upward revisions to their estimates for the company.
Recent achievements by Boston Omaha suggest a strong position for continued organic growth. TD Cowen also predicts that the company will likely engage in more mergers and acquisitions transactions in the first half of 2025. The company has also authorized a $20 million repurchase of its Class A common stock, set to run through September 2025, a move viewed by CEO Adam Peterson as an opportunity to invest in the company's stock when it trades below its perceived intrinsic value.
In parallel, Boston Omaha has made substantial investments exceeding $490 million, expected to yield high returns according to TD Cowen. The company's disciplined investment approach, focusing on industries with favorable trends, is designed to mitigate risks and capitalize on growth opportunities. Meanwhile, SailPoint Technologies Holdings (NYSE:SAIL) has seen a rating adjustment to Equalweight from Overweight by Wells Fargo (NYSE:WFC) due to recent events introducing uncertainty into the company's trajectory.
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