Ohio Valley Banc Corp (NASDAQ:OVBC) director, Anna P. Barnitz, has made a recent purchase of the company's common shares, according to the latest SEC filings. The transactions, all dated May 30, 2024, show that Barnitz acquired a total of 62.1562 shares at a price of $24.1327 per share, amounting to an investment of $1,499.
The SEC filing also reported additional acquisitions under the same price per share, attributed to shares acquired under a dividend reinvestment plan. These transactions were not voluntary purchases and thus were not included in the total purchase value.
Investors often monitor insider buying as it can be a sign of confidence in the company's future prospects. With Barnitz's role as a director, such transactions are noteworthy, although they do not necessarily indicate future performance.
Ohio Valley Banc Corp, with its headquarters in Gallipolis, Ohio, operates in the state commercial banks sector. The company's shares are traded on the NASDAQ under the ticker symbol OVBC.
The SEC filing was signed by Melissa P. Wooten, under the power of attorney, on May 31, 2024. It should be noted that the ending balance of shares owned by Barnitz differs from amounts previously reported due to the nature of the transactions being part of a dividend reinvestment plan.
Investors and shareholders of Ohio Valley Banc Corp can access the full details of the transactions in the company's SEC filings.
InvestingPro Insights
As Ohio Valley Banc Corp (NASDAQ:OVBC) sees insider buying activity, which can be a strong signal of corporate health and future performance, it's important to consider the broader financial context of the company.
According to InvestingPro data, Ohio Valley Banc Corp has a market capitalization of $111.69 million and a healthy Price/Earnings (P/E) Ratio of 9.7 based on the last twelve months as of Q1 2024. This indicates that the stock may be reasonably valued compared to earnings. Additionally, the company has demonstrated a stable financial performance, with a Revenue Growth of 1.02% in the same period. Furthermore, the Dividend Yield as of mid-April 2024 stands at a substantial 4.35%, underscoring the company's commitment to returning value to shareholders, a streak that has been maintained for 31 consecutive years.
While the company has shown a modest revenue growth, an InvestingPro Tip highlights that OVBC suffers from weak gross profit margins. Despite this, another InvestingPro Tip points out that the company has been profitable over the last twelve months, which complements the insider buying activity.
For investors seeking a deeper dive into Ohio Valley Banc Corp's financial health, additional InvestingPro Tips are available. These tips could provide further insights into whether the recent insider transactions align with the company's financial trajectory. Interested readers can find more tips at: https://www.investing.com/pro/OVBC. Moreover, 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 financial data and analysis.
With the next earnings date slated for July 25, 2024, stakeholders and potential investors will be keen to see if the insider confidence reflected in Barnitz's purchase is echoed in the company's mid-year financial results.
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