In a recent transaction, Anna P. Barnitz, a director at Ohio Valley Banc Corp (NASDAQ:OVBC), acquired common shares of the company valued at $1,499. The shares were purchased at a price of $24.95 each, on August 14, 2024. This purchase is part of a series of transactions that included shares acquired under a dividend reinvestment plan.
The transaction, which was voluntary and involved cash for the company's Dividend Reinvestment Plan (DRIP), led to Barnitz owning a total of 8,207.7599 shares directly after the acquisition. Additionally, Barnitz reported acquiring 71.8429 shares, which increased the direct holdings to 8,279.6028 shares. The ending balance of shares owned by Barnitz differed from amounts previously reported due to the shares acquired under the dividend reinvestment plan.
The transactions demonstrate a continuing investment by the executive in Ohio Valley Banc Corp, a state commercial bank headquartered in Gallipolis, Ohio. The company is known for providing a variety of banking and financial services to individuals and businesses in the region.
Investors often monitor insider transactions such as these for insights into executive confidence in the company's performance and outlook. The disclosure of these transactions is part of the regulatory requirements that ensure transparency in the financial markets.
For those interested in the company's stock performance, Ohio Valley Banc Corp trades under the ticker OVBC on the NASDAQ exchange. As always, investors are encouraged to consider the context of such transactions within their broader investment strategy and market performance.
In other recent news, Ohio Valley Banc Corp. reported a dip in its Q2 earnings with a consolidated net income of $2,972,000, marking a decrease of $277,000 from the same period last year. Furthermore, the first half of 2024 saw a net income of $5,765,000, a 19.4% decrease from the first six months of 2023. Amid these developments, the company launched the SWEET HOME OHIO account, a high-interest savings product aimed at aiding home buyers in Ohio.
In addition, Ohio Valley Banc Corp. saw an increase in net interest income for the quarter by $349,000, but a six-month comparison showed a $183,000 decrease from the prior year. The provision for credit loss expense for the quarter increased by $157,000 from the previous year, primarily due to a $50 million increase in loan balances. Nonperforming loans as a percentage of total loans rose to 0.50% at the end of the quarter.
On a different note, Ohio Valley Banc Corp. announced a dividend payout. Shareholders of record as of July 26, 2024, will receive a dividend of $0.22 per share, to be paid on August 10, 2024. This decision reflects the company's ongoing practice of returning value to its shareholders. These are the latest developments for Ohio Valley Banc Corp.
InvestingPro Insights
Ohio Valley Banc Corp (NASDAQ:OVBC) has recently caught the attention of investors not only due to insider transactions but also due to its notable financial metrics and performance. An analysis through InvestingPro has highlighted several key data points that could be of interest to shareholders and potential investors.
The company's market capitalization stands at a robust $110.71 million, and it boasts a price-to-earnings (P/E) ratio of 10.27, which adjusts to 9.85 when looking at the last twelve months as of Q2 2024. This suggests that the stock may be reasonably valued compared to earnings. Additionally, Ohio Valley Banc Corp has demonstrated a strong operating income margin of 25.44% over the same period, indicating efficient management and profitability.
InvestingPro Tips have further illuminated aspects of Ohio Valley Banc Corp's financial health and investor appeal. Notably, the company has maintained dividend payments for an impressive 31 consecutive years, showcasing a commitment to returning value to shareholders. Moreover, the stock has experienced a strong return over the last month, with a 16.55% price total return, underscoring a positive short-term performance trend.
For those seeking deeper insights, InvestingPro offers additional tips on Ohio Valley Banc Corp, which can be found at InvestingPro's Ohio Valley Banc Corp page. Currently, there are more tips available that can provide investors with a comprehensive understanding of the company's financial standing and future prospects.
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