In a recent transaction, Randy Bimes, a director of QNB Corp (OTC:QNBC), purchased shares of the company's stock valued at a total of approximately $13,993. The transactions were carried out over two separate days, with Bimes acquiring shares at prices ranging from $23.01 to $23.49.
On June 28, 2024, Bimes added 434.5937 shares to his holdings at a price of $23.01 per share. A subsequent purchase was made on July 1, 2024, where he acquired another 170 shares at a higher price of $23.49 each. These purchases were part of the company's Non-Employee Director Compensation Plan, which is designed to align the interests of directors with those of shareholders.
The total number of shares owned by Bimes following these transactions has reached 244,656.0928, which includes an additional 1,369.5459 shares acquired through the company's Dividend Reinvestment Plan. This detail was noted in the footnotes of the SEC filing, highlighting the additional ways in which the director has increased his stake in the company.
QNB Corp, with its headquarters in Quakertown, Pennsylvania, operates as a state commercial bank. The bank's stock is traded over the counter, and these recent transactions by a company insider demonstrate a strong vote of confidence in the financial institution's future.
Investors often monitor insider transactions as they can provide insights into the company's performance and prospects as viewed by those closest to its operations. The recent purchases by Director Bimes are no exception and could be interpreted as a positive signal regarding QNB Corp's potential.
In other recent news, QNB Corp, the parent company of QNB Bank, has declared a quarterly cash dividend of $0.37 per share. This dividend, set to be paid on June 28, 2024, is scheduled for shareholders who are on record as of June 14, 2024. This recent development is in line with QNB Corp.'s ongoing practice of returning value to its shareholders and demonstrates the company's commitment to its dividend policy. The announcement reflects the company's current financial position. For more information about QNB Corp.'s financial activities, interested parties can visit the company's official website. This news is based on a press release statement from QNB Corp.
InvestingPro Insights
Following the recent insider transactions by Director Randy Bimes, QNB Corp (OTC:QNBC) continues to present notable figures that may interest investors. With a market capitalization of $86.16 million USD, the company maintains a stable investment profile. As of the last twelve months leading up to Q1 2024, the P/E ratio stands at an adjusted figure of 10.83. This metric, coupled with a dividend yield of 6.3% as of mid-June 2024, underscores the company's commitment to returning value to shareholders.
One of the key InvestingPro Tips for QNB Corp is its track record of raising dividends, with the company increasing its dividend for 13 consecutive years and maintaining dividend payments for an impressive 28 years. This consistent performance is a significant indicator of the company's financial health and dedication to its shareholders. Additionally, QNB Corp has been profitable over the last twelve months, which aligns with the positive sentiment that may be inferred from Director Bimes's recent stock purchases.
Investors considering QNB Corp may find the company an attractive option due to its significant dividend payouts and historically low price volatility, as indicated by another InvestingPro Tip. It's worth noting that there are more tips available for investors seeking deeper insights, with additional InvestingPro Tips listed at https://www.investing.com/pro/QNBC. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. This offer provides access to an array of advanced metrics and expert tips that can further guide investment decisions.
While the company's revenue has seen a decline of 14.73% over the last twelve months as of Q1 2024, the strategic moves by company insiders like Director Bimes could be seen as a reaffirmation of the company's underlying value and future prospects. With a price to book ratio of 0.92, QNB Corp's stock is currently trading below its book value, potentially presenting an opportunity for value investors.
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