Marie Ziegler, a director at QCR Holdings Inc. (NASDAQ:QCRH), recently acquired 80 shares of the company's common stock. The purchase, which took place on October 17, was made at a price of $81.38 per share, amounting to a total transaction value of $6,510. Following this acquisition, Ziegler holds a total of 30,873 shares directly. Additionally, she has indirect holdings of 200 shares by her spouse and 19,471 shares held by a trust. The acquisition was executed under a pre-arranged Rule 10b5-1 trading plan, which Ziegler adopted on November 3, 2022.
In other recent news, QCR Holdings has made significant strategic shifts and reported robust financial results. The company has ceased offering new loans and leases through its subsidiary, m2 Equipment Finance, in a move to enhance profitability and reduce credit losses. This decision is part of a strategy to focus on business units with higher deposit gathering potential. QCR Holdings also expects to recognize one-time restructuring expenses of about $2.1 million and a goodwill write-down of approximately $0.4 million in the third quarter of 2024.
In addition, QCR Holdings has reported a net income of $29 million or $1.72 per diluted share for the second quarter of 2024. The company's net interest income increased by 3%, driven by higher average loan balances and an expanded margin. Loan growth also accelerated, with balances rising by 12% from the previous quarter on an annualized basis.
QCR Holdings' Board of Directors has been expanded with the appointment of two new members, James R. Batten and Amy L. Reasner. The company also announced a cash dividend of $0.06 per share. In terms of analyst attention, Keefe, Bruyette & Woods (KBW) revised their price target on shares of QCR Holdings, raising it to $82.00 from the previous $70.00 while maintaining its Outperform rating. These are the recent developments regarding QCR Holdings.
InvestingPro Insights
Marie Ziegler's recent acquisition of QCR Holdings Inc. (NASDAQ:QCRH) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown strong performance, with a 69.9% total return over the past year and a 41.11% return in the last six months. This upward trend is further supported by the fact that QCRH is trading near its 52-week high, at 97.41% of that peak.
InvestingPro Tips reveal that five analysts have revised their earnings upwards for the upcoming period, suggesting growing confidence in the company's financial prospects. Additionally, QCRH has maintained dividend payments for 23 consecutive years, demonstrating a commitment to shareholder returns that may have influenced Ziegler's decision to increase her stake.
The company's financial health appears robust, with a P/E ratio of 11.76, indicating a potentially undervalued stock relative to earnings. QCRH's revenue for the last twelve months stands at $336.45 million, with an impressive operating income margin of 39.92%.
These insights from InvestingPro provide context to Ziegler's purchase and suggest a positive outlook for QCR Holdings. Investors seeking more comprehensive analysis can access additional tips and metrics through the InvestingPro product, which offers a total of 11 tips for QCRH.
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