LYNCHBURG, VA – Bank of the James Financial Group Inc. (NASDAQ:BOTJ) has announced a quarterly cash dividend of $0.10 per share on its common stock. The announcement came following a Board of Directors meeting held on Tuesday, October 15, 2024. Stockholders of record at the close of business on November 22, 2024, will be eligible for the dividend, which is scheduled to be paid on December 6, 2024.
This financial event was disclosed in a recent 8-K filing with the U.S. Securities and Exchange Commission. The filing did not include any additional financial statements, pro forma financial information, or details of transactions involving shell companies, indicating that the dividend declaration was the primary focus of the report.
The dividend reflects the company's commitment to providing returns to its shareholders and is a common practice for Bank of the James Financial Group Inc., which operates within the state commercial banks sector under the standard industrial classification code 6022.
Bank of the James Financial Group Inc., headquartered on Main Street in Lynchburg, Virginia, has been a part of the local community for years, offering various banking services. The declaration of the dividend is a testament to the company's financial health and its ability to generate sufficient cash flow to share profits with its investors.
The company's stock is traded on The NASDAQ Capital Market under the trading symbol BOTJ, with a par value of $2.14 for its common stock. Shareholders and potential investors can find more information about the company's financials and other investor-related announcements in its SEC filings.
In other recent news, Bank of the James Financial Group has announced a quarterly cash dividend of $0.10 per share, scheduled for payment on September 20, 2024. This is in line with the company's regular pattern of dividend distributions, highlighting its financial health and commitment to shareholder returns. The company also reported a rise in its Q1 earnings, with net income increasing to $2.19 million from $1.98 million in the previous year, primarily driven by a 15.51% rise in total interest income. However, the bank's net interest margin saw a decrease to 3.02% from 3.48% due to prevailing interest rate conditions.
Non-interest income also increased to $3.31 million, led by commercial treasury services and wealth management income. In addition, the bank plans to expand its presence in the Roanoke, Lexington, and Charlottesville markets with new offices in the second quarter of 2024.
InvestingPro Insights
Bank of the James Financial Group Inc.'s recent dividend announcement aligns with its track record of consistent shareholder returns. According to InvestingPro Tips, the company has raised its dividend for 3 consecutive years and has maintained dividend payments for 11 consecutive years. This demonstrates a commitment to rewarding shareholders and suggests financial stability.
InvestingPro data reveals that BOTJ is trading at a low earnings multiple, which could be attractive to value investors. The company has also been profitable over the last twelve months, supporting its ability to continue dividend payments. However, it's worth noting that BOTJ suffers from weak gross profit margins, which may impact future dividend growth potential.
Interestingly, there has been a large price uptick over the last six months, which could reflect market optimism about the company's prospects. Investors seeking more comprehensive analysis can access additional InvestingPro Tips, with 3 more tips available for BOTJ on the InvestingPro platform.
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