GALLIPOLIS, Ohio - Ohio Valley Banc Corp. (NASDAQ: OVBC) announced a cash dividend of $0.22 per common share on Tuesday, which will be payable on November 10, 2024, to shareholders of record by October 25, 2024. The declaration of this dividend reflects the company's performance and commitment to its shareholders.
Tom Wiseman, OVBC's Chairman of the Board, expressed pride in the company's employees and their dedication to serving the community, stating, "I'm proud of the effort put forth by our bankers in pursuit of our Community First mission. Their commitment to our customers and the communities they serve is simply outstanding. We look forward to a strong finish to 2024."
Ohio Valley Banc Corp., headquartered in Gallipolis, Ohio, operates The Ohio Valley Bank Company with 17 offices across Ohio and West Virginia, and Loan Central, Inc., which has six consumer finance offices in Ohio.
This dividend announcement follows the company's ongoing efforts to provide value to its shareholders and highlights the financial institution's stability and focus on community-based banking. The information regarding the dividend is based on a press release statement from Ohio Valley Banc Corp.
In other recent news, Ohio Valley Banc Corp. reported a decrease in Q2 earnings for 2024 with a consolidated net income of $2,972,000, a reduction from the same period last year. The company's earnings per share for the second quarter stood at $0.63, compared to $0.68 in the prior year's second quarter. In addition, the company declared a quarterly cash dividend of $0.22 per share, payable on November 10, 2024, to shareholders of record as of October 25, 2024.
Furthermore, Ohio Valley Banc Corp extended its stock buyback program until August 31, 2025. The program allows for the repurchase of up to $5 million in shares of the company's outstanding common stock. To date, the company has repurchased approximately $2.967 million worth of its common stock under this program.
In other developments, Ohio Valley Banc Corp. noted an increase in net interest income for the quarter by $349,000, despite a six-month comparison showing a decrease from the prior year. These recent developments highlight the company's ongoing commitment to enhancing shareholder value and managing its capital effectively.
InvestingPro Insights
Ohio Valley Banc Corp.'s (NASDAQ: OVBC) recent dividend announcement aligns well with its track record of shareholder returns. According to InvestingPro data, OVBC boasts a dividend yield of 3.82%, which is particularly attractive in the current market environment. Moreover, an InvestingPro Tip reveals that the company has maintained dividend payments for an impressive 31 consecutive years, underscoring its commitment to consistent shareholder returns.
Despite a slight revenue decline of 2.07% over the last twelve months, OVBC remains profitable, as highlighted by another InvestingPro Tip. This profitability is further reflected in the company's price-to-earnings (P/E) ratio of 9.74, which suggests the stock may be undervalued compared to industry peers.
The company's price-to-book ratio of 0.74 indicates that OVBC is trading below its book value, potentially offering value to investors. This metric, combined with InvestingPro's fair value estimate of $26.85 per share (compared to the previous close of $23.05), suggests there might be room for price appreciation.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and metrics that could provide a deeper understanding of OVBC's financial health and market position. The InvestingPro product includes 13 more tips for OVBC, which could be valuable for those considering an investment in this community-focused bank.
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