Anna P. Barnitz, a director at Ohio Valley Banc Corp (NASDAQ:OVBC), recently increased her holdings in the company. On November 22, she purchased a total of 59.2055 common shares at a price of $25.3354 each, amounting to approximately $1,499. This transaction was part of a voluntary cash purchase for a dividend reinvestment plan (DRIP).
Additionally, Barnitz acquired shares through a dividend reinvestment plan, with three separate acquisitions of 0.3217 common shares each, all priced at $25.3354. These transactions, however, were not direct purchases but were part of the DRIP. Following these transactions, Barnitz's direct ownership stands at 8,410.7039 shares.
In other recent news, Ohio Valley Banc Corp. has reported a 20.8% increase in quarterly earnings to $2,719,000, up from the previous year's figures. This surge in earnings was attributed to robust loan growth and the successful introduction of the Sweet Home Ohio deposit account. Despite the positive quarterly results, the nine-month net income saw a decrease, falling to $8,484,000 from $9,408,000 in the previous year.
The company also declared a cash dividend of $0.22 per share, payable to shareholders in November 2024. This decision reflects Ohio Valley Banc Corp.'s continual commitment to its investors. Furthermore, the company extended its stock buyback program until August 2025, allowing for the repurchase of up to $5 million in shares of the company's outstanding common stock.
Ohio Valley Banc Corp. has also seen an increase in net interest income for the quarter by $349,000, despite a decrease in earnings in the same period. These recent developments highlight Ohio Valley Banc Corp.'s commitment to enhancing shareholder value and effectively managing its capital.
InvestingPro Insights
Anna P. Barnitz's recent purchase of Ohio Valley Banc Corp (NASDAQ:OVBC) shares aligns with several positive indicators for the company. According to InvestingPro data, OVBC has shown strong performance recently, with a significant 20.59% price return over the last month and an impressive 25.65% year-to-date total return. This upward momentum is further supported by the stock trading near its 52-week high, at 99.18% of that peak.
The director's decision to reinvest dividends through a DRIP program underscores OVBC's commitment to shareholder returns. An InvestingPro Tip highlights that the company has maintained dividend payments for 31 consecutive years, demonstrating a consistent track record of returning value to shareholders. Currently, OVBC offers a dividend yield of 3.16%, which may be attractive to income-focused investors.
From a valuation perspective, OVBC appears reasonably priced with a P/E ratio of 11.28 and a price-to-book ratio of 0.86, suggesting potential value for investors. The company's profitability over the last twelve months, as noted in another InvestingPro Tip, further supports the positive outlook for the stock.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 7 more tips available for OVBC, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.