In a recent filing with the Securities and Exchange Commission, Oak Valley Bancorp reported the outcomes of its Annual Meeting of Stockholders, which took place on Monday. During the meeting, shareholders voted on two key proposals.
The first proposal was the re-election of four board members. Shareholders cast their votes as follows: Donald L. Barton received 4,300,894 votes for and 265,770 votes withheld; Thomas A. Haidlen had 4,500,507 votes for and 66,157 votes withheld; Daniel L. Leonard received 4,418,383 votes for and 148,281 votes withheld; and Richard A. McCarty had 4,523,697 votes for and 42,967 votes withheld.
All nominees were re-elected to serve a three-year term on the board. The number of non-votes for each nominee was 1,760,433.
The second proposal was to ratify the appointment of RSM US, LLP as the company's registered public accounting firm for the year 2024. This proposal received overwhelming support, with 6,285,594 votes for, 34,579 votes against, and 6,924 abstentions.
The meeting results confirm the shareholders' confidence in both the board members and the appointed auditors. Oak Valley Bancorp, a state commercial bank headquartered in Oakdale, California, is listed on The Nasdaq Stock Market LLC under the trading symbol OVLY.
The information provided in this article is based on a press release statement from Oak Valley Bancorp's SEC filing.
InvestingPro Insights
Amidst the backdrop of Oak Valley Bancorp's recent shareholder meeting, a look at the company's financial metrics offers further insight into its valuation and performance. Oak Valley Bancorp, with a market capitalization of $193.19 million, is trading at a P/E ratio of just over 7, reflecting a valuation that may appeal to investors seeking potentially undervalued stocks. The company's commitment to rewarding shareholders is evident, as it has not only maintained but also raised its dividend for 11 consecutive years, showcasing a stable and shareholder-friendly policy.
InvestingPro Tips suggest that Oak Valley Bancorp is trading at a low earnings multiple, which could indicate that the stock is currently undervalized. Additionally, the company's profitability over the last twelve months is noteworthy, especially in a challenging economic climate. However, it's important to note that the company does face challenges with weak gross profit margins, which could impact future earnings potential.
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Considering the company's performance, including a 1.92% dividend yield and a 40.62% dividend growth in the last twelve months, Oak Valley Bancorp may represent a blend of income and growth potential for investors. With the next earnings date set for July 19, 2024, stakeholders and potential investors will be keenly awaiting further developments that could influence the company's stock performance.
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