Michael Seth Isaac, a director at Ohio Valley Banc Corp (NASDAQ:OVBC), has increased his stake in the company through a recent stock purchase. According to the latest filing, Isaac acquired 118.411 common shares at a price of $25.3354 per share, totaling approximately $2,999. This transaction was part of a voluntary cash contribution for a dividend reinvestment plan (DRIP), as noted in the filing. Following this acquisition, Isaac now holds a total of 242.479 shares directly.
In other recent news, Ohio Valley Banc Corp. reported a 20.8% increase in quarterly net income, reaching $2,719,000. Despite this growth, the nine-month net income fell to $8,484,000, a decrease from the previous year's $9,408,000. The company's President and CEO, Larry Miller, attributed the positive quarterly results to strong loan growth and the successful launch of the Sweet Home Ohio deposit account.
The company also reported an increase in net interest income for the quarter by $1,205,000 and a slight increase in the provision for credit loss expense to $920,000 for the quarter. In addition, Ohio Valley Banc Corp. set a cash dividend of $0.22 per common share, reflecting the company's commitment to its shareholders.
The bank has also extended its stock buyback program until August 31, 2025, allowing for the repurchase of up to $5 million in shares of the company's outstanding common stock. To date, approximately $2.967 million worth of shares have been repurchased under this program. These are the recent developments for Ohio Valley Banc Corp.
InvestingPro Insights
Michael Seth Isaac's recent investment in Ohio Valley Banc Corp (NASDAQ:OVBC) aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown significant strength, with InvestingPro Tips noting a "strong return over the last month" and "trading near 52-week high." In fact, OVBC's stock price is currently at 99.18% of its 52-week high, reflecting robust investor confidence.
The director's decision to reinvest dividends through a DRIP program is particularly noteworthy given OVBC's impressive dividend history. An InvestingPro Tip reveals that the company "has maintained dividend payments for 31 consecutive years," demonstrating a long-standing commitment to shareholder returns. 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 financial performance also seems solid, with a revenue growth of 3.72% over the last twelve months and an operating income margin of 25.88%.
These insights provide context to Isaac's investment decision and highlight OVBC's financial stability. InvestingPro offers 7 additional tips for OVBC, providing even more comprehensive analysis for investors interested in delving deeper into the company's prospects.
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