Ohio Valley Banc (NASDAQ:OVBC) Releases Quarterly Earnings Results

Key Points

• Ohio Valley Banc reported quarterly earnings of $0.91 EPS, with a net margin of 16.56% and a return on equity of 9.58%.
• The bank increased its quarterly dividend to $0.25 (annualized $1.00), a 2.2% yield; the ex-dividend date is April 24 and the payout is scheduled for May 10.
• Shares rose 0.3% to $45.83 (market cap ~$215.8M, P/E ~13.8) and carry a consensus Buy rating, amid recent institutional buying including a large increase by Geode Capital.

Ohio Valley Banc (NASDAQ:OVBC - Get Free Report) issued its earnings results on Tuesday. The bank reported $0.91 earnings per share (EPS) for the quarter, Zacks reports. Ohio Valley Banc had a net margin of 16.56% and a return on equity of 9.58%.

Ohio Valley Banc Stock Up 0.3%

Shares of Ohio Valley Banc stock traded up $0.13 during trading hours on Tuesday, hitting $45.83. The company had a trading volume of 11,755 shares, compared to its average volume of 11,722. The company's 50-day moving average is $43.63 and its two-hundred day moving average is $40.67. Ohio Valley Banc has a twelve month low of $27.50 and a twelve month high of $47.12. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $215.84 million, a P/E ratio of 13.84 and a beta of -0.04.

Ohio Valley Banc Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 10th. Stockholders of record on Friday, April 24th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, April 24th. This is a positive change from Ohio Valley Banc's previous quarterly dividend of $0.23. Ohio Valley Banc's dividend payout ratio (DPR) is currently 30.21%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Ohio Valley Banc in a report on Friday, March 27th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy".

Institutional Trading of Ohio Valley Banc

Several institutional investors and hedge funds have recently bought and sold shares of OVBC. Empowered Funds LLC raised its position in Ohio Valley Banc by 6.4% in the 1st quarter. Empowered Funds LLC now owns 9,302 shares of the bank's stock valued at $242,000 after purchasing an additional 558 shares during the last quarter. Jane Street Group LLC purchased a new stake in Ohio Valley Banc in the 1st quarter valued at $232,000. Geode Capital Management LLC raised its position in Ohio Valley Banc by 119.1% in the 2nd quarter. Geode Capital Management LLC now owns 87,940 shares of the bank's stock valued at $2,835,000 after purchasing an additional 47,796 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in Ohio Valley Banc in the 2nd quarter valued at $58,000. Finally, New York State Common Retirement Fund purchased a new stake in Ohio Valley Banc in the 2nd quarter valued at $110,000. Hedge funds and other institutional investors own 22.06% of the company's stock.

About Ohio Valley Banc

Ohio Valley Banc Corp is a bank holding company headquartered in Wheeling, West Virginia, operating through its principal subsidiary, The Ohio Valley Bank. As a locally focused financial institution, the company delivers a range of banking and financial solutions designed to meet the needs of individual, small business and commercial clients across its service area.

Through its subsidiary, Ohio Valley Banc offers traditional banking products including checking and savings accounts, certificates of deposit and consumer and residential mortgage loans.

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