The Manufacturers Life Insurance Company Invests $7.67 Million in Ohio Valley Banc Corp. $OVBC

The Manufacturers Life Insurance Company acquired a new stake in Ohio Valley Banc Corp. (NASDAQ:OVBC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 176,497 shares of the bank’s stock, valued at approximately $7,665,000.

Other institutional investors have also modified their holdings of the company. Deutsche Bank AG lifted its position in Ohio Valley Banc by 25.1% during the fourth quarter. Deutsche Bank AG now owns 2,285 shares of the bank’s stock valued at $91,000 after buying an additional 458 shares in the last quarter. Royal Bank of Canada increased its position in shares of Ohio Valley Banc by 20.0% in the fourth quarter. Royal Bank of Canada now owns 3,019 shares of the bank’s stock worth $120,000 after acquiring an additional 503 shares in the last quarter. Empowered Funds LLC raised its stake in shares of 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 acquiring an additional 558 shares during the period. Bridgeway Capital Management LLC raised its stake in shares of Ohio Valley Banc by 2.5% in the 2nd quarter. Bridgeway Capital Management LLC now owns 33,312 shares of the bank’s stock valued at $1,074,000 after acquiring an additional 810 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Ohio Valley Banc by 66.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,999 shares of the bank’s stock worth $111,000 after purchasing an additional 1,197 shares during the period. Hedge funds and other institutional investors own 22.06% of the company’s stock.

Ohio Valley Banc Stock Down 0.0%

NASDAQ OVBC opened at $45.58 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.29. Ohio Valley Banc Corp. has a fifty-two week low of $32.97 and a fifty-two week high of $54.96. The business has a 50 day moving average price of $43.79 and a two-hundred day moving average price of $44.56. The stock has a market cap of $214.68 million, a PE ratio of 15.14 and a beta of 0.04.

Ohio Valley Banc (NASDAQ:OVBC) last posted its quarterly earnings data on Monday, July 27th. The bank reported $0.62 earnings per share (EPS) for the quarter. Ohio Valley Banc had a net margin of 14.31% and a return on equity of 8.37%. The company had revenue of $18.58 million for the quarter.

Ohio Valley Banc Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Friday, July 24th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, July 24th. Ohio Valley Banc’s dividend payout ratio (DPR) is presently 33.22%.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Ohio Valley Banc from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

Ohio Valley Banc Profile

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.