John Elliott Dooley, a director of National Bankshares Inc. (NASDAQ:NKSH), has recently increased his stake in the company with the purchase of additional shares. On June 4, Dooley acquired a total of 470 shares of common stock, investing approximately $13,833.
The transactions were executed in two separate buys, with prices ranging from $29.33 to $29.49 per share. The first purchase involved 300 shares at $29.49 each, and the second comprised 170 shares at $29.33 per share. Following these acquisitions, Dooley's ownership in National Bankshares Inc. has reached 13,272 shares.
This financial activity was disclosed in a filing with the Securities and Exchange Commission on June 6, reflecting Dooley's continued confidence in the bank's performance and prospects.
National Bankshares Inc., with its headquarters in Blacksburg, Virginia, operates as a community bank and provides various banking products and services. The bank's commitment to local development and personalized service has been a cornerstone of its business philosophy.
Investors often monitor insider buying as it can signal executives' belief in the company's future success. Dooley's recent stock purchases may thus be seen as a positive sign by the market and National Bankshares' stakeholders.
InvestingPro Insights
As insiders like John Elliott Dooley increase their holdings in National Bankshares Inc. (NASDAQ:NKSH), investors are taking note of the company's financial metrics and market performance. Here are some insights based on the latest data from InvestingPro:
National Bankshares boasts a solid track record with dividends, having increased its payout for three consecutive years and maintained payments for an impressive 30 years. This consistency, highlighted in the InvestingPro Tips, underscores the company's commitment to shareholder returns, even as the market cap currently stands at a modest $172.69 million.
The bank's price-to-earnings (P/E) ratio, a gauge of its valuation, is currently at 12.96, with a slight adjustment to 12.57 when looking at the last twelve months as of Q1 2024. This adjusted P/E ratio suggests a reasonable valuation relative to earnings, which may appeal to value-oriented investors. Moreover, National Bankshares has demonstrated a strong return over the last month, with a 13.91% increase, reflecting a positive short-term trend in its stock price.
However, it's important to note that the company faces challenges with its gross profit margins and is expected to see a net income drop this year, as mentioned in the InvestingPro Tips. Additionally, revenue has seen a decline of 23.77% over the last twelve months as of Q1 2024, indicating potential headwinds in its financial growth trajectory.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available for National Bankshares Inc., which can be accessed with an exclusive offer. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more in-depth look into the company's financial health and future prospects.
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