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BERRYVILLE, Va. - Eagle Financial Services, Inc. (OTCQX: EFSI), the parent company of Bank of Clarke, has initiated an underwritten public offering of its common stock. Concurrently, the company’s stock has been approved for listing on the Nasdaq Capital Market, trading under the ticker "EFSI." The company, with a market capitalization of $122.1 million, has demonstrated strong financial performance with revenue growth of 11.27% in the last twelve months. According to InvestingPro data, Eagle Financial trades at an attractive P/E ratio of 8.37.
The offering includes a 30-day option for underwriters to purchase additional shares. Eagle Financial aims to channel the net proceeds towards general corporate purposes. These include restructuring the balance sheet, particularly the repositioning of its available-for-sale debt securities portfolio, supporting capital ratios, and fostering continued growth. The company has maintained a strong track record of shareholder returns, with InvestingPro analysis showing 22 consecutive years of dividend increases and a current dividend yield of 3.54%.
Keefe, Bruyette & Woods, A Stifel Company, is the sole bookrunner for the offering, with D.A. Davidson & Co. acting as the lead manager. The offering is pursuant to a registration statement on Form S-3, declared effective by the Securities and Exchange Commission (SEC) on February 28, 2023.
Prospective investors can access more detailed information about the offering and the company by reading the preliminary prospectus supplement and the accompanying prospectus filed with the SEC. Final versions of these documents will be available through the SEC’s website or directly from Keefe, Bruyette & Woods upon request.
Eagle Financial Services, Inc., incorporated in 1991, operates through its subsidiary, Bank of Clarke, offering a range of commercial and retail banking services, as well as trust and investment services in Virginia. Based on InvestingPro’s Fair Value analysis, the stock appears to be fairly valued at current levels. InvestingPro subscribers have access to over 30 additional financial metrics and insights about Eagle Financial’s performance and prospects.
The company has cautioned that this press release contains forward-looking statements subject to risks, uncertainties, and assumptions. As such, actual results could vary significantly from those projected due to various factors, some beyond the company’s control. Eagle Financial advises against placing undue reliance on these forward-looking statements, which are based on expectations as of the date of the press release. For comprehensive analysis of Eagle Financial’s risk factors and growth potential, investors can access detailed financial health scores and growth metrics through InvestingPro.
This article is based on a press release statement from Eagle Financial Services, Inc. and does not constitute financial advice or an endorsement of the company’s strategies or securities.
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