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MOLINE, Ill. - QCR Holdings , Inc. (NASDAQ: NASDAQ:QCRH), a multi-bank holding company, has expanded its Board of Directors with the appointment of two new members, James R. Batten and Amy L. Reasner. Effective last Monday, the board now consists of 13 directors. CEO Larry Helling highlighted the appointees’ strong backgrounds and their connections to the markets QCR serves.
Batten, currently the President of H2D2, LLC, has a history of leadership roles including his tenure as Chair of the Board of Directors at Guaranty Bank and CFO for International Dehydrated Foods. He has been active in community organizations such as AG Financial Solutions and Big Brothers Big Sisters of the Ozarks.
Reasner is the President of Lynch Dallas, P.C. and serves on the Board of Directors of Cedar Rapids Bank and Trust Company. Her professional experience spans across labor and employment law, insurance defense, and internal investigations. She has held positions with the Iowa Department of Transportation and the Iowa Finance Authority, and is actively involved with Willis Dady Homeless Services.
In addition to the board expansion, QCR Holdings announced a cash dividend of $0.06 per share, payable on October 2 to stockholders on record as of September 13.
QCR Holdings operates through its subsidiary banks across various communities, offering banking and wealth management services. The company has a strong presence in the Midwest with 36 locations and reported assets of $8.9 billion as of June 30, 2024. This strategic move aims to strengthen the company's governance and oversight as it continues to grow.
The information for this article is based on a press release statement from QCR Holdings, Inc.
In other recent news, QCR Holdings reported robust financial results for the second quarter of 2024, with a net income of $29 million or $1.72 per diluted share. The company's net interest income increased by 3%, driven by higher average loan balances and an expanded margin. QCR Holdings also experienced a significant acceleration in loan growth during the quarter, with balances rising by 12% from the last quarter on an annualized basis.
Keefe, Bruyette & Woods (KBW) has revised their price target on shares of QCR Holdings, raising it to $82.00 from the previous $70.00 while maintaining its Outperform rating. This follows the financial institution's strong quarter, with operating earnings per share (EPS) of $1.62, surpassing expectations.
Despite a slight decline in total deposits in the second quarter, QCR Holdings has seen an 8% increase year-to-date. The company is planning future securitizations of low-income housing tax credit (LIHTC) loans, with an expectation of continued growth in capital markets revenue and wealth management. However, it anticipates a modest loss from securitization activities in the third quarter but expects overall gains for the year. These are the recent developments in the company's performance.
InvestingPro Insights
As QCR Holdings, Inc. (NASDAQ: QCRH) fortifies its governance with new board members and announces dividends, investors may find recent financial metrics and analyst insights from InvestingPro to be of interest. The company, which boasts a strong Midwest presence and a history of consistent growth, has a market capitalization of $1.21 billion, reflecting its substantial footprint in the banking sector.
InvestingPro data indicates that QCRH has a price-to-earnings (P/E) ratio of 10.68, aligning with industry averages and suggesting a potentially fair valuation relative to its earnings. The company's revenue for the last twelve months as of Q2 2024 stands at $336.45 million, with a modest growth rate of 2.22%. This steady revenue stream has contributed to a robust operating income margin of 39.92%, highlighting efficient management and profitability.
Among the InvestingPro Tips, analysts have noted that QCRH has revised earnings upwards for the upcoming period, hinting at an optimistic outlook for the company's financial performance. Additionally, QCRH has maintained dividend payments for 23 consecutive years, demonstrating a commitment to returning value to shareholders. This consistency is a significant factor for income-focused investors, especially considering the recent cash dividend announcement.
For investors seeking more comprehensive analysis and additional insights, there are currently 8 more InvestingPro Tips available for QCR Holdings at InvestingPro. These tips provide a deeper dive into the company's financial health and future prospects, which could be particularly valuable given the strong returns QCRH has exhibited over various time frames, including a 24.64% return over the last three months.
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