WOOSTER, Ohio - Wayne Savings Bancshares, Inc. (OTCQX:WAYN), the parent company of Wayne Savings Community Bank, announced a quarterly cash dividend of $0.23 per share for the first quarter ending March 31, 2024. The dividend is payable on May 1, 2024, to shareholders of record as of April 17, 2024.
The bank, which was established in 1899, operates fourteen full-service banking locations across various communities in Ohio. As of December 31, 2023, Wayne Savings Bancshares reported total assets of approximately $809.9 million. The company also reported deposits totaling $693.1 million and stockholders’ equity of $53.0 million, equating to 6.5% of the total assets.
The announcement is based on a press release statement by the company and reflects the continued practice of sharing profits with shareholders. The company's forward-looking statements indicate that actual results may vary due to several factors, including interest rates, competitive factors, loan demand, and general economic conditions.
Investors are advised that forward-looking statements involve risks and uncertainties and are cautioned not to place undue reliance on such statements, which speak only as of their dates. The company has stated it will not update these forward-looking statements after the date they are made.
Wayne Savings Bancshares, Inc. has a history of providing financial services in its market area and has been a fixture in the Ohio banking community for over a century. The dividend declaration follows the company's financial performance and strategic decisions by its management and board of directors.
InvestingPro Insights
Wayne Savings Bancshares, Inc. (OTCQX:WAYN) has recently declared a dividend, reflecting its continued commitment to returning value to its shareholders. In light of this announcement, a closer look at the company's financial metrics provides a clearer picture of its valuation and performance.
With a market capitalization of $53.41 million and a price-to-earnings (P/E) ratio of 6.81, which adjusts to 6.16 based on last twelve months as of Q4 2023, the company shows a valuation that could be appealing to value-oriented investors.
The company's revenue growth has seen a slight uptick of 1.58% in the last twelve months as of Q4 2023, suggesting a stable financial position. However, it is important to note that the quarterly revenue growth during Q4 2023 saw a decline of -4.48%, indicating potential short-term challenges. Additionally, the InvestingPro Fair Value estimate of $26.24 suggests there may be room for the stock price to grow, relative to the previous close price of $24.26.
InvestingPro Tips highlight the company's strong operating income margin of 46.25% for the same period, which could be a sign of efficient management and profitability. Moreover, the dividend yield stands at 3.79% as of the latest data, which could be attractive to income-focused investors. For those interested in further insights and analysis, InvestingPro offers additional tips to help make informed investment decisions. With the coupon code PRONEWS24, new subscribers can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Investors considering Wayne Savings Bancshares as part of their portfolio should note the upcoming earnings date on April 17, 2024, which may provide further information on the company's financial health and future prospects.
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