Share Buyback Program Approved by American National BankShares (AMNB) Board of Directors

American National BankShares (NASDAQ:AMNB) declared that its Board of Directors has initiated a share repurchase plan, which allows the company to repurchase 300,000 outstanding shares on Friday, January 19th, EventVestor reports. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

A number of equities analysts have issued reports on AMNB shares. Zacks Investment Research raised shares of American National BankShares from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research note on Tuesday, January 2nd. ValuEngine raised shares of American National BankShares from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. BidaskClub raised shares of American National BankShares from a “sell” rating to a “hold” rating in a research report on Thursday, January 11th. Raymond James Financial reissued a “market perform” rating on shares of American National BankShares in a research report on Friday, October 20th. Finally, National Bank Financial cut shares of American National BankShares to a “market perform” rating in a research report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $40.50.

Shares of American National BankShares (NASDAQ:AMNB) traded up $0.50 during midday trading on Friday, hitting $39.60. 12,700 shares of the stock were exchanged, compared to its average volume of 12,387. The company has a market capitalization of $346.81, a PE ratio of 22.50 and a beta of 0.75. American National BankShares has a 52 week low of $33.80 and a 52 week high of $42.99. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18.

American National BankShares (NASDAQ:AMNB) last announced its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.01. The company had revenue of $18.17 million for the quarter, compared to analysts’ expectations of $18.02 million. American National BankShares had a net margin of 19.74% and a return on equity of 8.65%. analysts forecast that American National BankShares will post 2.55 EPS for the current fiscal year.

In other news, Director F D. Hornaday III sold 1,500 shares of American National BankShares stock in a transaction on Friday, December 1st. The shares were sold at an average price of $40.31, for a total transaction of $60,465.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Majors sold 1,800 shares of American National BankShares stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $39.51, for a total transaction of $71,118.00. Following the transaction, the director now directly owns 55,786 shares in the company, valued at $2,204,104.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,500 shares of company stock worth $179,052. Insiders own 6.39% of the company’s stock.

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American National BankShares Company Profile

American National Bankshares Inc is a one-bank holding company. American National Bank and Trust Company (the Bank) is the only banking subsidiary of the Company. The Company operates through two segments: community banking, and trust and investment services. The Community banking segment involves making loans to and generating deposits from individuals and businesses.

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