Bank of America Corp DE Acquires 12,723 Shares of MVB Financial Corp. (NASDAQ:MVBF)

Bank of America Corp DE increased its stake in shares of MVB Financial Corp. (NASDAQ:MVBF - Free Report) by 85.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,652 shares of the company's stock after buying an additional 12,723 shares during the period. Bank of America Corp DE owned about 0.21% of MVB Financial worth $572,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in shares of MVB Financial in the fourth quarter worth about $111,000. Wells Fargo & Company MN increased its stake in shares of MVB Financial by 20.3% in the fourth quarter. Wells Fargo & Company MN now owns 8,705 shares of the company's stock worth $180,000 after purchasing an additional 1,467 shares in the last quarter. Empowered Funds LLC increased its stake in shares of MVB Financial by 5.1% in the fourth quarter. Empowered Funds LLC now owns 12,979 shares of the company's stock worth $269,000 after purchasing an additional 625 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of MVB Financial in the fourth quarter worth about $311,000. Finally, Fourthstone LLC purchased a new position in shares of MVB Financial in the fourth quarter worth about $343,000. Hedge funds and other institutional investors own 52.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MVBF shares. Raymond James reduced their target price on shares of MVB Financial from $24.00 to $20.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their price objective on shares of MVB Financial from $26.00 to $25.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd.

MVB Financial Price Performance

Shares of MVBF stock traded up $0.27 during trading hours on Thursday, reaching $20.50. The stock had a trading volume of 27,535 shares, compared to its average volume of 31,469. The stock's fifty day simple moving average is $17.97 and its 200 day simple moving average is $18.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.24. MVB Financial Corp. has a 12 month low of $15.59 and a 12 month high of $25.24. The firm has a market capitalization of $266.40 million, a PE ratio of 13.40 and a beta of 0.96.

MVB Financial (NASDAQ:MVBF - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.06. MVB Financial had a net margin of 8.78% and a return on equity of 6.76%. The company had revenue of $33.68 million during the quarter, compared to analyst estimates of $34.48 million. On average, equities research analysts predict that MVB Financial Corp. will post 1.4 EPS for the current year.

MVB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 15th. Stockholders of record on Sunday, June 1st will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.32%. MVB Financial's dividend payout ratio (DPR) is currently 46.58%.

Insider Activity

In related news, insider Joseph Ryan Rodriguez bought 4,125 shares of the company's stock in a transaction on Thursday, May 8th. The stock was acquired at an average cost of $18.00 per share, for a total transaction of $74,250.00. Following the completion of the transaction, the insider now directly owns 4,125 shares in the company, valued at $74,250. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Larry F. Mazza sold 6,962 shares of MVB Financial stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $17.49, for a total transaction of $121,765.38. Following the sale, the chief executive officer now owns 626,358 shares of the company's stock, valued at approximately $10,955,001.42. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 6,700 shares of company stock worth $120,777. 11.66% of the stock is owned by company insiders.

MVB Financial Company Profile

MVB Financial Corp. operates as bank holding company for MVB Bank, Inc that provides financial services to individuals and corporate clients. The company operates through three segments: CoRe Banking, Mortgage Banking, and The Financial Holding Company. It offers various demand deposit accounts, savings accounts, money market accounts, and certificates of deposit; and commercial, consumer, and real estate mortgage loans, as well as lines of credit.