Nierenberg Investment Management Company LLC Takes $11.04 Billion Position in Riverview Bancorp Inc $RVSB

Key Points

• Nierenberg Investment Management acquired 2,032,775 Riverview Bancorp shares, representing approximately 10.08% of the company and 5.5% of its portfolio. The filing reports the stake’s value as $11.04 billion, though the stated share count and stock price imply roughly $11 million.
• Institutional investors own 69.6% of RVSB, while analyst sentiment remains negative: Riverview Bancorp has a consensus “Reduce” rating after Wall Street Zen and Weiss Ratings downgraded the stock to “Sell.”
• Riverview Bancorp exceeded quarterly earnings expectations, reporting $0.08 EPS versus $0.07 forecast and $15.01 million in revenue versus $14.80 million expected. Shares opened at $5.09, and the company maintains a quarterly dividend of $0.02 per share, yielding about 1.6% annually.

Nierenberg Investment Management Company LLC acquired a new stake in Riverview Bancorp Inc (NASDAQ:RVSB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,032,775 shares of the savings and loans company's stock, valued at approximately $11,037,968,000. Riverview Bancorp accounts for 5.5% of Nierenberg Investment Management Company LLC's investment portfolio, making the stock its 7th largest holding. Nierenberg Investment Management Company LLC owned approximately 10.08% of Riverview Bancorp as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC grew its position in Riverview Bancorp by 4.0% during the fourth quarter. Barclays PLC now owns 86,231 shares of the savings and loans company's stock worth $433,000 after buying an additional 3,325 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Riverview Bancorp by 122.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,392 shares of the savings and loans company's stock valued at $34,000 after acquiring an additional 3,524 shares during the period. American Century Companies Inc. lifted its position in shares of Riverview Bancorp by 3.8% during the 2nd quarter. American Century Companies Inc. now owns 115,638 shares of the savings and loans company's stock valued at $636,000 after acquiring an additional 4,206 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Riverview Bancorp by 4.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 122,631 shares of the savings and loans company's stock worth $616,000 after acquiring an additional 5,359 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Riverview Bancorp by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 471,324 shares of the savings and loans company's stock worth $2,366,000 after acquiring an additional 5,793 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company's stock.

Insider Activity

In related news, major shareholder Nierenberg Investment Manageme sold 5,000 shares of Riverview Bancorp stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of $5.25, for a total transaction of $26,250.00. Following the completion of the transaction, the insider directly owned 89,388 shares in the company, valued at $469,287. The trade was a 5.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders purchased 3,426 shares of company stock worth $18,194. Insiders own 3.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RVSB. Wall Street Zen cut Riverview Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Weiss Ratings cut Riverview Bancorp from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Riverview Bancorp presently has a consensus rating of "Reduce".

Riverview Bancorp Price Performance

Shares of NASDAQ RVSB opened at $5.09 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.94 and a debt-to-equity ratio of 0.31. The company's 50-day moving average price is $5.40 and its 200 day moving average price is $5.43. Riverview Bancorp Inc has a 52 week low of $4.74 and a 52 week high of $6.22. The stock has a market cap of $101.55 million, a price-to-earnings ratio of -26.79 and a beta of 0.49.

Riverview Bancorp (NASDAQ:RVSB - Get Free Report) last announced its earnings results on Wednesday, July 29th. The savings and loans company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Riverview Bancorp had a negative net margin of 5.87% and a positive return on equity of 3.12%. The company had revenue of $15.01 million during the quarter, compared to analysts' expectations of $14.80 million. As a group, research analysts forecast that Riverview Bancorp Inc will post 0.28 earnings per share for the current fiscal year.

Riverview Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Thursday, July 9th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, July 9th. Riverview Bancorp's dividend payout ratio (DPR) is -42.11%.

About Riverview Bancorp

Riverview Bancorp, Inc NASDAQ: RVSB is the bank holding company for Riverview Bank, a community-oriented financial institution headquartered in Pittsburgh, Pennsylvania. Through its subsidiary, the company provides a comprehensive suite of personal and commercial banking services designed to meet the needs of individuals, small businesses and local organizations.

The company's deposit offerings include checking and savings accounts, certificates of deposit and money market accounts, all supported by online and mobile banking platforms.

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