MainStreet Bank (NASDAQ:MNSB) Releases Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• MainStreet Bank reported quarterly earnings of $0.58 per share, topping analysts’ estimates by $0.05.
• The bank announced a quarterly dividend of $0.10 per share, equal to a 1.6% annualized yield and a payout ratio of about 20.1%.
• Sentiment around the stock improved modestly, with Weiss Ratings upgrading MainStreet Bank from hold to buy and the overall consensus remaining a Moderate Buy.

MainStreet Bank (NASDAQ:MNSB - Get Free Report) posted its quarterly earnings results on Monday. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05, Zacks reports. MainStreet Bank had a return on equity of 9.13% and a net margin of 12.94%.

MainStreet Bank Price Performance

Shares of NASDAQ:MNSB opened at $24.49 on Monday. MainStreet Bank has a fifty-two week low of $17.86 and a fifty-two week high of $25.28. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.37. The firm has a 50-day simple moving average of $23.76 and a 200 day simple moving average of $22.65. The company has a market cap of $174.36 million, a PE ratio of 12.31 and a beta of 0.53.

MainStreet Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, May 4th. MainStreet Bank's dividend payout ratio (DPR) is currently 20.10%.

Insiders Place Their Bets

In other MainStreet Bank news, CFO Richard Alexander Vari sold 4,500 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $23.20, for a total transaction of $104,400.00. Following the completion of the transaction, the chief financial officer directly owned 34,036 shares of the company's stock, valued at $789,635.20. The trade was a 11.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MainStreet Bank

Large investors have recently bought and sold shares of the stock. Mendon Capital Advisors Corp increased its stake in shares of MainStreet Bank by 22.8% during the fourth quarter. Mendon Capital Advisors Corp now owns 47,312 shares of the company's stock valued at $963,000 after acquiring an additional 8,786 shares during the period. Empowered Funds LLC lifted its position in MainStreet Bank by 9.6% in the fourth quarter. Empowered Funds LLC now owns 31,362 shares of the company's stock worth $639,000 after purchasing an additional 2,755 shares during the period. Bridgeway Capital Management LLC lifted its position in MainStreet Bank by 17.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 60,742 shares of the company's stock worth $1,237,000 after purchasing an additional 9,155 shares during the period. Trexquant Investment LP bought a new position in MainStreet Bank during the 4th quarter valued at $239,000. Finally, Squarepoint Ops LLC bought a new stake in shares of MainStreet Bank in the 4th quarter worth $701,000. Institutional investors and hedge funds own 52.29% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded MainStreet Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy".

About MainStreet Bank

MainStreet Bank Group, Inc NASDAQ: MNSB is the bank holding company for MainStreet Bank, a community bank headquartered in Westborough, Massachusetts. Through its subsidiary, the company provides a full range of commercial and consumer banking services designed to meet the financial needs of individuals, small businesses, and non-profit organizations. Its core focus is on building long‐term relationships within the communities it serves.

MainStreet Bank's product suite includes deposit accounts such as checking, savings, money market and certificate of deposit offerings, as well as a variety of lending solutions.

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