Mvb Financial (NASDAQ:MVBF) Issues Quarterly Earnings Results, Misses Estimates By $0.16 EPS

Key Points

• Mvb Financial reported earnings of $0.15 per share for the quarter, which missed analysts' expectations by $0.17.
• The company declared a quarterly dividend of $0.17, which results in an annualized dividend of $0.68 and a yield of 2.91%.
• Recent analyst ratings saw Hovde Group upgrade Mvb Financial from "market perform" to "outperform," raising the target price from $21.50 to $28.00.

Mvb Financial (NASDAQ:MVBF - Get Free Report) issued its earnings results on Monday. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.16), Zacks reports. Mvb Financial had a net margin of 8.68% and a return on equity of 6.31%. The company had revenue of $33.72 million during the quarter, compared to analysts' expectations of $35.80 million.

Mvb Financial Trading Down 1.5%

Mvb Financial stock traded down $0.34 during mid-day trading on Tuesday, hitting $23.00. 46,561 shares of the company's stock were exchanged, compared to its average volume of 41,103. The firm has a market capitalization of $298.89 million, a P/E ratio of 15.75 and a beta of 0.99. Mvb Financial has a fifty-two week low of $15.59 and a fifty-two week high of $25.13. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.24. The company's 50 day simple moving average is $21.58 and its 200-day simple moving average is $19.30.

Mvb Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 15th. Investors of record on Sunday, June 1st were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend was Friday, May 30th. Mvb Financial's payout ratio is presently 46.58%.

Insider Buying and Selling at Mvb Financial

In other news, insider Joseph Ryan Rodriguez purchased 4,125 shares of the company's stock in a transaction on Thursday, May 8th. The shares were purchased at an average price of $18.00 per share, with a total value of $74,250.00. Following the purchase, the insider directly owned 4,125 shares of the company's stock, valued at $74,250. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Larry F. Mazza sold 6,962 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $17.49, for a total value of $121,765.38. Following the completion of the transaction, the chief executive officer owned 626,358 shares of the company's stock, valued at $10,955,001.42. The trade was a 1.10% decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.66% of the company's stock.

Institutional Investors Weigh In On Mvb Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in MVBF. Strs Ohio bought a new position in Mvb Financial in the 1st quarter valued at about $132,000. Jane Street Group LLC purchased a new stake in Mvb Financial in the 1st quarter valued at about $230,000. Empowered Funds LLC increased its stake in Mvb Financial by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,144 shares of the company's stock valued at $245,000 after buying an additional 1,165 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Mvb Financial by 5.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 62,462 shares of the company's stock valued at $1,082,000 after buying an additional 3,213 shares during the last quarter. 52.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Wall Street Zen upgraded Mvb Financial from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Hovde Group upgraded Mvb Financial from a "market perform" rating to an "outperform" rating and increased their target price for the company from $21.50 to $28.00 in a research note on Monday, July 14th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $25.00 target price (up previously from $20.00) on shares of Mvb Financial in a research note on Tuesday, July 8th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $26.75.

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.