Riverview Bancorp (NASDAQ:RVSB) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Riverview Bancorp reported earnings of $0.06 per share for the quarter, surpassing the consensus estimate of $0.05.
• The company declared a quarterly dividend of $0.02 per share, resulting in an annualized yield of 1.54%.
• Analyst Raymond James upgraded the stock's price target to $7.00, reflecting increased confidence in Riverview Bancorp's performance.

Riverview Bancorp (NASDAQ:RVSB - Get Free Report) issued its quarterly earnings results on Tuesday. The savings and loans company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01, Zacks reports. The business had revenue of $13.27 million for the quarter, compared to analysts' expectations of $13.30 million. Riverview Bancorp had a net margin of 6.95% and a return on equity of 3.23%.

Riverview Bancorp Price Performance

RVSB stock traded down $0.11 during mid-day trading on Friday, hitting $4.82. The company had a trading volume of 63,856 shares, compared to its average volume of 103,120. The company has a market capitalization of $101.12 million, a price-to-earnings ratio of 20.08 and a beta of 0.50. Riverview Bancorp has a 12-month low of $4.31 and a 12-month high of $6.59. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average price of $5.49 and a 200 day moving average price of $5.59.

Riverview Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Thursday, July 10th were paid a $0.02 dividend. The ex-dividend date was Thursday, July 10th. This represents a $0.08 annualized dividend and a yield of 1.7%. Riverview Bancorp's payout ratio is presently 33.33%.

Analysts Set New Price Targets

Separately, Raymond James Financial reiterated an "outperform" rating and set a $7.00 price target (up previously from $6.25) on shares of Riverview Bancorp in a research note on Friday, May 2nd.

Institutional Trading of Riverview Bancorp

A hedge fund recently raised its stake in Riverview Bancorp stock. Empowered Funds LLC boosted its stake in Riverview Bancorp Inc (NASDAQ:RVSB - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 101,394 shares of the savings and loans company's stock after purchasing an additional 6,988 shares during the quarter. Empowered Funds LLC owned about 0.48% of Riverview Bancorp worth $573,000 as of its most recent SEC filing. Institutional investors own 69.60% of the company's stock.

Riverview Bancorp announced that its Board of Directors has approved a stock repurchase program on Tuesday, April 29th that authorizes the company to repurchase $2.00 million in outstanding shares. This repurchase authorization authorizes the savings and loans company to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Riverview Bancorp Company Profile

Riverview Bancorp, Inc operates as a bank holding company for Riverview Bank that provides commercial banking services to small and medium size businesses, professionals, and wealth building individuals. It offers a range of deposit products, including demand deposits, negotiable order of withdrawal accounts, money market accounts, savings accounts, certificates of deposit, and retirement savings plans.