MVB Financial Corp. (NASDAQ:MVBF) Sees Significant Growth in Short Interest

MVB Financial Corp. (NASDAQ:MVBFGet Rating) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 216,600 shares, an increase of 9.8% from the August 15th total of 197,300 shares. Based on an average daily trading volume, of 30,900 shares, the days-to-cover ratio is presently 7.0 days. Currently, 2.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MVBF. Piper Sandler lowered their price target on shares of MVB Financial to $34.00 in a report on Monday, July 4th. Hovde Group decreased their target price on shares of MVB Financial to $43.00 in a research report on Monday, August 15th. Finally, Raymond James decreased their target price on shares of MVB Financial from $63.00 to $55.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 7th.

MVB Financial Price Performance

MVBF opened at $31.88 on Monday. The stock has a market capitalization of $389.86 million, a PE ratio of 14.90 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.92 and a current ratio of 0.93. MVB Financial has a 1 year low of $30.19 and a 1 year high of $44.22. The company’s 50 day simple moving average is $32.68 and its 200 day simple moving average is $36.08.

MVB Financial (NASDAQ:MVBFGet Rating) last announced its quarterly earnings results on Monday, August 1st. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.14). The business had revenue of $38.57 million for the quarter, compared to analyst estimates of $37.40 million. MVB Financial had a net margin of 17.79% and a return on equity of 10.43%. As a group, sell-side analysts expect that MVB Financial will post 1.49 EPS for the current year.

MVB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.68 dividend on an annualized basis and a yield of 2.13%. MVB Financial’s dividend payout ratio (DPR) is 31.78%.

Insider Transactions at MVB Financial

In other news, President Donald T. Robinson sold 13,889 shares of MVB Financial stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $31.16, for a total transaction of $432,781.24. Following the completion of the sale, the president now directly owns 37,790 shares in the company, valued at $1,177,536.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 15.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its position in shares of MVB Financial by 50.5% during the second quarter. Goldman Sachs Group Inc. now owns 58,777 shares of the company’s stock worth $1,829,000 after purchasing an additional 19,713 shares in the last quarter. State Street Corp lifted its position in shares of MVB Financial by 2.3% during the second quarter. State Street Corp now owns 184,721 shares of the company’s stock worth $5,747,000 after purchasing an additional 4,130 shares in the last quarter. Citadel Advisors LLC lifted its position in shares of MVB Financial by 180.8% during the second quarter. Citadel Advisors LLC now owns 41,667 shares of the company’s stock worth $1,296,000 after purchasing an additional 26,826 shares in the last quarter. Rhumbline Advisers lifted its position in shares of MVB Financial by 13.4% during the second quarter. Rhumbline Advisers now owns 14,454 shares of the company’s stock worth $450,000 after purchasing an additional 1,713 shares in the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of MVB Financial during the second quarter worth $869,000. 47.38% of the stock is owned by institutional investors and hedge funds.

About MVB Financial

(Get Rating)

MVB Financial Corp., through its subsidiaries, provides financial services to individuals and corporate clients in the Mid-Atlantic region and internationally. The company operates through three segments: CoRe Banking, Mortgage Banking, and 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.

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