MVB Financial Corp. (NASDAQ:MVBF – Get 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 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
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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