Assenagon Asset Management S.A. Boosts Stock Position in MVB Financial Corp. (NASDAQ:MVBF)

Assenagon Asset Management S.A. raised its holdings in MVB Financial Corp. (NASDAQ:MVBF) by 19.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,258 shares of the company’s stock after acquiring an additional 3,077 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.15% of MVB Financial worth $373,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. TimesSquare Capital Management LLC grew its holdings in shares of MVB Financial by 53.5% in the first quarter. TimesSquare Capital Management LLC now owns 945,290 shares of the company’s stock worth $21,089,000 after purchasing an additional 329,355 shares during the last quarter. Vanguard Group Inc. increased its position in shares of MVB Financial by 5.5% during the first quarter. Vanguard Group Inc. now owns 558,946 shares of the company’s stock worth $12,470,000 after acquiring an additional 29,237 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of MVB Financial by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 343,623 shares of the company’s stock valued at $6,405,000 after purchasing an additional 18,649 shares during the period. Russell Investments Group Ltd. grew its stake in MVB Financial by 8.0% in the first quarter. Russell Investments Group Ltd. now owns 80,552 shares of the company’s stock worth $1,797,000 after purchasing an additional 5,973 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in MVB Financial by 25.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 70,492 shares of the company’s stock worth $1,314,000 after purchasing an additional 14,176 shares during the period. Hedge funds and other institutional investors own 52.72% of the company’s stock.

MVB Financial Price Performance

NASDAQ MVBF opened at $19.10 on Monday. The company has a market cap of $246.92 million, a PE ratio of 13.45 and a beta of 1.05. The firm’s 50 day moving average price is $19.86 and its 200-day moving average price is $19.74. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.94 and a current ratio of 0.94. MVB Financial Corp. has a 52-week low of $17.51 and a 52-week high of $25.24.

MVB Financial (NASDAQ:MVBF) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.19). The company had revenue of $53.28 million during the quarter, compared to analysts’ expectations of $35.90 million. MVB Financial had a net margin of 8.49% and a return on equity of 6.34%. Sell-side analysts forecast that MVB Financial Corp. will post 1.38 EPS for the current fiscal year.

MVB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.56%. The ex-dividend date was Friday, August 30th. MVB Financial’s payout ratio is 47.89%.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their price target on MVB Financial from $25.00 to $29.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st.

MVB Financial 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.