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FAIRMONT, W.Va. - MVB Financial Corp. (NASDAQ:MVBF), the parent company of MVB Bank, Inc., has revealed plans to repurchase up to $10 million of its common stock, representing approximately 4% of its current $238.71 million market capitalization. The program is set to commence in May 2025 and will continue until the allocated funds are exhausted, the program is terminated, or it is otherwise concluded.
The repurchase strategy will involve acquiring shares through open-market transactions, block transactions, and privately negotiated deals, under the regulatory framework of the Securities and Exchange Commission. The company will base its timing and volume of repurchases on market conditions, stock price, trading volume, and other corporate and regulatory factors.
Larry F. Mazza, CEO of both MVB Bank and MVB Financial, stated that the company’s solid capital standing allows for this buyback initiative, aimed at reinforcing shareholder value. He affirmed MVB’s dedication to the prosperity of its clients, shareholders, and the communities it serves. According to InvestingPro data, the company maintains a healthy P/E ratio of 12.29 and has demonstrated its commitment to shareholders through 18 consecutive years of dividend payments, currently yielding 3.7%.
MVB Financial Corp. operates in the financial services sector, catering to individual and corporate clients primarily in the Mid-Atlantic region. It is traded on The Nasdaq Capital Market® and is known for its investment in financial technology firms as part of its business strategy. InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers. Want to discover more undervalued opportunities? Check out our Most Undervalued Stocks list.
The announcement contains forward-looking statements that indicate the company’s expectations for the future, which are subject to various risks and uncertainties. MVB Financial has cautioned that these statements are projections, and actual outcomes may differ significantly. Factors influencing these potential deviations include market conditions, operational and credit risks, economic shifts, competition, and regulatory changes.
This stock repurchase program is based on a press release statement from MVB Financial Corp. and reflects the company’s current financial strategies and market operations.
In other recent news, MVB Financial has been the subject of analyst attention from Keefe, Bruyette & Woods, who maintained an Outperform rating for the company while adjusting the stock price target from $26.00 to $25.00. This change follows a challenging year for MVB Financial, marked by increased regulatory scrutiny, particularly affecting Banking-as-a-Service banks. In response, MVB Financial has enhanced its risk management and compliance controls and made strategic decisions to exit its cryptocurrency business. These measures aim to mitigate risks and allow the company to focus on its core operations. The investments in its payments platform and Victor, a technology-enabled logistics company, are beginning to show signs of increased revenue growth. Despite a reduction in the earnings per share estimate, analysts express optimism for significant improvements in revenue and profitability by 2025. The company is currently trading at 80% of its tangible book value, which analysts view as an attractive valuation. MVB Financial’s strategic shifts are seen as steps toward a more stable and growth-oriented future.
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