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FAIRFAX, VA—Ali R. Manouchehri, a director at MainStreet Bancshares, Inc. (NASDAQ:MNSB), recently acquired 5,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The purchase, made on December 12, 2024, was executed at a price of $20.69 per share, totaling $103,450. The stock, currently trading at $20.48, appears overvalued according to InvestingPro analysis, despite showing strong returns of over 20% in the past six months.
Following this transaction, Manouchehri's direct ownership in MainStreet Bancshares stands at 6,791 shares. Additionally, the director holds 500 depositary shares. The transaction highlights ongoing insider activity within the company, which operates as a state commercial bank headquartered in Fairfax, Virginia. With a market capitalization of $151 million and a 2% dividend yield, MainStreet Bancshares maintains a "Fair" financial health rating according to InvestingPro, which offers 6 additional key insights about the company's performance and outlook.
In other recent news, MainStreet Bancshares has issued its Q3 2024 earnings guidance, a key update for investors. The company also announced a quarterly cash dividend for its 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, amounting to approximately $0.47 per Depositary Share, or $18.75 per share of Series A Preferred Stock. Furthermore, a cash dividend of $0.10 per share was declared for its common stockholders.
In governance updates, Elizabeth S. Bennett, a long-standing board member, has retired and resigned from the Board of Directors. The company has also issued 1,150,000 depositary shares, each representing a 1/40th ownership interest in a share of the Series A Preferred Stock.
These recent developments are part of MainStreet Bancshares' ongoing commitment to maintain transparency and provide updates on the bank's progress and strategic initiatives. Future dividends for the Series A Preferred Stock and associated Depositary Shares are expected to be paid quarterly in arrears, subject to declaration by the Board of Directors. The company's Board of Directors will continue to evaluate the possibility of future dividends based on the company's financial performance and other relevant factors.
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