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Larry F. Mazza, the CEO of MVB Financial Corp. (NASDAQ:MVBF), has made a significant purchase of the company’s stock. According to a recent SEC filing, Mazza acquired 5,818 shares of MVB Financial’s common stock. The shares were bought at prices ranging from $17.22 to $17.58 per share, totaling approximately $100,000. The purchase comes as the stock trades near its 52-week low of $16.81, with InvestingPro analysis suggesting the stock is currently undervalued.
Following this transaction, Mazza’s direct ownership in the company increased to 613,636 shares. Additionally, it is noted that 495 of these shares were acquired through MVB’s Dividend Reinvestment Plan. The bank, with a market capitalization of $218 million, maintains an attractive 3.89% dividend yield and has consistently paid dividends for 18 consecutive years.
In another holding, Mazza indirectly owns 22,305 shares through Melissa Mazza. Discover more insights about MVBF and access additional analysis with InvestingPro, which offers 8 more exclusive tips for this stock. This activity reflects continued confidence in MVB Financial Corp., a state commercial bank based in Fairmont, West Virginia.
In other recent news, MVB Financial has reported several noteworthy developments. The company has entered into a $17.6 million sale-leaseback transaction involving four of its retail banking branches, effective December 30, 2024. This agreement with Mountainseed Real Estate Services, LLC, will allow MVB Bank to lease back the properties for an initial term of 15 years, with options for extensions. The transaction is expected to generate a pre-tax gain of approximately $11.8 million, which will be offset by savings from depreciation expenses and the investment of the proceeds.
Additionally, Keefe, Bruyette & Woods has maintained an Outperform rating on MVB Financial but lowered the price target from $26.00 to $25.00. The firm cited changes in the regulatory landscape and MVB Financial’s strategic moves, such as exiting the cryptocurrency business, as factors influencing this decision. Despite these adjustments, the analysts expressed optimism about the company’s future, highlighting potential improvements in revenue, growth, and profitability by 2025. The bank’s investments in its payments platform and technology-enabled logistics company, Victor, are beginning to show signs of increased revenue growth. These strategic decisions are seen as steps toward a more stable and growth-oriented future for MVB Financial.
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