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MVB Financial Rewards Shareholders With Additional Buybacks
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MVB Financial Corp. (MVBF - Free Report) recently announced that it will continue with its current stock-repurchase program. The company has approved the repurchase of up to $5 million worth of outstanding common stock.
Following this favorable development, shares of the company appreciated 4.3%, reflecting investor optimism.
The program will continue for the next 12 months or till the time the aggregate authorized share repurchases are completed, whichever is earlier. Currently, the company has about 12.1 million shares of common stock issued and 12 million shares of common stock outstanding.
The shares that have been authorized to be repurchased under the extended program represent 3.05% of the company’s issued shares and 3.07% of the company’s outstanding shares. As of Jul 31, 2020, the company had repurchased about 49,100 common shares through its previously-announced stock-repurchase program.
Notably, MVB Financial has been paying regular quarterly dividends as well. In February 2020, it hiked the dividend by 29%. The latest dividend of 9 cents per share was last paid on Jun 15, 2020.
Over the past year, shares of MVB Financial have depreciated 20.9% compared with the 11.6% decline of the industry it belongs to.
A few other finance stocks that have announced new/additional buyback authorizations in 2020 include PennyMac Financial (PFSI - Free Report) , Jefferies Financial (JEF - Free Report) and First Midwest Bancorp, Inc. .
PennyMac Financial announced that it would repurchase 6.9 million shares at a price of $34 per share from The BlackRock Foundation, the charitable arm of BlackRock, Inc. Jefferies Financial increased its buyback program of $250 million in January, while First Midwest announced a new share-buyback plan in February, with the authorization to repurchase common shares worth $200 million.
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MVB Financial Rewards Shareholders With Additional Buybacks
MVB Financial Corp. (MVBF - Free Report) recently announced that it will continue with its current stock-repurchase program. The company has approved the repurchase of up to $5 million worth of outstanding common stock.
Following this favorable development, shares of the company appreciated 4.3%, reflecting investor optimism.
The program will continue for the next 12 months or till the time the aggregate authorized share repurchases are completed, whichever is earlier. Currently, the company has about 12.1 million shares of common stock issued and 12 million shares of common stock outstanding.
The shares that have been authorized to be repurchased under the extended program represent 3.05% of the company’s issued shares and 3.07% of the company’s outstanding shares. As of Jul 31, 2020, the company had repurchased about 49,100 common shares through its previously-announced stock-repurchase program.
Notably, MVB Financial has been paying regular quarterly dividends as well. In February 2020, it hiked the dividend by 29%. The latest dividend of 9 cents per share was last paid on Jun 15, 2020.
Over the past year, shares of MVB Financial have depreciated 20.9% compared with the 11.6% decline of the industry it belongs to.
Currently, MVB Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few other finance stocks that have announced new/additional buyback authorizations in 2020 include PennyMac Financial (PFSI - Free Report) , Jefferies Financial (JEF - Free Report) and First Midwest Bancorp, Inc. .
PennyMac Financial announced that it would repurchase 6.9 million shares at a price of $34 per share from The BlackRock Foundation, the charitable arm of BlackRock, Inc. Jefferies Financial increased its buyback program of $250 million in January, while First Midwest announced a new share-buyback plan in February, with the authorization to repurchase common shares worth $200 million.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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