MainStreet Bank (NASDAQ:MNSB) Shares Up 2.9% – Here’s Why

MainStreet Bank (NASDAQ:MNSB) shares rose 2.9% on Thursday . The company traded as high as $25.04 and last traded at $24.87. Approximately 32,245 shares were traded during trading, a decline of 32% from the average session volume of 47,387 shares. The stock had previously closed at $24.18.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of MainStreet Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy”.

MainStreet Bank Trading Up 2.9%

The firm has a market capitalization of $177.07 million, a P/E ratio of 12.50 and a beta of 0.53. The stock has a 50-day simple moving average of $23.74 and a two-hundred day simple moving average of $22.62. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.37.

MainStreet Bank (NASDAQ:MNSB) last posted its quarterly earnings results on Monday, April 20th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. The business had revenue of $1.39 million for the quarter, compared to the consensus estimate of $20.30 million. MainStreet Bank had a return on equity of 9.13% and a net margin of 12.94%. On average, equities research analysts anticipate that MainStreet Bank will post 2.26 earnings per share for the current year.

MainStreet Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. MainStreet Bank’s dividend payout ratio (DPR) is 20.10%.

Insider Activity at MainStreet Bank

In other news, CFO Richard Alexander Vari sold 4,500 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $23.20, for a total value of $104,400.00. Following the completion of the sale, the chief financial officer owned 34,036 shares in the company, valued at approximately $789,635.20. The trade was a 11.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.17% of the company’s stock.

Hedge Funds Weigh In On MainStreet Bank

Several institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in MainStreet Bank by 58.5% during the third quarter. BNP Paribas Financial Markets now owns 1,761 shares of the company’s stock worth $37,000 after buying an additional 650 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of MainStreet Bank in the 4th quarter valued at $41,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of MainStreet Bank in the 1st quarter valued at $61,000. JPMorgan Chase & Co. raised its position in shares of MainStreet Bank by 66,480.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,329 shares of the company’s stock worth $63,000 after acquiring an additional 3,324 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of MainStreet Bank in the 2nd quarter worth $73,000. 52.29% of the stock is owned by hedge funds and other institutional investors.

MainStreet Bank Company Profile

MainStreet Bank Group, Inc (NASDAQ: MNSB) is the bank holding company for MainStreet Bank, a community bank headquartered in Westborough, Massachusetts. Through its subsidiary, the company provides a full range of commercial and consumer banking services designed to meet the financial needs of individuals, small businesses, and non-profit organizations. Its core focus is on building long?term relationships within the communities it serves.

MainStreet Bank’s product suite includes deposit accounts such as checking, savings, money market and certificate of deposit offerings, as well as a variety of lending solutions.