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

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

Analysts Set New Price Targets

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

MainStreet Bank Stock Performance

The business has a 50-day moving average price of $23.74 and a 200-day moving average price of $22.62. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $177.07 million, a price-to-earnings ratio of 12.50 and a beta of 0.53.

MainStreet Bank (NASDAQ:MNSB) last posted its quarterly earnings data on Monday, April 20th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. MainStreet Bank had a return on equity of 9.13% and a net margin of 12.94%.The firm had revenue of $1.39 million during the quarter, compared to analysts’ expectations of $20.30 million. As a group, sell-side analysts forecast that MainStreet Bank will post 2.26 earnings per share for the current year.

MainStreet Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $0.10 dividend. The ex-dividend date 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%.

Insiders Place Their Bets

In other news, CFO Richard Alexander Vari sold 4,500 shares of the business’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $23.20, for a total transaction of $104,400.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.17% of the company’s stock.

Hedge Funds Weigh In On MainStreet Bank

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new stake in shares of MainStreet Bank during the fourth quarter worth $41,000. BNP Paribas Financial Markets increased its position in shares of MainStreet Bank by 58.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,761 shares of the company’s stock valued at $37,000 after acquiring an additional 650 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of MainStreet Bank in the 3rd quarter valued at $76,000. Bank of America Corp DE raised its stake in MainStreet Bank by 70.4% in the 2nd quarter. Bank of America Corp DE now owns 5,840 shares of the company’s stock worth $110,000 after acquiring an additional 2,413 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in 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.