Nierenberg Investment Management Company LLC Buys New Position in Riverview Bancorp Inc $RVSB

Nierenberg Investment Management Company LLC bought a new stake in Riverview Bancorp Inc (NASDAQ:RVSB) during the second quarter, HoldingsChannel.com reports. The fund bought 2,032,775 shares of the savings and loans company’s stock, valued at approximately $11,037,968,000. Riverview Bancorp accounts for approximately 5.5% of Nierenberg Investment Management Company LLC’s holdings, making the stock its 7th largest holding. Nierenberg Investment Management Company LLC owned 0.10% of Riverview Bancorp at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Riverview Bancorp during the second quarter worth about $7,042,000. Bank of New York Mellon Corp purchased a new position in shares of Riverview Bancorp during the second quarter valued at approximately $59,000. Bank of America Corp DE boosted its position in Riverview Bancorp by 11.0% during the first quarter. Bank of America Corp DE now owns 131,533 shares of the savings and loans company’s stock worth $723,000 after acquiring an additional 13,070 shares during the last quarter. Renaissance Technologies LLC boosted its position in Riverview Bancorp by 21.1% during the first quarter. Renaissance Technologies LLC now owns 319,207 shares of the savings and loans company’s stock worth $1,756,000 after acquiring an additional 55,700 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Riverview Bancorp by 109.0% during the first quarter. Sei Investments Co. now owns 127,602 shares of the savings and loans company’s stock worth $702,000 after acquiring an additional 66,552 shares during the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on RVSB. Wall Street Zen downgraded Riverview Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Weiss Ratings cut Riverview Bancorp from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

Riverview Bancorp Trading Down 1.0%

NASDAQ RVSB opened at $5.09 on Thursday. Riverview Bancorp Inc has a 12 month low of $4.74 and a 12 month high of $6.22. The company has a 50-day moving average of $5.40 and a 200-day moving average of $5.43. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.93 and a quick ratio of 0.94. The company has a market cap of $101.55 million, a P/E ratio of -26.79 and a beta of 0.49.

Riverview Bancorp (NASDAQ:RVSB) last announced its quarterly earnings data on Wednesday, July 29th. The savings and loans company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Riverview Bancorp had a negative net margin of 5.87% and a positive return on equity of 3.12%. The business had revenue of $15.01 million for the quarter, compared to analyst estimates of $14.80 million. As a group, equities analysts predict that Riverview Bancorp Inc will post 0.28 earnings per share for the current year.

Riverview Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Investors of record on Thursday, July 9th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $0.08 annualized dividend and a yield of 1.6%. Riverview Bancorp’s dividend payout ratio is -42.11%.

Insiders Place Their Bets

In other Riverview Bancorp news, major shareholder Nierenberg Investment Manageme sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $5.25, for a total transaction of $26,250.00. Following the transaction, the insider owned 89,388 shares of the company’s stock, valued at $469,287. This trade represents a 5.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have purchased a total of 3,426 shares of company stock worth $18,194 over the last quarter. Company insiders own 3.90% of the company’s stock.

About Riverview Bancorp

Riverview Bancorp, Inc (NASDAQ: RVSB) is the bank holding company for Riverview Bank, a community-oriented financial institution headquartered in Pittsburgh, Pennsylvania. Through its subsidiary, the company provides a comprehensive suite of personal and commercial banking services designed to meet the needs of individuals, small businesses and local organizations.

The company’s deposit offerings include checking and savings accounts, certificates of deposit and money market accounts, all supported by online and mobile banking platforms.