Raymond James Reaffirms Outperform Rating for Riverview Bancorp (NASDAQ:RVSB)

Raymond James reiterated their outperform rating on shares of Riverview Bancorp (NASDAQ:RVSB) in a report issued on Friday morning,Benzinga reports. Raymond James currently has a $7.00 target price on the savings and loans company’s stock, up from their previous target price of $6.25.

Separately, StockNews.com started coverage on shares of Riverview Bancorp in a report on Friday, March 7th. They set a “hold” rating for the company.

Riverview Bancorp Trading Down 0.3 %

Shares of Riverview Bancorp stock opened at $6.38 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.86 and a current ratio of 0.86. Riverview Bancorp has a 52-week low of $3.30 and a 52-week high of $6.59. The stock has a market cap of $133.83 million, a PE ratio of 159.54 and a beta of 0.50. The firm has a 50-day moving average of $5.60 and a 200-day moving average of $5.45.

Riverview Bancorp (NASDAQ:RVSB) last issued its quarterly earnings data on Tuesday, April 29th. The savings and loans company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Riverview Bancorp had a net margin of 1.13% and a return on equity of 2.92%. The business had revenue of $12.90 million during the quarter, compared to analyst estimates of $12.40 million. As a group, sell-side analysts forecast that Riverview Bancorp will post 0.2 EPS for the current year.

Riverview Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Monday, April 14th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 1.25%. The ex-dividend date was Monday, April 14th. Riverview Bancorp’s dividend payout ratio is presently 34.78%.

Riverview Bancorp declared that its Board of Directors has approved a stock repurchase plan on Tuesday, April 29th that permits the company to buyback $2.00 million in outstanding shares. This buyback authorization permits the savings and loans company to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, major shareholder Martin S. Friedman sold 186,348 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $5.18, for a total value of $965,282.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nierenberg Investment Management Company Inc. boosted its stake in shares of Riverview Bancorp by 21.3% during the 4th quarter. Nierenberg Investment Management Company Inc. now owns 1,286,422 shares of the savings and loans company’s stock worth $7,384,000 after acquiring an additional 225,822 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Riverview Bancorp by 17.6% during the 4th quarter. Ameriprise Financial Inc. now owns 943,332 shares of the savings and loans company’s stock valued at $5,415,000 after buying an additional 141,400 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Riverview Bancorp in the fourth quarter worth about $224,000. Pacific Ridge Capital Partners LLC grew its holdings in shares of Riverview Bancorp by 2.4% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 651,442 shares of the savings and loans company’s stock worth $3,739,000 after purchasing an additional 15,395 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in Riverview Bancorp during the 4th quarter valued at $87,000. 69.60% of the stock is owned by institutional investors.

About Riverview Bancorp

Riverview Bancorp, Inc operates as a bank holding company for Riverview Bank that provides commercial banking services to small and medium size businesses, professionals, and wealth building individuals. It offers a range of deposit products, including demand deposits, negotiable order of withdrawal accounts, money market accounts, savings accounts, certificates of deposit, and retirement savings plans.