MVBF - MVB Financial stock climbs 8% after earnings RayJay resumes coverage at Outperform

MVB Financial ( NASDAQ: MVBF ) stock climbed 8.1% on Tuesday after the company posted Q4 results largely in line with estimates, after which Raymond James resumed coverage at Outperform on its attractive value proposition.

Q4 EPS was $0.50 vs. $0.77 in Q4 2021, while revenue grew 10.3% Y/Y to $39.77M. Net interest margin was 4.57%, up 32 bps sequentially and 129 bps Y/Y. Net interest income on a tax-equivalent basis was $33.7M, up 12% sequentially and 54.6% Y/Y.

"Core earnings power improved, driven by NIM expansion and NII growth, while our actions to right-size the cost base drove expenses lower, resulting in positive operating leverage," said CEO Larry Mazza.

"We believe we're at an inflection point for profitability as MVBF continues to integrate the businesses and gain market share," said Raymond James analyst David Feaster. "We believe management's goals are achievable, and based on its current EPS growth profile, we see the value proposition as very attractive."

Raymond James set a $29 price target on MVB ( MVBF ), implying 19.9% potential upside to its last close.

Its stance is in line with bullish sell-side views but contrasts SA Quant's Sell rating .

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