U.S. Markets closed

Riverview Bancorp Hits New 52-Week High

Zacks Equity Research

Shares of Riverview Bancorp Inc. (RVSB) crafted a new 52-week high, touching $3.30 at the closing of the trading session on Feb 7. However, the stock closed the session at $3.23, which reflects a solid return of 53.8% in a year’s time. The trading volume for the session was 12,571 shares.

Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock has plenty of upside left, given its strong estimate revisions over the last 30 days.

Growth Drivers

Impressive fiscal third-quarter 2014 results, including a significant improvement in the credit quality, as well as a strong capital position were the primary growth drivers for Riverview Bancorp.

On Jan 30, Riverview Bancorp reported its fiscal third-quarter 2014 earnings of 4 cents per share, significantly beating the Zacks Consensus Estimate of 2 cents. With this, the company delivered positive earnings surprises in 2 of the trailing 4 quarters.

A year-over-year increase of 14.2% in non-interest income and a decline of 9.75% in non-interest expenses were the tailwinds for the quarter. Also, asset quality exhibited a marked improvement.

Nonperforming assets declined 44.2% year over year while the quarter witnessed net recoveries as against net charge offs in the prior-year quarter. On the flip side, interest income fell 18% year over year and net loan balances declined 6.3%.

Estimate Revisions Show Potency

Over the last 30 days, the Zacks Consensus Estimate for 2014 advanced 15.4% to 15 cents per share. For 2015, it moved north 13.3% to 17 cents per share.

Some better-ranked Savings & Loan Institutes include Flushing Financial Corp. (FFIC), Kearny Financial Corp. (KRNY) and Meridian Interstate Bancorp, Inc. (EBSB). All these stocks carry a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on RVSB
Read the Full Research Report on KRNY
Read the Full Research Report on EBSB
Read the Full Research Report on FFIC

Zacks Investment Research