Following the announcement of financial results, stocks generally move one way or another but the Pacific Valley Bancorp (OTCMKTS:PVBK) stock remained in a range on Thursday.
On Thursday, PVBK stock went down 2.10% to $10.35 with more than 26K shares, compared to its average volume of 622 shares. The stock moved within a range of $10.25 – 10.52 after opening trade at $10.52.
Pacific Valley Bancorp Announces Its First Quarter 2022 Financial Results
Despite that, it may still be a good idea for investors to consider taking a look at some of the highlights form the first fiscal quarter financial results for the period ended on March 31, 2022. The company announced that it had managed to bring in net income to the tune of as much as $1.14 million for the quarter and that represented a jump of 64% from the previous quarter. It goes without saying that a sequential jump to such a degree is a positive for Pacific Valley.
On the other hand, the earnings per share for the period stood at $0.28 and that was again higher than the $0.17 that had been generated in the previous quarter. Despite the rather strong performance from the company, it did not seem to have an effect on investors in any way. Hence, it is going to be interesting to see if the stock can manage to make a move either way today. It could be a good move to keep an eye on the Pacific Valley stock today.
Anker Fanoe, President and CEO, commented, “We have hit the ground running in 2022. With the strengthened team that we put together in 2021, we have seen core loan growth of 5% in the first quarter. As PPP loans are forgiven, our focus is to strengthen our customer and community relationships to deploy the liquidity back into our marketplace. We are excited for the rest of the year and the continued success of the Company.”
PVBK stock is below the 20-Day and 50-Day Moving averages of $10.79 and $10.94 respectively. Moreover, the stock is trading below the 200-Day moving average of $10.88.