News Alert: Severn Bancorp (NASDAQ:SVBI)

Severn Bancorp (NASDAQ:SVBI) stock observed trading -35.89% off 52-week high price. On the other end, the stock has been noted 43.02% away from low price over the last 52-weeks. The stock disclosed a move of 0.07% away from 50 day moving average and -17.28% away from 200 day moving average. Moving closer, we can see that shares have been trading -1.41% off 20-day moving average. It has market cap of $77.89M and dividend yield of 2.63%.

On July 24, 2020, Severn Bancorp (NASDAQ:SVBI) the parent company of Severn Bank (the Bank), declared net income of $1.7 million for the second quarter ended June 30, 2020 and $2.3 million for the six months ended June 30, 2020 compared to $2.2 million and $4.8 million for the same periods in 2019. Earnings per share on a fully diluted basis were $0.14 for the second quarter and $0.18 per share for the first six months of 2020, down from $0.17 and $0.37 per share, respectively, from the second quarter and first six months of 2019.

Response to COVID-19

The Company continues to monitor the impact of the COVID-19 pandemic. Its goal is to keep employees and customers safe. To that end, some employees are working remotely and those who are on-site are practicing appropriate social distancing and other protocols that are designed to avoid COVID-19.

The Company is closely monitoring the effects of the pandemic on our loan and deposit customers. Our management team is focused on assessing the risks in our loan portfolio and working with customers to minimize losses. We have implemented loan programs to allow customers who were required to close or reduce their business operations to temporarily defer loan principal and interest payments. The Company is also participating in the SBA Paycheck Protection Program (PPP) to help disburse loans to our business customers to provide them with additional working capital. To date, the Company has funded 428 PPP loans totaling in excess of $47 million, and is working diligently with the SBA to qualify customers to receive PPP loans while they are still available. Through the first six months of 2020 the Company performed 123 short-term COVID-19 related modifications of loans totaling $96.6 million.

The USA based company Severn Bancorp moved with change of 0.16% to $6.09 with the total traded volume of 2353 shares in recent session versus to an average volume of 8.51K. The stock was observed in the 5 days activity at 0.33%. The one month performance of stock was -4.84%. SVBI’s shares are at 18.48% for the quarter and driving a -28.60% return over the course of the past year and is now at -34.59% since this point in 2018.  Right now the stock beta is 0.74. The average volatility for the week and month was at 3.74% and 4.39% respectively. There are 12.81M shares outstanding and 9.67M shares are floated in market.

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