CB Financial Services (NASDAQ:CBFV) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Key Points

• CB Financial Services reported a quarterly EPS of $0.74, surpassing analysts' expectations of $0.65.
• The company announced a share buyback plan authorized for $5 million, reflecting confidence in the valuation of its stock.
• Analysts have upgraded their ratings, with Keefe, Bruyette & Woods raising the target price from $31.00 to $39.00 after the earnings announcement.

CB Financial Services (NASDAQ:CBFV - Get Free Report) posted its quarterly earnings data on Thursday. The bank reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.08, Zacks reports. The business had revenue of $14.17 million during the quarter, compared to the consensus estimate of $13.96 million. CB Financial Services had a net margin of 14.43% and a return on equity of 7.79%.

CB Financial Services Trading Down 0.2%

Shares of CBFV stock opened at $32.64 on Friday. CB Financial Services has a 52-week low of $26.01 and a 52-week high of $34.00. The stock has a market cap of $162.87 million, a price-to-earnings ratio of 15.18 and a beta of 0.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a fifty day moving average of $32.89 and a 200-day moving average of $30.44.

CB Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.26 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.2%. CB Financial Services's dividend payout ratio is currently 48.37%.

CB Financial Services declared that its Board of Directors has initiated a share repurchase plan on Thursday, September 4th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the bank to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, COO Jennifer L. George sold 5,042 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $33.15, for a total value of $167,142.30. Following the completion of the transaction, the chief operating officer owned 12,285 shares in the company, valued at approximately $407,247.75. This represents a 29.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.70% of the company's stock.

Institutional Investors Weigh In On CB Financial Services

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of CB Financial Services by 902.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,457 shares of the bank's stock worth $70,000 after purchasing an additional 2,212 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of CB Financial Services during the 2nd quarter worth about $73,000. Raymond James Financial Inc. acquired a new stake in shares of CB Financial Services during the 2nd quarter worth about $99,000. New York State Common Retirement Fund acquired a new stake in shares of CB Financial Services during the 2nd quarter worth about $105,000. Finally, Bank of America Corp DE increased its position in shares of CB Financial Services by 1,093.4% during the 4th quarter. Bank of America Corp DE now owns 3,807 shares of the bank's stock worth $109,000 after purchasing an additional 3,488 shares in the last quarter. Institutional investors and hedge funds own 33.06% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on CBFV shares. Keefe, Bruyette & Woods raised shares of CB Financial Services from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $31.00 to $39.00 in a report on Thursday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of CB Financial Services in a research report on Wednesday, October 8th. DA Davidson raised their price target on shares of CB Financial Services from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Finally, Wall Street Zen upgraded shares of CB Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, CB Financial Services currently has an average rating of "Moderate Buy" and a consensus target price of $35.50.

CB Financial Services Company Profile

CB Financial Services, Inc operates as the bank holding company for Community Bank that provides various banking products and services for individuals and businesses in southwestern Pennsylvania, West Virginia, and Ohio. The company's primary deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts, as well as time deposit products.