CB Financial Services (NASDAQ:CBFV) Upgraded by Keefe, Bruyette & Woods to Outperform Rating

Keefe, Bruyette & Woods upgraded shares of CB Financial Services (NASDAQ:CBFV - Free Report) from a market perform rating to an outperform rating in a report issued on Thursday morning, MarketBeat reports. They currently have $39.00 price objective on the bank's stock, up from their previous price objective of $31.00.

Separately, Wall Street Zen upgraded CB Financial Services from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th.

CB Financial Services Price Performance

Shares of NASDAQ:CBFV traded up $0.50 during midday trading on Thursday, hitting $32.91. 26,631 shares of the stock were exchanged, compared to its average volume of 19,351. The stock has a market cap of $165.31 million, a P/E ratio of 15.31 and a beta of 0.29. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.23. CB Financial Services has a twelve month low of $23.40 and a twelve month high of $33.98. The company has a 50 day moving average price of $28.71 and a 200-day moving average price of $28.70.

CB Financial Services (NASDAQ:CBFV - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.74 EPS for the quarter, beating the consensus estimate of $0.40 by $0.34. CB Financial Services had a return on equity of 7.80% and a net margin of 14.43%. The company had revenue of $13.47 million during the quarter, compared to analysts' expectations of $12.83 million. On average, research analysts forecast that CB Financial Services will post 1.82 earnings per share for the current year.

CB Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.26 per share. This is a boost from CB Financial Services's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, August 15th. CB Financial Services's dividend payout ratio is 48.37%.

Insider Activity at CB Financial Services

In other news, Director John Swiatek sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $29.50, for a total transaction of $73,750.00. Following the completion of the transaction, the director directly owned 11,494 shares in the company, valued at approximately $339,073. This represents a 17.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 9.70% of the company's stock.

Hedge Funds Weigh In On CB Financial Services

Several institutional investors and hedge funds have recently made changes to their positions in CBFV. Empowered Funds LLC raised its position in shares of CB Financial Services by 2.5% during the 1st quarter. Empowered Funds LLC now owns 34,000 shares of the bank's stock valued at $967,000 after acquiring an additional 828 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of CB Financial Services by 11.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,467 shares of the bank's stock valued at $241,000 after acquiring an additional 892 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of CB Financial Services by 30.3% during the 1st quarter. Acadian Asset Management LLC now owns 4,158 shares of the bank's stock valued at $115,000 after acquiring an additional 966 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of CB Financial Services by 5.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 17,822 shares of the bank's stock valued at $509,000 after acquiring an additional 967 shares in the last quarter. Finally, Bank of America Corp DE raised 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 valued at $109,000 after acquiring an additional 3,488 shares in the last quarter. 33.06% of the stock is currently owned by hedge funds and other institutional investors.

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.