CB Financial Services (NASDAQ:CBFV) Issues Quarterly Earnings Results, Beats Expectations By $0.34 EPS

CB Financial Services (NASDAQ:CBFV - Get Free Report) announced its quarterly earnings data on Tuesday. The bank reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.34, Zacks reports. The business had revenue of $13.47 million during the quarter, compared to the consensus estimate of $12.83 million. CB Financial Services had a net margin of 14.43% and a return on equity of 7.80%.

CB Financial Services Stock Performance

Shares of NASDAQ:CBFV traded down $0.08 on Friday, hitting $32.41. The company had a trading volume of 31,222 shares, compared to its average volume of 45,054. CB Financial Services has a 1-year low of $23.40 and a 1-year high of $33.72. The stock has a market cap of $162.70 million, a price-to-earnings ratio of 15.07 and a beta of 0.29. The stock has a 50 day moving average price of $28.65 and a 200 day moving average price of $28.66. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.26 dividend. This is an increase from CB Financial Services's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, August 15th. CB Financial Services's payout ratio is currently 46.51%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of CB Financial Services from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. DA Davidson raised their price objective on shares of CB Financial Services from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Keefe, Bruyette & Woods upgraded shares of CB Financial Services from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $31.00 to $39.00 in a research report on Thursday.

Insider Activity at CB Financial Services

In other CB Financial Services news, Director John Swiatek sold 2,500 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $29.50, for a total value of $73,750.00. Following the transaction, the director directly owned 11,494 shares in the company, valued at $339,073. The trade was a 17.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 9.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CB Financial Services

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in CB Financial Services by 1,093.4% in the 4th quarter. Bank of America Corp DE now owns 3,807 shares of the bank's stock valued at $109,000 after buying an additional 3,488 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in CB Financial Services by 30.3% during the 1st quarter. Acadian Asset Management LLC now owns 4,158 shares of the bank's stock worth $115,000 after acquiring an additional 966 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of CB Financial Services during the 1st quarter worth $537,000. Goldman Sachs Group Inc. grew its holdings in CB Financial Services by 108.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,538 shares of the bank's stock valued at $641,000 after buying an additional 11,704 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in 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 buying an additional 828 shares in the last quarter. Institutional investors own 33.06% of the company's stock.

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.