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

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

CB Financial Services Price Performance

CB Financial Services stock traded down $0.08 during trading hours on Friday, reaching $32.41. 31,222 shares of the stock were exchanged, compared to its average volume of 45,054. The stock has a 50 day moving average of $28.71 and a two-hundred day moving average of $28.69. CB Financial Services has a twelve month low of $23.40 and a twelve month high of $33.72. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.23. The company has a market cap of $162.70 million, a P/E ratio of 15.07 and a beta of 0.29.

CB Financial Services Increases Dividend

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

Wall Street Analysts Forecast Growth

Several 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 report on Saturday. Keefe, Bruyette & Woods upgraded shares of CB Financial Services from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $31.00 to $39.00 in a report on Thursday. Finally, DA Davidson increased their target price on shares of CB Financial Services from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Thursday.

Insider Buying and Selling at CB Financial Services

In related news, Director John Swiatek purchased 1,200 shares of CB Financial Services stock in a transaction dated Wednesday, May 28th. The shares were bought at an average cost of $28.80 per share, for a total transaction of $34,560.00. Following the purchase, the director owned 7,534 shares in the company, valued at approximately $216,979.20. This trade represents a 18.95% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.70% of the company's stock.

Institutional Investors Weigh In On CB Financial Services

Several hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC bought a new stake in CB Financial Services during the 1st quarter valued at $537,000. Goldman Sachs Group Inc. boosted its holdings in shares of CB Financial Services by 108.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,538 shares of the bank's stock worth $641,000 after buying an additional 11,704 shares during the last quarter. Bank of America Corp DE raised its stake 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 acquiring an additional 3,488 shares during the period. Acadian Asset Management LLC raised its stake in CB Financial Services by 30.3% in 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 during the period. Finally, Empowered Funds LLC raised its stake in CB Financial Services by 2.5% in 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 during the period. 33.06% of the stock is currently owned by institutional investors and hedge funds.

About CB Financial Services

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.