CB Financial Services (NASDAQ:CBFV) Stock Price Passes Above 50-Day Moving Average - Here's What Happened

Key Points

• CB Financial Services' stock price recently surpassed its 50-day moving average of $32.22, reaching a high of $33.98 before trading at $33.91.
• Equities research analysts have upgraded the stock's ratings, with Keefe, Bruyette & Woods raising the target price to $39.00 from $31.00, while analyst consensus maintains a Moderate Buy rating with a target of $35.50.
• The company has announced a dividend increase from $0.25 to $0.26 per share, reflecting a 3.1% yield, and has approved a $5.00 million share buyback plan, indicating confidence in the stock's value.

CB Financial Services, Inc. (NASDAQ:CBFV - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $32.22 and traded as high as $33.98. CB Financial Services shares last traded at $33.91, with a volume of 6,181 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CBFV shares. Keefe, Bruyette & Woods upgraded 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 research report on Thursday, July 24th. Wall Street Zen upgraded CB Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, DA Davidson increased their price objective on CB Financial Services from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, CB Financial Services has a consensus rating of "Moderate Buy" and a consensus price target of $35.50.

CB Financial Services Trading Up 0.1%

The firm has a market cap of $169.21 million, a P/E ratio of 15.77 and a beta of 0.36. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a 50 day moving average of $32.22 and a 200 day moving average of $29.76.

CB Financial Services (NASDAQ:CBFV - Get Free Report) last released its earnings results on Tuesday, July 22nd. The bank reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.34. The business had revenue of $13.47 million for the quarter, compared to analysts' expectations of $12.83 million. CB Financial Services had a return on equity of 7.79% and a net margin of 14.43%. As a group, equities research analysts predict that CB Financial Services, Inc. will post 1.82 EPS for the current year.

CB Financial Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $0.26 dividend. This is a boost from CB Financial Services's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, August 15th. CB Financial Services's payout ratio is currently 48.37%.

CB Financial Services declared that its board has approved a share buyback plan on Thursday, September 4th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, COO Jennifer L. George sold 5,042 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $33.15, for a total value of $167,142.30. Following the transaction, the chief operating officer owned 12,285 shares of the company's stock, valued at $407,247.75. This represents a 29.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey bought a new position in shares of CB Financial Services during the second quarter valued at about $30,000. JPMorgan Chase & Co. grew its stake in shares of CB Financial Services by 902.9% during the second quarter. JPMorgan Chase & Co. now owns 2,457 shares of the bank's stock valued at $70,000 after buying an additional 2,212 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of CB Financial Services during the second quarter valued at about $73,000. Raymond James Financial Inc. bought a new position in shares of CB Financial Services during the second quarter valued at about $99,000. Finally, New York State Common Retirement Fund bought a new position in shares of CB Financial Services during the second quarter valued at about $105,000. Institutional investors own 33.06% of the company's stock.

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.

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