Chain Bridge Bancorp, Inc. (NYSE:CBNA) Short Interest Update

Key Points

• Short interest fell 25.1% in March to 24,992 shares (about 0.5% of shares sold short), with a days-to-cover ratio of 5.8 based on average daily volume.
• Analyst coverage is mixed: MarketBeat shows a consensus "Hold" rating and an average price target of $38, following recent downgrades (Raymond James) and upgrades/initiations (Zacks, Piper Sandler).
• Insider James R. Pollock purchased 714 shares in March (a 22.8% increase in his holding), and insiders collectively own 25.85% of the company.

Chain Bridge Bancorp, Inc. (NYSE:CBNA - Get Free Report) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 24,992 shares, a decline of 25.1% from the March 15th total of 33,370 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily volume of 4,315 shares, the days-to-cover ratio is presently 5.8 days.

Analyst Ratings Changes

CBNA has been the subject of a number of recent research reports. Raymond James Financial downgraded Chain Bridge Bancorp from a "strong-buy" rating to a "market perform" rating in a research note on Wednesday, January 7th. Weiss Ratings restated a "sell (d)" rating on shares of Chain Bridge Bancorp in a research note on Friday, March 27th. Piper Sandler initiated coverage on Chain Bridge Bancorp in a research note on Monday, March 16th. They set a "neutral" rating and a $39.00 price target for the company. Finally, Zacks Research upgraded Chain Bridge Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Chain Bridge Bancorp currently has a consensus rating of "Hold" and an average price target of $38.00.

Chain Bridge Bancorp Price Performance

Shares of CBNA stock traded down $0.55 during trading hours on Wednesday, reaching $35.56. 868 shares of the company traded hands, compared to its average volume of 4,600. Chain Bridge Bancorp has a 12-month low of $22.84 and a 12-month high of $38.42. The company has a market cap of $233.27 million, a P/E ratio of 11.55 and a beta of 0.48. The firm has a 50-day moving average price of $35.61 and a 200 day moving average price of $33.79.

Chain Bridge Bancorp (NYSE:CBNA - Get Free Report) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $0.81 earnings per share for the quarter, beating analysts' consensus estimates of $0.79 by $0.02. Chain Bridge Bancorp had a return on equity of 12.63% and a net margin of 34.11%.The firm had revenue of $14.69 million for the quarter, compared to analysts' expectations of $13.66 million. Sell-side analysts predict that Chain Bridge Bancorp will post 2.22 EPS for the current year.

Insider Activity

In other news, insider James R. Pollock purchased 714 shares of the business's stock in a transaction on Thursday, March 5th. The stock was acquired at an average cost of $35.25 per share, for a total transaction of $25,168.50. Following the purchase, the insider directly owned 3,845 shares in the company, valued at $135,536.25. This trade represents a 22.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 25.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CBNA. Acadian Asset Management LLC purchased a new position in shares of Chain Bridge Bancorp during the 1st quarter valued at about $131,000. Geode Capital Management LLC lifted its holdings in Chain Bridge Bancorp by 115.3% in the 2nd quarter. Geode Capital Management LLC now owns 58,843 shares of the company's stock worth $1,517,000 after purchasing an additional 31,510 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Chain Bridge Bancorp in the 2nd quarter worth approximately $29,000. Russell Investments Group Ltd. bought a new position in Chain Bridge Bancorp in the 2nd quarter worth approximately $37,000. Finally, New York State Common Retirement Fund bought a new position in Chain Bridge Bancorp in the 2nd quarter worth approximately $101,000.

About Chain Bridge Bancorp

Chain Bridge Bancorp, Inc NYSE: CBNA is the bank holding company for Chain Bridge Bank, a full-service community commercial bank headquartered in Oakton, Virginia. Founded in 1999, the company is focused on serving small- and middle-market businesses, professional firms and individual clients throughout the Washington, DC metropolitan area.

Through its subsidiary, Chain Bridge Bank provides a comprehensive suite of deposit products, including checking, savings and money market accounts, as well as time deposits.

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