CB Financial Services, Inc. $CBFV Shares Bought by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in CB Financial Services, Inc. by 108.0% in Q1, now holding approximately 22,538 shares valued at $641,000.
• CB Financial announced a quarterly dividend increase from $0.25 to $0.26 per share and a stock buyback program authorizing $5.00 million for repurchases.
• Analysts have raised their price targets for CB Financial Services, with a general consensus rating of "Moderate Buy" and an average target price of $35.50.

Goldman Sachs Group Inc. raised its position in CB Financial Services, Inc. (NASDAQ:CBFV - Free Report) by 108.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,538 shares of the bank's stock after acquiring an additional 11,704 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.45% of CB Financial Services worth $641,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Millennium Management LLC acquired a new position in CB Financial Services in the 4th quarter valued at about $301,000. Ameriprise Financial Inc. acquired a new position in shares of CB Financial Services during the fourth quarter worth about $323,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of CB Financial Services by 11.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,467 shares of the bank's stock worth $241,000 after buying an additional 892 shares in the last quarter. ORG Partners LLC acquired a new position in shares of CB Financial Services during the first quarter worth about $211,000. Finally, M3F Inc. grew its position in shares of CB Financial Services by 204.3% during the first quarter. M3F Inc. now owns 97,549 shares of the bank's stock worth $2,775,000 after buying an additional 65,494 shares in the last quarter. 33.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on CBFV. Wall Street Zen raised CB Financial Services from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. DA Davidson boosted 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. Finally, Keefe, Bruyette & Woods raised CB Financial Services from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $31.00 to $39.00 in a research report on Thursday, July 24th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, CB Financial Services has a consensus rating of "Moderate Buy" and an average target price of $35.50.

Insiders Place Their Bets

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

CB Financial Services Price Performance

CBFV stock opened at $33.91 on Thursday. The business has a 50 day moving average price of $32.22 and a 200 day moving average price of $29.76. The stock has a market cap of $169.21 million, a price-to-earnings ratio of 15.77 and a beta of 0.36. CB Financial Services, Inc. has a fifty-two week low of $26.01 and a fifty-two week high of $34.00. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.23.

CB Financial Services (NASDAQ:CBFV - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The bank reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.34. The firm had revenue of $13.47 million during 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%. Equities research analysts anticipate that CB Financial Services, Inc. will post 1.82 earnings per share for the current fiscal year.

CB Financial Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $0.26 per share. The ex-dividend date was Friday, August 15th. This is a positive change from CB Financial Services's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 3.1%. CB Financial Services's dividend payout ratio (DPR) is presently 48.37%.

CB Financial Services announced that its board has authorized a stock repurchase program on Thursday, September 4th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the bank to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

CB Financial Services 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.

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