Raffles Associates LP Purchases New Position in Commercial Bancgroup, Inc. $CBK

Key Points

• Raffles Associates LP acquired 233,110 shares of Commercial Bancgroup, valued at approximately $7.5 million, making CBK its fourth-largest portfolio holding and representing about 1.7% of the company.
• Analyst sentiment is mixed: Hovde Group raised its price target to $39.50 and maintained an “outperform” rating, while overall coverage remains at “Hold,” with one Buy and one Sell rating.
• Commercial Bancgroup reported quarterly earnings of $0.75 per share on $24.16 million in revenue and increased its quarterly dividend from $0.10 to $0.12, implying a 1.4% yield.

Raffles Associates LP bought a new position in Commercial Bancgroup, Inc. (NASDAQ:CBK - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 233,110 shares of the company's stock, valued at approximately $7,527,000. Commercial Bancgroup accounts for approximately 6.1% of Raffles Associates LP's investment portfolio, making the stock its 4th biggest holding. Raffles Associates LP owned approximately 1.70% of Commercial Bancgroup as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CBK. Renaissance Technologies LLC boosted its stake in Commercial Bancgroup by 6.5% during the first quarter. Renaissance Technologies LLC now owns 9,800 shares of the company's stock valued at $255,000 after buying an additional 600 shares during the period. Legal & General Group Plc bought a new position in shares of Commercial Bancgroup in the second quarter worth approximately $27,000. Strs Ohio purchased a new stake in Commercial Bancgroup in the fourth quarter valued at approximately $29,000. Police & Firemen s Retirement System of New Jersey bought a new stake in Commercial Bancgroup during the fourth quarter valued at approximately $46,000. Finally, State of Wyoming bought a new position in shares of Commercial Bancgroup in the 1st quarter worth $72,000.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CBK. Weiss Ratings upgraded shares of Commercial Bancgroup from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 1st. Hovde Group increased their price objective on Commercial Bancgroup from $34.00 to $39.50 and gave the company an "outperform" rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $39.50.

Commercial Bancgroup Stock Up 0.9%

CBK opened at $34.24 on Wednesday. The company has a market cap of $469.09 million and a P/E ratio of 11.73. The business's 50-day moving average price is $33.56 and its 200-day moving average price is $29.67. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.24. Commercial Bancgroup, Inc. has a 12 month low of $23.24 and a 12 month high of $35.78.

Commercial Bancgroup (NASDAQ:CBK - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $0.75 earnings per share for the quarter. The company had revenue of $24.16 million during the quarter. Commercial Bancgroup had a return on equity of 14.06% and a net margin of 30.07%.

Commercial Bancgroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This is a positive change from Commercial Bancgroup's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 1.4%. Commercial Bancgroup's payout ratio is presently 13.70%.

Commercial Bancgroup Profile

We are a bank holding company headquartered in Harrogate, Tennessee, and have elected under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), to become a financial holding company. We were incorporated in Tennessee in 1975, and we operate primarily through our wholly owned bank subsidiary, Commercial Bank, a Tennessee banking corporation organized in 1976. The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee.

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