The Manufacturers Life Insurance Company Makes New Investment in CB Financial Services, Inc. $CBFV

Key Points

• The Manufacturers Life Insurance Company acquired 154,165 shares of CB Financial Services in the second quarter, worth approximately $5.84 million and representing a 3.03% stake. Institutional investors and hedge funds collectively own 33.06% of the company.
• CB Financial Services reported quarterly EPS of $0.81, exceeding analyst expectations of $0.72, while revenue of $15.53 million also surpassed estimates. The company paid a quarterly dividend of $0.28 per share, equating to a 3.0% annualized yield.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and a $42.50 target price versus the stock’s $37.37 opening price. However, two insiders recently sold shares, and insiders retain 10.20% ownership.

The Manufacturers Life Insurance Company bought a new stake in shares of CB Financial Services, Inc. (NASDAQ:CBFV - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 154,165 shares of the bank's stock, valued at approximately $5,843,000. The Manufacturers Life Insurance Company owned about 3.03% of CB Financial Services at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Hazlett Burt & Watson Inc. bought a new stake in shares of CB Financial Services in the 4th quarter worth approximately $33,000. BNP Paribas Financial Markets grew its stake in CB Financial Services by 89.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,343 shares of the bank's stock worth $45,000 after buying an additional 635 shares during the last quarter. JPMorgan Chase & Co. increased its position in CB Financial Services by 902.9% in the second quarter. JPMorgan Chase & Co. now owns 2,457 shares of the bank's stock worth $70,000 after buying an additional 2,212 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in CB Financial Services in the second quarter worth $73,000. Finally, Raymond James Financial Inc. bought a new stake in CB Financial Services in the second quarter valued at $99,000. 33.06% of the stock is currently owned by institutional investors and hedge funds.

CB Financial Services Stock Down 0.6%

CBFV opened at $37.37 on Tuesday. CB Financial Services, Inc. has a 12 month low of $30.97 and a 12 month high of $38.86. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $189.84 million, a P/E ratio of 27.68 and a beta of 0.28. The stock's 50 day moving average price is $37.20 and its 200 day moving average price is $35.87.

CB Financial Services (NASDAQ:CBFV - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The bank reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. CB Financial Services had a return on equity of 10.08% and a net margin of 8.52%.The company had revenue of $15.53 million during the quarter, compared to analyst estimates of $15.40 million. As a group, research analysts predict that CB Financial Services, Inc. will post 3.21 earnings per share for the current year.

CB Financial Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, August 14th. CB Financial Services's payout ratio is currently 82.96%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CBFV. Keefe, Bruyette & Woods boosted their price target on shares of CB Financial Services from $40.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Zacks Research raised shares of CB Financial Services from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of CB Financial Services in a research report on Wednesday, June 24th. Finally, DA Davidson boosted their target price on shares of CB Financial Services from $40.00 to $44.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CB Financial Services currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.50.

Insider Activity

In related news, insider Stephen Cobain sold 1,500 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $37.10, for a total value of $55,650.00. Following the completion of the sale, the insider owned 4,313 shares of the company's stock, valued at $160,012.30. This represents a 25.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John Swiatek sold 1,000 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $37.06, for a total transaction of $37,060.00. Following the completion of the transaction, the director owned 12,644 shares of the company's stock, valued at $468,586.64. This represents a 7.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 10.20% of the company's stock.

About CB Financial Services

CB Financial Services, Inc is a bank holding company headquartered in the Kansas City metropolitan area. Through its subsidiary, Community Bank & Trust, F.S.B., the company provides a comprehensive suite of retail and commercial banking services. Its primary focus is meeting the financial needs of individuals, small businesses and agricultural clients within its regional footprint.

The company's deposit product lineup includes checking accounts, savings accounts, money market accounts and certificates of deposit.

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