CB Financial Services (NASDAQ:CBFV) Shares Cross Below 50-Day Moving Average – Here’s What Happened

CB Financial Services, Inc. (NASDAQ:CBFV)’s stock price crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $32.75 and traded as low as $32.08. CB Financial Services shares last traded at $32.39, with a volume of 4,074 shares trading hands.

Wall Street Analyst Weigh In

CBFV has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of CB Financial Services in a report on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded CB Financial Services from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $31.00 to $39.00 in a report on Thursday, July 24th. Wall Street Zen upgraded CB Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, DA Davidson lifted their target price on CB Financial Services from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, CB Financial Services currently has a consensus rating of “Moderate Buy” and an average target price of $35.50.

CB Financial Services Price Performance

The stock has a 50-day moving average price of $32.75 and a 200 day moving average price of $30.22. 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 firm has a market cap of $161.63 million, a price-to-earnings ratio of 15.07 and a beta of 0.37.

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

CB Financial Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a dividend of $0.26 per share. This is an increase from CB Financial Services’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, August 15th. CB Financial Services’s dividend payout ratio is 48.37%.

CB Financial Services declared that its board has initiated a share buyback program on Thursday, September 4th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, COO Jennifer L. George sold 5,042 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $33.15, for a total transaction 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 trade represents a 29.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 9.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CB Financial Services

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey purchased a new stake in CB Financial Services in the 2nd quarter valued at approximately $30,000. JPMorgan Chase & Co. boosted its holdings in CB Financial Services by 902.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,457 shares of the bank’s stock valued at $70,000 after purchasing an additional 2,212 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in CB Financial Services in the 2nd quarter valued at approximately $73,000. Raymond James Financial Inc. purchased a new stake in CB Financial Services in the 2nd quarter valued at approximately $99,000. Finally, New York State Common Retirement Fund purchased a new stake in CB Financial Services in the 2nd quarter valued at approximately $105,000. Hedge funds and other 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.