Zacks Investment Research upgraded shares of CB Financial Services (NASDAQ:CBFV) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has $27.00 price target on the bank’s stock.
According to Zacks, “CB Financial Services, Inc. is the bank holding company for Community Bank, a chartered commercial bank. The Bank’s services include personal banking and business banking. It offers checking, loan accounts, individual retirement accounts, wealth management, certificates of deposit, recorder check, business checking accounts, business loans, cash management and re-order check. The Bank offers other services, including merchant services, financial and wealth management, wire transfers, credit card, ATM, and online banking services. It serves business owners, non-profit groups, government agencies, school administrators, and individual personal account holders in Pennsylvania. CB Financial Services, Inc. is based in Carmichaels, Pennsylvania. “
Separately, ValuEngine raised shares of CB Financial Services from a sell rating to a hold rating in a report on Friday, August 2nd.
CB Financial Services (NASDAQ:CBFV) last issued its earnings results on Monday, July 29th. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.07. The company had revenue of $13.10 million for the quarter, compared to analysts’ expectations of $13.15 million. CB Financial Services had a net margin of 18.31% and a return on equity of 7.72%. As a group, research analysts anticipate that CB Financial Services will post 2.14 EPS for the current fiscal year.
In related news, Director Joseph N. Headlee purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average price of $23.60 per share, for a total transaction of $47,200.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John J. Lacarte purchased 1,900 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was bought at an average price of $25.00 per share, for a total transaction of $47,500.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 4,900 shares of company stock worth $118,300. 7.90% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of CB Financial Services by 3.5% during the 4th quarter. BlackRock Inc. now owns 222,109 shares of the bank’s stock worth $5,505,000 after purchasing an additional 7,609 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of CB Financial Services by 12.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 190,684 shares of the bank’s stock worth $4,529,000 after purchasing an additional 20,505 shares in the last quarter. Geode Capital Management LLC grew its position in shares of CB Financial Services by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 51,018 shares of the bank’s stock worth $1,264,000 after purchasing an additional 1,955 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of CB Financial Services by 1,262.0% during the 2nd quarter. Acadian Asset Management LLC now owns 6,783 shares of the bank’s stock worth $161,000 after acquiring an additional 6,285 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of CB Financial Services by 158.5% during the 4th quarter. Bank of America Corp DE now owns 6,270 shares of the bank’s stock worth $155,000 after acquiring an additional 3,844 shares in the last quarter. Institutional investors and hedge funds own 27.57% 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 southwestern Pennsylvania, West Virginia, and Ohio. The company's primary deposit products include demand deposits, NOW accounts, money market accounts, and savings accounts.
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