Stock Repurchase Plan Approved by CB Financial Services (NASDAQ:CBFV)

CB Financial Services (NASDAQ:CBFV) announced that its Board of Directors has authorized a stock buyback program on Thursday, September 4th, RTT News reports. The company plans to repurchase $5.00 million in shares. This repurchase authorization authorizes the bank to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

CB Financial Services Stock Performance

Shares of NASDAQ CBFV opened at $32.81 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $30.97 and its two-hundred day moving average price is $29.29. CB Financial Services has a 52-week low of $25.31 and a 52-week high of $33.98. The stock has a market capitalization of $163.72 million, a P/E ratio of 15.26 and a beta of 0.36.

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

CB Financial Services Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CBFV. Keefe, Bruyette & Woods raised shares of CB Financial Services from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $31.00 to $39.00 in a research report on Thursday, July 24th. DA Davidson raised their price objective on shares of CB Financial Services from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, July 24th. Finally, Wall Street Zen raised shares of CB Financial Services from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, CB Financial Services has an average rating of “Moderate Buy” and an average target price of $35.50.

CB Financial Services Company 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.