CB Financial Services, Inc. ( CBFV Quick Quote CBFV - Free Report) , the holding company for Community Bank, cheers investors with a share buyback program. Markedly, the company’s board of directors has authorized a program to repurchase up to $7.5 million of its outstanding common stock over the next year.
This represents 339,673 shares or 6.3% of the outstanding shares based on CB Financial’s closing stock price on Jun 9, 2021. The program is effective as of Jun 14, 2021, and enables the company to buy back shares through Jun 13, 2022. Such repurchases will likely be carried out either via open market operations or privately negotiated transactions.
Following the authorization of the new repurchase program, the company terminated the repurchase program authorized in November 2019 and, subsequently, suspended in April 2020. The company suspended its share repurchase program, citing concerns regarding the challenging economic circumstances surrounding the pandemic and to preserve excess capital.
John H. Montgomery, president and chief executive officer of the company, noted "we remain focused on our key growth strategies for 2021, including balancing capital strength and total shareholder return. The use of our capital through this program will establish an effective mechanism for capital management, while providing additional market liquidity for our common shares outstanding.”
Impressively, the company has been strengthening its commercial real estate loan portfolio, while driving deposit growth. This is likely to support its decent balance sheet and liquidity position, and it will likely support it to sustain enhanced capital deployment activities. Notably, the company exited first-quarter 2021 with cash and due from banks of $230 million.
Shares of this Zacks Rank #3 (Hold) company have declined 5.9%, wider than the
industry’s fall of 0.7%.
Image Source: Zacks Investment Research Stocks to Consider Financial Institutions, Inc.’s ( FISI Quick Quote FISI - Free Report) earnings estimates for the current year have been unchanged at $3.61 in the past month. The company sports a Zacks Rank of 1 (Strong Buy), currently. You can see . the complete list of today’s Zacks #1 Rank stocks here BCB Bancorp, Inc. NJ’s ( BCBP Quick Quote BCBP - Free Report) Zacks Consensus Estimate for 2021 earnings has been unchanged at $1.59 in the past month. The company currently sports a Zacks Rank of 1. Carter Bankshares, Inc. ( CARE Quick Quote CARE - Free Report) flaunts a Zacks Rank of 1 at present. The Zacks Consensus Estimate for its 2021 earnings has been unchanged at $1.12 in a month’s time. Bitcoin, Like the Internet Itself, Could Change Everything
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