Commercial Bancgroup (NASDAQ:CBK) Trading 0.6% Higher – Here’s Why

Shares of Commercial Bancgroup, Inc. (NASDAQ:CBK) shot up 0.6% during mid-day trading on Friday . The stock traded as high as $33.22 and last traded at $33.06. Approximately 45,588 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 95,680 shares. The stock had previously closed at $32.85.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Commercial Bancgroup from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Commercial Bancgroup Price Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.06 and a quick ratio of 1.06. The business’s 50 day moving average price is $30.37 and its 200 day moving average price is $27.59. The stock has a market capitalization of $452.92 million and a P/E ratio of 14.89.

Commercial Bancgroup (NASDAQ:CBK) last issued its quarterly earnings data on Monday, April 27th. The company reported $0.73 earnings per share for the quarter. The company had revenue of $23.07 million for the quarter.

Commercial Bancgroup Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, June 15th. Commercial Bancgroup’s dividend payout ratio is presently 18.02%.

Insider Activity

In other news, EVP Philip J. Metheny purchased 3,300 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were purchased at an average cost of $29.02 per share, for a total transaction of $95,766.00. Following the purchase, the executive vice president directly owned 12,732 shares in the company, valued at approximately $369,482.64. This represents a 34.99% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 36.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in shares of Commercial Bancgroup by 6.5% during the 1st quarter. Renaissance Technologies LLC now owns 9,800 shares of the company’s stock valued at $255,000 after purchasing an additional 600 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Commercial Bancgroup by 93.1% in the first quarter. Sei Investments Co. now owns 48,414 shares of the company’s stock worth $1,260,000 after buying an additional 23,346 shares during the last quarter. State of Wyoming bought a new stake in Commercial Bancgroup during the first quarter valued at approximately $72,000. Bank of New York Mellon Corp grew its position in Commercial Bancgroup by 23.0% during the first quarter. Bank of New York Mellon Corp now owns 15,859 shares of the company’s stock valued at $413,000 after buying an additional 2,970 shares during the period. Finally, Petiole USA ltd purchased a new stake in Commercial Bancgroup during the fourth quarter valued at approximately $7,675,000.

About Commercial Bancgroup

We are a bank holding company headquartered in Harrogate, Tennessee, and have elected under the Bank Holding Company Act of 1956, as amended (the “BHC Act”), to become a financial holding company. We were incorporated in Tennessee in 1975, and we operate primarily through our wholly owned bank subsidiary, Commercial Bank, a Tennessee banking corporation organized in 1976. The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee.