Raffles Associates LP Invests $7.53 Million in Commercial Bancgroup, Inc. $CBK

Raffles Associates LP purchased a new position in Commercial Bancgroup, Inc. (NASDAQ:CBK) in the second quarter, Holdings Channel.com reports. The fund purchased 233,110 shares of the company’s stock, valued at approximately $7,527,000. Commercial Bancgroup comprises 6.1% of Raffles Associates LP’s portfolio, making the stock its 4th largest position.

Other hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. bought a new position in Commercial Bancgroup during the 4th quarter valued at about $19,478,000. BlackRock Inc. purchased a new stake in Commercial Bancgroup in the second quarter worth approximately $21,665,000. Mendon Capital Advisors Corp purchased a new stake in Commercial Bancgroup in the fourth quarter worth approximately $9,206,000. Jacobs Asset Management LLC bought a new stake in Commercial Bancgroup in the 4th quarter worth approximately $7,859,000. Finally, Petiole USA ltd purchased a new stake in Commercial Bancgroup during the 4th quarter valued at $7,675,000.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CBK shares. Hovde Group raised their price target on Commercial Bancgroup from $34.00 to $39.50 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Weiss Ratings raised Commercial Bancgroup from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Commercial Bancgroup has a consensus rating of “Hold” and a consensus price target of $39.50.

Commercial Bancgroup Trading Up 0.9%

Shares of CBK stock opened at $34.24 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market cap of $469.09 million and a price-to-earnings ratio of 11.73. Commercial Bancgroup, Inc. has a 1 year low of $23.24 and a 1 year high of $35.78. The firm has a fifty day moving average price of $33.56 and a 200-day moving average price of $29.67.

Commercial Bancgroup (NASDAQ:CBK) last released its quarterly earnings results on Monday, July 27th. The company reported $0.75 earnings per share (EPS) for the quarter. The business had revenue of $24.16 million during the quarter. Commercial Bancgroup had a return on equity of 14.06% and a net margin of 30.07%.

Commercial Bancgroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.12 dividend. The ex-dividend date is Tuesday, September 15th. This is a positive change from Commercial Bancgroup’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 1.4%. Commercial Bancgroup’s dividend payout ratio (DPR) is presently 13.70%.

Commercial Bancgroup Company Profile

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.