CNB Financial (NASDAQ:CCNE) Issues Quarterly Earnings Results

CNB Financial (NASDAQ:CCNE) announced its quarterly earnings data on Monday. The bank reported $0.88 EPS for the quarter, beating the consensus estimate of $0.80 by $0.08, FiscalAI reports. CNB Financial had a net margin of 15.29% and a return on equity of 11.10%.

CNB Financial Stock Down 1.2%

Shares of NASDAQ CCNE traded down $0.37 during trading hours on Monday, hitting $30.98. 165,553 shares of the stock were exchanged, compared to its average volume of 165,336. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a market cap of $918.25 million, a PE ratio of 12.75 and a beta of 0.67. The firm has a fifty day moving average price of $29.00 and a 200-day moving average price of $27.00. CNB Financial has a 12 month low of $20.90 and a 12 month high of $31.80.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.19 dividend. The ex-dividend date was Friday, February 27th. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is presently 31.28%.

Institutional Trading of CNB Financial

Several large investors have recently bought and sold shares of CCNE. Tower Research Capital LLC TRC raised its position in CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after acquiring an additional 636 shares during the period. Russell Investments Group Ltd. raised its position in shares of CNB Financial by 16,173.3% in the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after buying an additional 2,426 shares during the last quarter. Legal & General Group Plc raised its position in shares of CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after buying an additional 679 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of CNB Financial in the third quarter valued at about $90,000. Finally, BNP Paribas Financial Markets raised its position in shares of CNB Financial by 158.3% in the third quarter. BNP Paribas Financial Markets now owns 6,392 shares of the bank’s stock valued at $155,000 after buying an additional 3,917 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CCNE shares. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research report on Thursday, March 12th. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Stephens raised their target price on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $32.00.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.