CNB Financial (NASDAQ:CCNE) CEO Michael Peduzzi Buys 500 Shares of Stock

CNB Financial Corporation (NASDAQ:CCNE) CEO Michael Peduzzi purchased 500 shares of CNB Financial stock in a transaction that occurred on Friday, November 13th. The shares were bought at an average price of $35.63 per share, with a total value of $17,815.00. Following the completion of the transaction, the chief executive officer owned 56,918 shares of the company’s stock, valued at $2,027,988.34. This represents a 0.89% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

CNB Financial Stock Performance

NASDAQ:CCNE traded down $0.04 during trading hours on Friday, reaching $35.60. The company had a trading volume of 157,159 shares, compared to its average volume of 137,536. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. CNB Financial Corporation has a 1-year low of $23.78 and a 1-year high of $37.70. The business’s 50 day moving average price is $34.61 and its 200-day moving average price is $32.14. The firm has a market cap of $1.05 billion, a PE ratio of 9.37 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $87.79 million for the quarter, compared to analysts’ expectations of $87.76 million. CNB Financial had a net margin of 23.26% and a return on equity of 13.15%. Research analysts forecast that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, December 1st. CNB Financial’s payout ratio is currently 20.00%.

Institutional Investors Weigh In On CNB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCNE. BlackRock Inc. acquired a new position in CNB Financial during the second quarter worth $78,011,000. Dimensional Fund Advisors LP lifted its holdings in CNB Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after purchasing an additional 27,236 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in CNB Financial by 1.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after purchasing an additional 3,123 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of CNB Financial in the second quarter valued at about $7,667,000. Finally, Globeflex Capital L P acquired a new stake in shares of CNB Financial in the second quarter valued at about $5,396,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

CCNE has been the topic of several analyst reports. Piper Sandler assumed coverage on shares of CNB Financial in a research report on Thursday, September 24th. They set an “overweight” rating and a $38.00 price target on the stock. Weiss Ratings downgraded shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Raymond James Financial reiterated an “outperform” rating and issued a $40.00 price objective on shares of CNB Financial in a research report on Tuesday, October 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Finally, Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $37.20.

CNB Financial News Roundup

These are some of the CCNE news items that stood out recently:

• Positive Sentiment: CEO Michael D. Peduzzi bought 500 shares for about $17,815, and Director Jeffrey S. Powell purchased 560 shares for about $19,970. CEO purchase filing Director purchase filing
• Negative Sentiment: Insiders reported selling a combined 36,330 shares for roughly $1.31 million. This includes Director Gary Olson’s 25,000-share sale, EVP Leanne D. Kassab’s 8,330-share sale, and Director Richard B. Seager’s 3,000-share sale. The sales reduced each seller’s holdings, with Olson’s and Kassab’s representing about one-quarter and over one-third of their respective positions. Insider trading report EVP sale filing Director sale filing
• Neutral Sentiment: The article also notes CNB Financial’s previously reported quarterly results modestly beat earnings expectations ($0.91 per share versus $0.88) and that its quarterly dividend is $0.19 per share. These provide fundamental and income context but are not new catalysts in the latest insider-trading disclosures.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its subsidiary, CNB Bank, it provides banking and related financial services to individuals, businesses and organizations. Its offerings include consumer and commercial deposit accounts, loans, mortgage services, cash management and other banking services. The company also provides wealth management and trust services through its financial services businesses. CNB Bank traces its roots to 1865 and serves communities across Pennsylvania, Ohio and New York.