CNB Financial (NASDAQ:CCNE) Announces Earnings Results

CNB Financial (NASDAQ:CCNE) posted its earnings results on Monday. The bank reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.08, FiscalAI reports. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%.

CNB Financial Stock Down 1.2%

Shares of CCNE traded down $0.37 during midday trading on Monday, hitting $30.98. 165,550 shares of the company’s stock traded hands, compared to its average volume of 164,076. CNB Financial has a 1 year low of $20.90 and a 1 year high of $31.80. The firm’s fifty day moving average is $29.00 and its 200-day moving average is $27.00. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $918.25 million, a price-to-earnings ratio of 12.75 and a beta of 0.67.

CNB Financial Increases Dividend

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

Institutional Trading of CNB Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in CNB Financial by 46.8% in the 2nd 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 last quarter. Russell Investments Group Ltd. raised its stake in CNB Financial by 16,173.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after acquiring an additional 2,426 shares during the last quarter. Legal & General Group Plc raised its stake in CNB Financial by 35.5% in the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after acquiring an additional 679 shares during the last quarter. Quantbot Technologies LP purchased a new position in CNB Financial in the 3rd quarter worth $90,000. Finally, BNP Paribas Financial Markets raised its stake in CNB Financial by 158.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 6,392 shares of the bank’s stock worth $155,000 after acquiring 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

A number of analysts have weighed in on the company. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Stephens increased their price objective on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $32.00.

CNB Financial Company Profile

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.