CNB Financial (NASDAQ:CCNE) Issues Earnings Results, Beats Expectations By $0.05 EPS

CNB Financial (NASDAQ:CCNE) announced its quarterly earnings results on Thursday. The bank reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05, FiscalAI reports. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.

CNB Financial Stock Up 0.6%

Shares of CCNE stock traded up $0.19 during trading hours on Thursday, hitting $33.92. 142,327 shares of the company’s stock traded hands, compared to its average volume of 159,790. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $32.32 and its two-hundred day simple moving average is $30.01. CNB Financial has a 12-month low of $21.63 and a 12-month high of $35.24. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 12.07 and a beta of 0.63.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is presently 27.05%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CCNE. DA Davidson started coverage on shares of CNB Financial in a research report on Friday, May 15th. They issued a “neutral” rating and a $34.00 target price for the company. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

Institutional Trading of CNB Financial

Several institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its position 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 valued at $46,000 after acquiring an additional 636 shares in the last quarter. Russell Investments Group Ltd. raised its stake 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 worth $59,000 after purchasing an additional 2,426 shares during the last quarter. Legal & General Group Plc raised its stake 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 worth $63,000 after purchasing an additional 679 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of CNB Financial during the third quarter valued at $90,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of CNB Financial by 158.3% during the third quarter. BNP Paribas Financial Markets now owns 6,392 shares of the bank’s stock valued at $155,000 after purchasing an additional 3,917 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

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.