Key Points
- CNB Financial director Gary Olson sold 25,000 shares for $904,750, reducing his stake by about 25% to 75,056 shares.
- The bank reported quarterly EPS of $0.91, beating the $0.88 consensus estimate; revenue of $87.79 million was roughly in line with expectations.
- CNB declared a quarterly dividend of $0.19 per share, equivalent to a 2.1% annualized yield. Analysts’ average rating is “Moderate Buy,” with a $37.20 consensus price target.
CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) Director Gary Olson sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $36.19, for a total value of $904,750.00. Following the transaction, the director owned 75,056 shares in the company, valued at approximately $2,716,276.64. This represents a 24.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
CNB Financial Price Performance
CCNE stock opened at $35.64 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day simple moving average of $34.58 and a 200-day simple moving average of $32.09. The firm has a market capitalization of $1.06 billion, a PE ratio of 9.38 and a beta of 0.61. CNB Financial Corporation has a 1 year low of $23.78 and a 1 year high of $37.70.
CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. CNB Financial had a return on equity of 13.15% and a net margin of 23.26%. The firm had revenue of $87.79 million during the quarter, compared to analysts' expectations of $87.76 million. Equities research analysts anticipate that CNB Financial Corporation will post 3.58 earnings per share for the current fiscal year.
CNB Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. CNB Financial's dividend payout ratio (DPR) is 20.00%.
Institutional Investors Weigh In On CNB Financial
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of CNB Financial in the 2nd quarter valued at $78,011,000. Dimensional Fund Advisors LP raised its holdings in CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock valued at $43,613,000 after buying an additional 27,236 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank's stock valued at $8,458,000 after buying an additional 3,123 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in CNB Financial in the 2nd quarter valued at about $7,667,000. Finally, Globeflex Capital L P acquired a new position in CNB Financial in the second quarter valued at about $5,396,000. Institutional investors and hedge funds own 52.35% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently commented on CCNE shares. Piper Sandler began coverage on CNB Financial in a report on Thursday, September 24th. They set an "overweight" rating and a $38.00 price target on the stock. Wall Street Zen lowered shares of CNB Financial from a "buy" rating to a "hold" rating in a report on Saturday, November 7th. Raymond James Financial reissued an "outperform" rating and issued a $40.00 price objective on shares of CNB Financial in a report on Tuesday, October 27th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Finally, Weiss Ratings downgraded shares of CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, October 26th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, CNB Financial presently has an average rating of "Moderate Buy" and a consensus target price of $37.20.
Get Our Latest Stock Analysis on CNB Financial
About CNB Financial
(
Get Free Report)
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.
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