CNB Financial (NASDAQ:CCNE) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

CNB Financial (NASDAQ:CCNE) announced its quarterly earnings results on Tuesday. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.11, Zacks reports. CNB Financial had a return on equity of 10.38% and a net margin of 11.92%.The company had revenue of $86.36 million for the quarter, compared to the consensus estimate of $73.10 million.

CNB Financial Stock Down 1.0%

NASDAQ CCNE traded down $0.27 on Wednesday, reaching $26.79. 47,304 shares of the stock traded hands, compared to its average volume of 141,954. CNB Financial has a 12 month low of $19.32 and a 12 month high of $28.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The company has a fifty day moving average price of $26.61 and a 200-day moving average price of $25.32. The company has a market cap of $789.77 million, a price-to-earnings ratio of 13.52 and a beta of 0.73.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were issued a $0.18 dividend. The ex-dividend date was Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. CNB Financial’s payout ratio is presently 36.18%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP grew its holdings in shares of CNB Financial by 116.1% in the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock valued at $45,400,000 after purchasing an additional 1,007,751 shares during the period. Vanguard Group Inc. grew its position in CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after acquiring an additional 435,300 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of CNB Financial by 37.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after purchasing an additional 406,167 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of CNB Financial by 335.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank’s stock valued at $6,453,000 after purchasing an additional 205,464 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of CNB Financial by 67.6% in the third quarter. JPMorgan Chase & Co. now owns 259,165 shares of the bank’s stock valued at $6,272,000 after acquiring an additional 104,516 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CCNE. Janney Montgomery Scott raised shares of CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, CNB Financial has a consensus rating of “Moderate Buy” and a consensus price target of $27.75.

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.