CNB Financial (NASDAQ:CCNE) Announces Quarterly Earnings Results

CNB Financial (NASDAQ:CCNE) issued its quarterly earnings data on Thursday. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05, FiscalAI reports. CNB Financial had a net margin of 17.62% and a return on equity of 12.14%. The firm had revenue of $88.52 million during the quarter, compared to the consensus estimate of $85.87 million.

CNB Financial Price Performance

Shares of NASDAQ CCNE traded up $0.08 during midday trading on Friday, reaching $34.00. The company’s stock had a trading volume of 10,435 shares, compared to its average volume of 158,723. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.01 billion, a P/E ratio of 12.11 and a beta of 0.63. The business’s 50 day moving average price is $32.39 and its two-hundred day moving average price is $30.07. CNB Financial has a fifty-two week low of $21.63 and a fifty-two week high of $35.24.

CNB Financial Announces Dividend

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

Wall Street Analyst Weigh In

CCNE has been the topic of a number of recent research reports. DA Davidson assumed coverage on CNB Financial in a research note on Friday, May 15th. They set a “neutral” rating and a $34.00 target price on the stock. Keefe, Bruyette & Woods boosted their price target on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

Institutional Trading of CNB Financial

Institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CNB Financial by 14.6% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,022 shares of the bank’s stock valued at $315,000 after purchasing an additional 1,663 shares in the last quarter. Victory Capital Management Inc. grew its stake in CNB Financial by 6.9% during the third quarter. Victory Capital Management Inc. now owns 12,504 shares of the bank’s stock worth $303,000 after buying an additional 803 shares in the last quarter. Intech Investment Management LLC bought a new position in CNB Financial in the 3rd quarter valued at about $272,000. Quantinno Capital Management LP bought a new position in CNB Financial in the 2nd quarter valued at about $260,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of CNB Financial in the 2nd quarter valued at approximately $215,000. 52.35% of the stock is currently owned by 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.