CNB Financial (NASDAQ:CCNE) Issues Quarterly Earnings Results

CNB Financial (NASDAQ:CCNE) released its earnings results on Wednesday. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03, FiscalAI reports. The firm had revenue of $87.79 million during the quarter, compared to analyst estimates of $87.76 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%.

CNB Financial Trading Down 0.1%

Shares of NASDAQ CCNE opened at $34.54 on Thursday. The business’s 50 day moving average is $34.06 and its two-hundred day moving average is $32.89. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. CNB Financial has a 1-year low of $23.78 and a 1-year high of $36.17. The stock has a market capitalization of $1.02 billion, a P/E ratio of 11.11 and a beta of 0.62.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, September 1st. CNB Financial’s payout ratio is presently 24.44%.

Hedge Funds Weigh In On CNB Financial

Large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in CNB Financial in the second quarter worth $78,011,000. Dimensional Fund Advisors LP increased its position in CNB Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after acquiring an additional 27,236 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of CNB Financial by 1.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after acquiring an additional 3,123 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of CNB Financial in the second quarter valued at $7,667,000. Finally, Globeflex Capital L P purchased a new stake in shares of CNB Financial in the second quarter valued at $5,396,000. Institutional investors own 52.35% of the company’s stock.

Analyst Ratings Changes

CCNE has been the topic of several research analyst reports. 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 raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Weiss Ratings raised CNB Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Finally, Raymond James Financial began coverage on CNB Financial in a report on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.