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

CNB Financial (NASDAQ:CCNE) released its 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 net margin of 19.37% and a return on equity of 13.02%. The company had revenue of $88.52 million for the quarter, compared to analysts’ expectations of $85.87 million.

CNB Financial Price Performance

CCNE stock opened at $34.67 on Friday. The company’s fifty day moving average price is $32.49 and its 200-day moving average price is $30.10. The company has a market capitalization of $1.03 billion, a PE ratio of 11.15 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial has a one year low of $21.63 and a one year high of $35.24.

CNB Financial Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in shares of CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after buying an additional 636 shares during the last quarter. Russell Investments Group Ltd. raised its stake in CNB Financial by 16,173.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after acquiring an additional 2,426 shares during the last quarter. Legal & General Group Plc raised its stake in CNB Financial by 35.5% in the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after acquiring an additional 679 shares during the last quarter. Quantbot Technologies LP acquired a new stake in CNB Financial during the 3rd quarter worth about $90,000. Finally, BNP Paribas Financial Markets lifted its position in CNB Financial by 158.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,392 shares of the bank’s stock worth $155,000 after acquiring an additional 3,917 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. DA Davidson began coverage on shares of 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 reaffirmed a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

CNB Financial Company Profile

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.