CNB Financial (NASDAQ:CCNE) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

CNB Financial (NASDAQ:CCNE) posted its quarterly earnings data on Wednesday. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03, FiscalAI reports. The business had revenue of $87.79 million during the quarter, compared to analysts’ expectations of $87.76 million. CNB Financial had a return on equity of 13.23% and a net margin of 23.26%.

CNB Financial Stock Performance

NASDAQ CCNE opened at $35.24 on Friday. The company has a market cap of $1.04 billion, a P/E ratio of 11.33 and a beta of 0.62. 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 stock has a 50-day moving average of $34.07 and a two-hundred day moving average of $32.93. CNB Financial has a 1-year low of $23.78 and a 1-year high of $36.17.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, September 1st. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CCNE shares. Raymond James Financial assumed coverage on shares of CNB Financial in a research note on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price target on the stock. Weiss Ratings upgraded shares of CNB Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. DA Davidson lifted their target price on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Piper Sandler assumed coverage on shares of CNB Financial in a research note on Thursday, September 24th. They set an “overweight” rating and a $38.00 target price for the company. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Institutional Trading of CNB Financial

Several hedge funds have recently made changes to their positions in the business. USA Financial Formulas acquired a new stake in CNB Financial during the 3rd quarter worth approximately $74,000. State of Alaska Department of Revenue boosted its position in CNB Financial by 9.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock valued at $114,000 after buying an additional 297 shares during the period. Squarepoint Ops LLC purchased a new position in CNB Financial in the 2nd quarter valued at approximately $337,000. Arizona State Retirement System acquired a new position in shares of CNB Financial in the second quarter worth $262,000. Finally, HighTower Advisors LLC acquired a new position in shares of CNB Financial in the second quarter worth $564,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Company Profile

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.