CNB Financial (NASDAQ:CCNE) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• EPS beat: CNB Financial reported quarterly EPS of $0.88, beating estimates by $0.06, with revenue of $83.32 million (vs. $79.35M est.) and a net margin of 15.29% and ROE of 11.10%.
• Dividend increase: The company raised its quarterly dividend to $0.19 (from $0.18), implying an annualized $0.76 payout, a 2.5% yield and a 31.28% payout ratio.
• Analyst upgrades and sentiment: Several firms upgraded CCNE (Stephens raised its target to $35 and others moved to "buy"), leaving a consensus "Buy" rating and a $32 target price.

CNB Financial (NASDAQ:CCNE - Get Free Report) posted its quarterly earnings data on Monday. The bank reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.06, FiscalAI reports. The firm had revenue of $83.32 million for the quarter, compared to analyst estimates of $79.35 million. CNB Financial had a net margin of 15.29% and a return on equity of 11.10%.

CNB Financial Trading Down 1.2%

CNB Financial stock opened at $30.98 on Tuesday. The stock has a 50-day moving average price of $29.03 and a 200 day moving average price of $27.05. CNB Financial has a 52 week low of $20.90 and a 52 week high of $31.80. The stock has a market cap of $918.25 million, a PE ratio of 12.75 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, February 27th. This is an increase from CNB Financial's previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. CNB Financial's dividend payout ratio is 31.28%.

Analyst Ratings Changes

CCNE has been the subject of a number of analyst reports. Stephens increased their target price on CNB Financial from $28.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. Weiss Ratings upgraded CNB Financial from a "hold (c)" rating to a "buy (b)" rating in a research report on Thursday, March 12th. Finally, Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $32.00.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CCNE. Tower Research Capital LLC TRC lifted its stake 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 period. Russell Investments Group Ltd. lifted its holdings in shares of CNB Financial by 16,173.3% during 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 period. Legal & General Group Plc increased its holdings in shares of CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock worth $63,000 after buying an additional 679 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of CNB Financial in the 3rd quarter valued at about $90,000. Finally, BNP Paribas Financial Markets grew its stake in CNB Financial by 158.3% during the third quarter. BNP Paribas Financial Markets now owns 6,392 shares of the bank's stock worth $155,000 after buying an additional 3,917 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.