CNB Financial (NASDAQ:CCNE) Posts Earnings Results

CNB Financial (NASDAQ:CCNE - Get Free Report) posted its earnings results on Tuesday. The bank reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.05, Zacks reports. CNB Financial had a return on equity of 9.90% and a net margin of 14.56%. The business had revenue of $61.80 million for the quarter, compared to analysts' expectations of $49.97 million.

CNB Financial Price Performance

CCNE stock traded down $0.39 during trading on Friday, reaching $24.01. 209,265 shares of the company were exchanged, compared to its average volume of 118,911. The company has a market cap of $503.73 million, a P/E ratio of 10.09 and a beta of 0.64. CNB Financial has a 52-week low of $19.32 and a 52-week high of $29.29. The stock's 50 day moving average price is $22.82 and its 200 day moving average price is $23.19. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.92 and a current ratio of 0.92.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Friday, May 30th. CNB Financial's dividend payout ratio is currently 30.25%.

Analyst Ratings Changes

A number of research analysts have commented on CCNE shares. Keefe, Bruyette & Woods lifted their price objective on shares of CNB Financial from $26.00 to $29.00 and gave the company a "market perform" rating in a research note on Thursday. Stephens began coverage on shares of CNB Financial in a report on Monday, April 14th. They issued an "overweight" rating and a $26.50 target price on the stock.

Institutional Trading of CNB Financial

A number of institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new stake in CNB Financial during the first quarter worth about $714,000. Empowered Funds LLC lifted its holdings in shares of CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock valued at $1,731,000 after purchasing an additional 5,370 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock valued at $273,000 after purchasing an additional 546 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of CNB Financial by 201.7% in the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock valued at $977,000 after purchasing an additional 29,343 shares in the last quarter. Hedge funds and other institutional investors own 52.35% of the company's stock.

CNB Financial Company Profile

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.