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

CNB Financial (NASDAQ:CCNE - Get Free Report) issued its quarterly earnings results on Tuesday. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05, Zacks reports. CNB Financial had a return on equity of 9.80% and a net margin of 14.50%.

CNB Financial Price Performance

CCNE stock traded down $0.17 during midday trading on Tuesday, reaching $23.57. 79,613 shares of the stock were exchanged, compared to its average volume of 66,581. The stock has a market capitalization of $494.50 million, a PE ratio of 10.12 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 company has a debt-to-equity ratio of 0.19, a current ratio of 0.92 and a quick ratio of 0.92. The company has a fifty day moving average price of $22.73 and a 200 day moving average price of $23.19.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Friday, May 30th. CNB Financial's dividend payout ratio is presently 30.90%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on CNB Financial from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Friday, July 11th. Stephens began coverage on CNB Financial in a research note on Monday, April 14th. They set an "overweight" rating and a $26.50 price objective on the stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC lifted its holdings in CNB Financial by 7.4% during the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock worth $1,731,000 after buying an additional 5,370 shares during the period. AQR Capital Management LLC lifted its holdings in CNB Financial by 201.7% during the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock worth $977,000 after buying an additional 29,343 shares during the period. Jane Street Group LLC acquired a new position in CNB Financial during the 1st quarter worth about $714,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in CNB Financial by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock worth $273,000 after buying an additional 546 shares during the period. 52.35% of the stock is owned by institutional investors and hedge funds.

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.

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