CNB Financial (NASDAQ:CCNE) Issues Quarterly Earnings Results

Key Points

• CNB Financial beat quarterly earnings expectations, reporting EPS of $0.91 versus analysts’ estimate of $0.86. The bank also posted a net margin of 17.62% and return on equity of 12.14%.
• The stock traded higher after the report, rising to $33.92 during Thursday trading. It remained near its 50-day and 200-day moving averages and sits close to its 52-week high of $35.24.
• CNB Financial continues to return capital to shareholders through a quarterly dividend of $0.19, equal to an annualized yield of 2.2%. Institutional ownership is also notable, with hedge funds and other investors holding more than half the shares.

CNB Financial (NASDAQ:CCNE - Get Free Report) announced its earnings results on Thursday. The bank reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.05, FiscalAI reports. CNB Financial had a net margin of 17.62% and a return on equity of 12.14%.

CNB Financial Stock Performance

Shares of NASDAQ CCNE traded up $0.19 during midday trading on Thursday, hitting $33.92. 142,327 shares of the company's stock traded hands, compared to its average volume of 159,500. The firm has a fifty day moving average of $32.32 and a 200 day moving average of $30.01. CNB Financial has a 1 year low of $21.63 and a 1 year high of $35.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 12.07 and a beta of 0.63.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. CNB Financial's dividend payout ratio is currently 27.05%.

Institutional Trading of CNB Financial

Several hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in CNB Financial by 201.7% in 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 546 shares in the last quarter. Empowered Funds LLC lifted its position 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 acquiring an additional 5,370 shares in the last quarter. Jane Street Group LLC bought a new position in shares of CNB Financial in the first quarter worth about $714,000. Finally, Rhumbline Advisers boosted its stake in shares of CNB Financial by 5.3% in the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock worth $728,000 after acquiring an additional 1,590 shares during the period. Institutional investors own 52.35% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CCNE shares. Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. DA Davidson assumed coverage on shares of CNB Financial in a research note on Friday, May 15th. They issued a "neutral" rating and a $34.00 target price on the stock. Finally, Keefe, Bruyette & Woods increased their price target on shares of CNB Financial from $30.00 to $34.00 and gave the company a "market perform" rating in a report on Tuesday, April 21st. One 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. According to data from MarketBeat.com, CNB Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

About CNB Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.