CNB Financial Corporation (NASDAQ:CCNE) Shareholders to Receive $0.19 Quarterly Dividend

Key Points

• CNB Financial declared a $0.19 quarterly dividend, payable December 15 to shareholders of record December 1. The annualized dividend is $0.76, yielding about 2.1%.
• The dividend appears well covered: the current payout ratio is 22.8%, and analysts project a 20.3% payout ratio based on next year’s expected earnings.
• CNB Financial beat quarterly earnings estimates, reporting $0.91 per share versus the $0.88 consensus. Analysts’ average rating is “Moderate Buy,” with a consensus price target of $37.20.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) declared a quarterly dividend on Tuesday, November 10th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.19 per share by the bank on Tuesday, December 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 1st.

CNB Financial has a payout ratio of 22.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect CNB Financial to earn $3.74 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 20.3%.

CNB Financial Stock Performance

Shares of CCNE stock traded down $0.13 during trading hours on Wednesday, hitting $35.98. 10,878 shares of the company were exchanged, compared to its average volume of 154,127. The firm has a fifty day simple moving average of $34.50 and a 200 day simple moving average of $32.01. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. CNB Financial has a 52-week low of $23.78 and a 52-week high of $37.70. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 9.45 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. CNB Financial had a return on equity of 13.15% and a net margin of 23.26%. The business had revenue of $87.79 million for the quarter, compared to the consensus estimate of $87.76 million. Research analysts predict that CNB Financial will post 3.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CCNE shares. DA Davidson increased their price target on CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Wall Street Zen cut CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Piper Sandler started coverage on shares of CNB Financial in a research report on Thursday, September 24th. They set an "overweight" rating and a $38.00 target price for the company. Finally, Weiss Ratings downgraded shares of CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, October 26th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, CNB Financial currently has an average rating of "Moderate Buy" and a consensus target price of $37.20.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its subsidiary, CNB Bank, it provides banking and related financial services to individuals, businesses and organizations. Its offerings include consumer and commercial deposit accounts, loans, mortgage services, cash management and other banking services. The company also provides wealth management and trust services through its financial services businesses. CNB Bank traces its roots to 1865 and serves communities across Pennsylvania, Ohio and New York.

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