CNB Financial (NASDAQ:CCNE) Director Jeffrey Powell Acquires 560 Shares of Stock

Key Points

• Director Jeffrey Powell bought 560 CNB Financial shares at an average of $35.66, increasing his stake by 0.4% to 139,618 shares.
• CNB Financial reported quarterly earnings of $0.91 per share, beating the $0.88 consensus estimate; revenue was $87.79 million, roughly in line with forecasts.
• The company announced a quarterly dividend of $0.19 per share, equivalent to an annualized yield of about 2.1%. Analysts’ average rating is “Moderate Buy,” with a consensus price target of $37.20.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) Director Jeffrey Powell acquired 560 shares of the business's stock in a transaction that occurred on Thursday, November 12th. The shares were purchased at an average price of $35.66 per share, with a total value of $19,969.60. Following the completion of the transaction, the director owned 139,618 shares of the company's stock, valued at $4,978,777.88. The trade was a 0.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

CNB Financial Trading Down 0.2%

CCNE stock traded down $0.09 during trading on Friday, reaching $35.55. 48,619 shares of the stock were exchanged, compared to its average volume of 153,834. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of 9.36 and a beta of 0.61. The business has a 50 day moving average price of $34.58 and a 200-day moving average price of $32.09. CNB Financial Corporation has a 1 year low of $23.78 and a 1 year high of $37.70.

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

CNB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.19 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.1%. CNB Financial's dividend payout ratio is currently 20.00%.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCNE. BlackRock Inc. purchased a new stake in shares of CNB Financial in the 2nd quarter valued at approximately $78,011,000. Dimensional Fund Advisors LP boosted its position in shares of CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock worth $43,613,000 after purchasing an additional 27,236 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of CNB Financial by 1.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank's stock worth $8,458,000 after purchasing an additional 3,123 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in CNB Financial in the 2nd quarter valued at approximately $7,667,000. Finally, Globeflex Capital L P acquired a new stake in CNB Financial in the 2nd quarter valued at approximately $5,396,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on CCNE. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Wall Street Zen downgraded CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, November 7th. DA Davidson upped their price target on CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Weiss Ratings cut CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, October 26th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $40.00 price target on shares of CNB Financial in a report on Tuesday, October 27th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, CNB Financial currently has an average rating of "Moderate Buy" and a consensus price target of $37.20.

CNB Financial Company Profile

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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