CNB Financial (NASDAQ:CCNE) Director Sells $904,750.00 in Stock

Key Points

• Director Gary Olson sold 25,000 CNB Financial shares for $904,750, at an average price of $36.19. The sale reduced his stake by 24.99%, leaving him with 75,056 shares.
• CNB Financial reported quarterly earnings of $0.91 per share, beating the $0.88 analyst consensus; revenue of $87.79 million was roughly in line with expectations.
• The company declared a quarterly dividend of $0.19 per share, equivalent to $0.76 annually and a 2.1% yield. Analysts’ average rating was “Moderate Buy,” with a $37.20 consensus price target.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) Director Gary Olson sold 25,000 shares of the stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $36.19, for a total transaction of $904,750.00. Following the completion of the transaction, the director owned 75,056 shares of the company's stock, valued at approximately $2,716,276.64. The trade was a 24.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

CNB Financial Stock Down 0.8%

NASDAQ CCNE traded down $0.29 during trading hours on Thursday, reaching $35.56. 24,253 shares of the company's stock traded hands, compared to its average volume of 153,894. CNB Financial Corporation has a 52-week low of $23.78 and a 52-week high of $37.70. The firm has a market cap of $1.05 billion, a PE ratio of 9.38 and a beta of 0.61. The firm has a 50-day simple moving average of $34.55 and a 200 day simple moving average of $32.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96.

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

CNB Financial Announces Dividend

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

Institutional Trading of CNB Financial

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of CNB Financial during the second quarter valued at $78,011,000. The Manufacturers Life Insurance Company bought a new stake in CNB Financial in the 2nd quarter worth about $7,667,000. Globeflex Capital L P purchased a new position in CNB Financial in the 2nd quarter worth about $5,396,000. Empowered Funds LLC purchased a new position in CNB Financial in the 2nd quarter worth about $4,918,000. Finally, Pinnacle Holdings LLC purchased a new stake in shares of CNB Financial during the 2nd quarter valued at about $1,690,000. Institutional investors own 52.35% of the company's stock.

Analysts Set New Price Targets

CCNE has been the subject of a number of analyst reports. Raymond James Financial reaffirmed an "outperform" rating and set a $40.00 price objective on shares of CNB Financial in a research report on Tuesday, October 27th. DA Davidson boosted their target price on CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Weiss Ratings cut CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, October 26th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Finally, Piper Sandler initiated coverage on CNB Financial in a report on Thursday, September 24th. They set an "overweight" rating and a $38.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, CNB Financial presently 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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