CNB Financial (NASDAQ:CCNE) Stock: Insider Richard Seager Sells 3,000 Shares

Key Points

• Director Richard Seager sold 3,000 CNB Financial shares for $106,620, reducing his position by 12.81%; he retained 20,416 shares after the transaction.
• CNB Financial reported quarterly EPS of $0.91, above the $0.88 consensus estimate, and announced a quarterly dividend of $0.19 per share, equivalent to a 2.1% annualized yield.
• Analysts give the stock a consensus “Moderate Buy” rating and an average price target of $37.20; shares were trading at $35.55 in Friday’s session.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) Director Richard Seager sold 3,000 shares of the stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $35.54, for a total value of $106,620.00. Following the transaction, the director directly owned 20,416 shares in the company, valued at approximately $725,584.64. The trade was a 12.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

CNB Financial Trading Down 0.2%

NASDAQ CCNE traded down $0.09 during trading on Friday, hitting $35.55. The stock had a trading volume of 48,619 shares, compared to its average volume of 153,834. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.05 billion, a PE ratio of 9.36 and a beta of 0.61. The firm 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 twelve month low of $23.78 and a twelve month high of $37.70.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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. As a group, equities research analysts forecast that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently announced 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 (DPR) is 20.00%.

Institutional Investors Weigh In On CNB Financial

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in CNB Financial in the second quarter valued at approximately $78,011,000. Dimensional Fund Advisors LP boosted its holdings in shares of CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock valued at $43,613,000 after buying an additional 27,236 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank's stock valued at $8,458,000 after buying an additional 3,123 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in CNB Financial during the 2nd quarter worth $7,667,000. Finally, Globeflex Capital L P purchased a new stake in CNB Financial in the second quarter valued at $5,396,000. Hedge funds and other institutional investors own 52.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CCNE. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Wall Street Zen downgraded shares of CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday, November 7th. Raymond James Financial reissued an "outperform" rating and issued a $40.00 price objective on shares of CNB Financial in a research report on Tuesday, October 27th. Weiss Ratings lowered shares of CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, October 26th. Finally, DA Davidson lifted their price objective on shares of CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, CNB Financial has a consensus rating of "Moderate Buy" and an average price target 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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