Insider Selling: CNB Financial (NASDAQ:CCNE) EVP Sells 8,330 Shares of Stock

Key Points

• CNB Financial EVP Leanne Kassab sold 8,330 shares for about $296,000, reducing her holdings by 37.26% to 14,026 shares.
• The bank reported quarterly EPS of $0.91, topping the $0.88 analyst estimate; revenue was $87.79 million, roughly in line with expectations.
• CNB declared a quarterly dividend of $0.19 per share, equivalent to a 2.1% yield. Analysts’ consensus rating was Moderate Buy, with a $37.20 average price target.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) EVP Leanne Kassab sold 8,330 shares of the stock in a transaction on Thursday, November 12th. The stock was sold at an average price of $35.54, for a total transaction of $296,048.20. Following the sale, the executive vice president owned 14,026 shares of the company's stock, valued at approximately $498,484.04. This represents a 37.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

CNB Financial Stock Performance

CNB Financial stock traded down $0.09 during midday trading on Friday, hitting $35.55. 48,619 shares of the company's stock were exchanged, compared to its average volume of 153,834. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 9.36 and a beta of 0.61. CNB Financial Corporation has a 12-month low of $23.78 and a 12-month high of $37.70. The firm's 50 day simple moving average is $34.58 and its 200 day simple moving average is $32.09.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its earnings results on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $87.76 million. Equities research analysts predict that CNB Financial Corporation will post 3.58 EPS for the current 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 given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, December 1st. CNB Financial's payout ratio is 20.00%.

Analyst Ratings Changes

A number of analysts have weighed in on CCNE shares. Piper Sandler started coverage on CNB Financial in a research report on Thursday, September 24th. They set an "overweight" rating and a $38.00 price objective for the company. Weiss Ratings cut CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, October 26th. DA Davidson increased their price target on CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. 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. Finally, Wall Street Zen cut shares of CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday, November 7th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.20.

Institutional Trading of CNB Financial

Hedge funds have recently modified their holdings of the business. Private Advisor Group LLC grew its position in CNB Financial by 7.2% during the third quarter. Private Advisor Group LLC now owns 6,878 shares of the bank's stock worth $229,000 after buying an additional 459 shares during the period. Ieq Capital LLC acquired a new stake in shares of CNB Financial during the 3rd quarter valued at approximately $204,000. Russell Investments Group Ltd. lifted its position in shares of CNB Financial by 8.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 16,726 shares of the bank's stock valued at $557,000 after acquiring an additional 1,315 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of CNB Financial by 4.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,491 shares of the bank's stock worth $549,000 after acquiring an additional 648 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new stake in shares of CNB Financial during the 3rd quarter worth approximately $558,000. 52.35% of the stock is owned by institutional investors and hedge funds.

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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