CNB Financial (NASDAQ:CCNE) CEO Buys 500 Shares of Stock

CNB Financial Corporation (NASDAQ:CCNE) CEO Michael Peduzzi purchased 500 shares of CNB Financial stock in a transaction dated Friday, November 13th. The stock was bought at an average cost of $35.63 per share, with a total value of $17,815.00. Following the completion of the transaction, the chief executive officer directly owned 56,918 shares of the company’s stock, valued at $2,027,988.34. This represents a 0.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

CNB Financial Stock Down 0.3%

CNB Financial stock traded down $0.11 during trading hours on Friday, hitting $35.53. The company had a trading volume of 73,098 shares, compared to its average volume of 153,936. CNB Financial Corporation has a fifty-two week low of $23.78 and a fifty-two week high of $37.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.05 billion, a P/E ratio of 9.34 and a beta of 0.61. The firm’s fifty day moving average is $34.58 and its 200-day moving average is $32.09.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results 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 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. On average, research analysts forecast that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The company 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%.

Key Headlines Impacting CNB Financial

Investors following CCNE have been watching these headlines:

• Positive Sentiment: CEO Michael D. Peduzzi bought 500 shares for about $17,815, increasing his stake by 0.89%. SEC filing
• Positive Sentiment: Director Jeffrey S. Powell bought 560 shares for about $19,970, a 0.40% increase in his holdings. SEC filing
• Negative Sentiment: Several insiders sold a combined 36,330 shares: Director Gary Olson sold 25,000 shares (about $904,750), EVP Leanne Kassab sold 8,330 (about $296,048), and Director Richard Seager sold 3,000 (about $106,620). These sales greatly exceeded the 1,060 shares purchased by the CEO and Powell, creating a net negative insider-trading signal. Olson sale report Kassab SEC filing Seager SEC filing

Analyst Upgrades and Downgrades

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

Institutional Trading of CNB Financial

Institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC increased its holdings in CNB Financial by 7.2% during the 3rd quarter. Private Advisor Group LLC now owns 6,878 shares of the bank’s stock valued at $229,000 after purchasing an additional 459 shares in the last quarter. Ieq Capital LLC bought a new stake in shares of CNB Financial during the third quarter worth approximately $204,000. Russell Investments Group Ltd. boosted its stake in CNB Financial by 8.5% in the third 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 last quarter. Allspring Global Investments Holdings LLC raised its position 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 valued at $549,000 after acquiring an additional 648 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in shares of CNB Financial in the 3rd quarter valued at $558,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.