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

CNB Financial Corporation (NASDAQ:CCNE) Director Richard Seager sold 3,000 shares of the firm’s stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $35.54, for a total value of $106,620.00. Following the transaction, the director owned 20,416 shares of the company’s stock, valued at approximately $725,584.64. The trade was a 12.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

CNB Financial Price Performance

Shares of CCNE stock traded down $0.04 during trading hours on Friday, hitting $35.60. The stock had a trading volume of 157,159 shares, compared to its average volume of 137,536. 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 stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 9.37 and a beta of 0.61. CNB Financial Corporation has a one year low of $23.78 and a one year high of $37.70. The stock’s 50-day moving average price is $34.61 and its two-hundred day moving average price is $32.14.

CNB Financial (NASDAQ:CCNE) last announced its quarterly 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. The company had revenue of $87.79 million during the quarter, compared to analyst estimates of $87.76 million. CNB Financial had a return on equity of 13.15% and a net margin of 23.26%. Equities analysts forecast that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, December 1st. CNB Financial’s dividend payout ratio is 20.00%.

Key Stories Impacting CNB Financial

Here are a few of the latest stories about CCNE:

• Positive Sentiment: CEO Michael D. Peduzzi bought 500 shares for about $17,815, and Director Jeffrey S. Powell purchased 560 shares for about $19,970. CEO purchase filing Director purchase filing
• Negative Sentiment: Insiders reported selling a combined 36,330 shares for roughly $1.31 million. This includes Director Gary Olson’s 25,000-share sale, EVP Leanne D. Kassab’s 8,330-share sale, and Director Richard B. Seager’s 3,000-share sale. The sales reduced each seller’s holdings, with Olson’s and Kassab’s representing about one-quarter and over one-third of their respective positions. Insider trading report EVP sale filing Director sale filing
• Neutral Sentiment: The article also notes CNB Financial’s previously reported quarterly results modestly beat earnings expectations ($0.91 per share versus $0.88) and that its quarterly dividend is $0.19 per share. These provide fundamental and income context but are not new catalysts in the latest insider-trading disclosures.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler began coverage on shares of CNB Financial in a report on Thursday, September 24th. They issued an “overweight” rating and a $38.00 target price for the company. DA Davidson boosted their price target 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. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. Weiss Ratings lowered shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $37.20.

Institutional Investors Weigh In On CNB Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of CNB Financial during the 2nd quarter worth about $78,011,000. Dimensional Fund Advisors LP raised its position in CNB Financial by 1.8% in 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 raised its position in CNB Financial by 1.1% in 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 bought a new stake in CNB Financial in the second quarter worth about $7,667,000. Finally, Globeflex Capital L P bought a new stake in CNB Financial in the second quarter worth about $5,396,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

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.