CNB Financial (NASDAQ:CCNE) Announces Earnings Results, Beats Estimates By $0.06 EPS

CNB Financial (NASDAQ:CCNE) announced its earnings results on Monday. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06, FiscalAI reports. CNB Financial had a net margin of 17.62% and a return on equity of 12.58%. The firm had revenue of $83.32 million during the quarter, compared to analyst estimates of $79.35 million.

CNB Financial Price Performance

Shares of NASDAQ CCNE opened at $29.90 on Wednesday. The firm has a 50-day moving average of $29.06 and a two-hundred day moving average of $27.10. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $886.12 million, a price-to-earnings ratio of 10.64 and a beta of 0.67. CNB Financial has a twelve month low of $21.19 and a twelve month high of $31.80.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, February 27th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 27.05%.

Institutional Trading of CNB Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its holdings in CNB Financial by 8.1% during the 4th quarter. Empowered Funds LLC now owns 147,235 shares of the bank’s stock worth $3,853,000 after buying an additional 10,988 shares during the period. XTX Topco Ltd acquired a new stake in CNB Financial during the 4th quarter worth about $202,000. Wellington Management Group LLP raised its holdings in CNB Financial by 38.2% during the 4th quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank’s stock worth $67,858,000 after buying an additional 716,917 shares during the period. Millennium Management LLC acquired a new stake in CNB Financial during the 4th quarter worth about $2,017,000. Finally, Bridgeway Capital Management LLC raised its holdings in CNB Financial by 4.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 250,081 shares of the bank’s stock worth $6,545,000 after buying an additional 10,988 shares during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings raised shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. Keefe, Bruyette & Woods upped their price target on shares of CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday. Stephens upped their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Finally, Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $34.50.

CNB Financial Company Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.