CNB Financial (NASDAQ:CCNE) Announces Earnings Results, Beats Expectations By $0.03 EPS

CNB Financial (NASDAQ:CCNE) issued its quarterly earnings data on Wednesday. The bank reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03, FiscalAI reports. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. The business had revenue of $87.79 million for the quarter.

CNB Financial Trading Down 0.1%

CCNE traded down $0.04 during midday trading on Wednesday, hitting $34.54. 83,508 shares of the company were exchanged, compared to its average volume of 154,636. The firm’s 50 day moving average price is $34.07 and its 200-day moving average price is $32.85. CNB Financial has a 1-year low of $23.78 and a 1-year high of $36.17. The firm has a market capitalization of $1.02 billion, a P/E ratio of 11.11 and a beta of 0.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 annualized dividend and a yield of 2.2%. CNB Financial’s payout ratio is presently 24.44%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CCNE shares. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Keefe, Bruyette & Woods reaffirmed 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. DA Davidson upped their price objective on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Piper Sandler initiated coverage on shares of CNB Financial in a report on Thursday, September 24th. They issued an “overweight” rating and a $38.00 price objective for the company. Finally, Raymond James Financial began coverage on shares of CNB Financial in a research report on Wednesday, August 26th. They set an “outperform” rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds have recently made changes to their positions in CCNE. BlackRock Inc. bought a new position in CNB Financial during the 2nd quarter worth approximately $78,011,000. Dimensional Fund Advisors LP lifted its position 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 worth $43,613,000 after purchasing an additional 27,236 shares during the period. Arrowstreet Capital Limited Partnership lifted 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 worth $8,458,000 after purchasing an additional 3,123 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of CNB Financial in the 2nd quarter worth approximately $7,667,000. Finally, Globeflex Capital L P bought a new stake in shares of CNB Financial in the 2nd quarter valued at $5,396,000. 52.35% of the stock is currently owned by institutional investors.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.