CNB Financial (NASDAQ:CCNE) Director Gary Olson Sells 25,000 Shares of Company Stock

CNB Financial Corporation (NASDAQ:CCNE) Director Gary Olson sold 25,000 shares of CNB Financial stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $36.19, for a total value of $904,750.00. Following the completion of the transaction, the director owned 75,056 shares in the company, valued at $2,716,276.64. This trade represents a 24.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

CNB Financial Stock Performance

Shares of CCNE opened at $35.64 on Friday. The firm has a market cap of $1.06 billion, a PE ratio of 9.38 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $34.58 and a 200-day moving average price of $32.09. CNB Financial Corporation has a 12 month low of $23.78 and a 12 month high of $37.70.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $87.79 million during the quarter, compared to analysts’ expectations of $87.76 million. CNB Financial had a net margin of 23.26% and a return on equity of 13.15%. Equities research analysts predict that CNB Financial Corporation will post 3.58 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.19 per share. 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 payout ratio is currently 20.00%.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. DA Davidson upped their price objective on 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 downgraded CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, November 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Piper Sandler began coverage on shares of CNB Financial in a research note on Thursday, September 24th. They issued an “overweight” rating and a $38.00 price target on the stock. Finally, Raymond James Financial reissued an “outperform” rating and issued a $40.00 price target on shares of CNB Financial in a research note on Tuesday, October 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.20.

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.