CNB Financial (NASDAQ:CCNE) Trading Down 4% – Here’s Why

CNB Financial Co. (NASDAQ:CCNE)’s share price was down 4% during trading on Thursday . The company traded as low as $24.46 and last traded at $24.46. Approximately 1,284 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 45,058 shares. The stock had previously closed at $25.47.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Tuesday.

CNB Financial Stock Performance

The firm has a market capitalization of $529.30 million, a PE ratio of 10.59 and a beta of 0.69. The business has a 50-day simple moving average of $23.95 and a 200-day simple moving average of $21.78. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. The firm had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. Equities research analysts expect that CNB Financial Co. will post 2.25 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.86%. CNB Financial’s dividend payout ratio (DPR) is currently 30.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. boosted its holdings in CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after acquiring an additional 51,080 shares in the last quarter. Unison Advisors LLC purchased a new stake in shares of CNB Financial in the third quarter worth about $692,000. Dimensional Fund Advisors LP grew its stake in shares of CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after purchasing an additional 24,666 shares during the period. Vanguard Group Inc. grew its position in CNB Financial by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock valued at $21,463,000 after buying an additional 15,870 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of CNB Financial by 73.9% during the 1st quarter. BNP Paribas Financial Markets now owns 29,632 shares of the bank’s stock valued at $604,000 after acquiring an additional 12,589 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Company Profile

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.