CNB Financial (NASDAQ:CCNE) EVP Leanne Kassab Sells 8,330 Shares of Company Stock

CNB Financial Corporation (NASDAQ:CCNE) EVP Leanne Kassab sold 8,330 shares of the company’s stock in a transaction dated Thursday, November 12th. The shares were sold at an average price of $35.54, for a total transaction of $296,048.20. Following the sale, the executive vice president owned 14,026 shares of the company’s stock, valued at $498,484.04. This trade represents a 37.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

CNB Financial Stock Performance

Shares of NASDAQ:CCNE traded down $0.04 during midday trading on Friday, hitting $35.60. The company’s 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 quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50 day simple moving average is $34.61 and its 200 day simple moving average is $32.14. 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 fifty-two week low of $23.78 and a fifty-two week high of $37.70.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. CNB Financial had a return on equity of 13.15% and a net margin of 23.26%. The business had revenue of $87.79 million during the quarter, compared to analysts’ expectations of $87.76 million. As a group, research analysts anticipate that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Tuesday, December 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. CNB Financial’s payout ratio is 20.00%.

Analyst Upgrades and Downgrades

CCNE has been the topic of several research analyst reports. Weiss Ratings downgraded shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Piper Sandler initiated coverage on shares of CNB Financial in a research note on Thursday, September 24th. They set an “overweight” rating and a $38.00 target price for the company. Raymond James Financial reissued an “outperform” rating and issued a $40.00 price target on shares of CNB Financial in a report on Tuesday, October 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Finally, DA Davidson raised 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. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

Institutional Trading of CNB Financial

A number of hedge funds have recently modified their holdings of CCNE. Entropy Technologies LP acquired a new stake in shares of CNB Financial during the 3rd quarter worth approximately $728,000. Private Advisor Group LLC raised its stake in shares of CNB Financial by 7.2% in the third quarter. Private Advisor Group LLC now owns 6,878 shares of the bank’s stock valued at $229,000 after purchasing an additional 459 shares in the last quarter. Ieq Capital LLC acquired a new position in shares of CNB Financial in the third quarter valued at $204,000. Russell Investments Group Ltd. raised its stake in shares of CNB Financial by 8.5% in the third 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in CNB Financial by 4.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 16,491 shares of the bank’s stock worth $549,000 after purchasing an additional 648 shares during the period. Institutional investors own 52.35% of the company’s stock.

CNB Financial News Roundup

Investors following CCNE have been watching these news items:

• 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.

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.