CNB Financial (NASDAQ:CCNE) Stock: Insider Michael Peduzzi Purchases 500 Shares

CNB Financial Corporation (NASDAQ:CCNE) CEO Michael Peduzzi bought 500 shares of the stock in a transaction on Friday, November 13th. The shares were acquired at an average price of $35.63 per share, with a total value of $17,815.00. Following the purchase, the chief executive officer owned 56,918 shares of the company’s stock, valued at $2,027,988.34. The trade was a 0.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

CNB Financial Stock Performance

Shares of NASDAQ:CCNE traded down $0.11 during trading on Friday, reaching $35.53. 73,098 shares of the company’s stock traded hands, compared to its average volume of 153,936. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $1.05 billion, a P/E ratio of 9.34 and a beta of 0.61. CNB Financial Corporation has a 12 month low of $23.78 and a 12 month high of $37.70. The company has a 50 day moving average of $34.58 and a 200-day moving average of $32.09.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. CNB Financial had a net margin of 23.26% and a return on equity of 13.15%. The business had revenue of $87.79 million during the quarter, compared to analyst estimates of $87.76 million. On average, equities analysts expect that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, December 1st. CNB Financial’s payout ratio is 20.00%.

Analyst Ratings Changes

CCNE has been the subject of several research analyst reports. Weiss Ratings downgraded shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, October 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Piper Sandler started 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 for the company. Raymond James Financial reiterated an “outperform” rating and issued a $40.00 price objective on shares of CNB Financial in a report on Tuesday, October 27th. Finally, DA Davidson upped their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, CNB Financial presently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

More CNB Financial News

These are some of the CCNE news items that stood out recently:

• Positive Sentiment: CEO Michael D. Peduzzi bought 500 shares for about $17,815, increasing his stake by 0.89%. SEC filing
• Positive Sentiment: Director Jeffrey S. Powell bought 560 shares for about $19,970, a 0.40% increase in his holdings. SEC filing
• Negative Sentiment: Several insiders sold a combined 36,330 shares: Director Gary Olson sold 25,000 shares (about $904,750), EVP Leanne Kassab sold 8,330 (about $296,048), and Director Richard Seager sold 3,000 (about $106,620). These sales greatly exceeded the 1,060 shares purchased by the CEO and Powell, creating a net negative insider-trading signal. Olson sale report Kassab SEC filing Seager SEC filing

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently modified their holdings of CCNE. State of Alaska Department of Revenue raised its holdings in CNB Financial by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock worth $114,000 after buying an additional 297 shares during the period. Private Advisor Group LLC grew its position 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 purchasing an additional 459 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in CNB Financial by 4.1% during the 3rd 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 in the last quarter. Parallel Advisors LLC raised its stake in CNB Financial by 847.2% during the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,220 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of CNB Financial in the second quarter valued at $44,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.