Boenning Scattergood Weighs in on CNB Financial Corporation’s FY2017 Earnings (CCNE)
CNB Financial Corporation (NASDAQ:CCNE) – Equities research analysts at Boenning Scattergood increased their FY2017 EPS estimates for shares of CNB Financial Corporation in a report released on Friday. Boenning Scattergood analyst M. Schultheis now forecasts that the bank will post earnings of $1.67 per share for the year, up from their previous estimate of $1.60. Boenning Scattergood currently has a “Buy” rating on the stock. Boenning Scattergood also issued estimates for CNB Financial Corporation’s Q1 2018 earnings at $0.42 EPS, Q2 2018 earnings at $0.47 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.55 EPS, FY2018 earnings at $1.97 EPS and FY2019 earnings at $2.33 EPS.
Several other research firms also recently weighed in on CCNE. Zacks Investment Research downgraded CNB Financial Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. BidaskClub downgraded CNB Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.
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Shares of CNB Financial Corporation (NASDAQ CCNE) opened at 28.11 on Monday. CNB Financial Corporation has a 12-month low of $19.53 and a 12-month high of $28.57. The stock’s 50 day moving average price is $26.71 and its 200-day moving average price is $24.63. The firm has a market cap of $426.88 million, a P/E ratio of 16.91 and a beta of 0.87.
CNB Financial Corporation (NASDAQ:CCNE) last posted its earnings results on Thursday, October 19th. The bank reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.08. CNB Financial Corporation had a return on equity of 11.13% and a net margin of 20.28%. The company had revenue of $28.55 million during the quarter, compared to the consensus estimate of $28.52 million.
Hedge funds have recently bought and sold shares of the company. Brandywine Global Investment Management LLC grew its stake in shares of CNB Financial Corporation by 38.7% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 4,952 shares of the bank’s stock worth $119,000 after acquiring an additional 1,382 shares during the period. SG Americas Securities LLC bought a new position in shares of CNB Financial Corporation during the 1st quarter worth $169,000. American International Group Inc. grew its stake in shares of CNB Financial Corporation by 7.4% during the 1st quarter. American International Group Inc. now owns 8,543 shares of the bank’s stock worth $204,000 after acquiring an additional 585 shares during the period. KCG Holdings Inc. bought a new position in shares of CNB Financial Corporation during the 1st quarter worth $215,000. Finally, Alliancebernstein L.P. grew its stake in shares of CNB Financial Corporation by 4.8% during the 1st quarter. Alliancebernstein L.P. now owns 10,940 shares of the bank’s stock worth $261,000 after acquiring an additional 500 shares during the period. Institutional investors own 42.36% of the company’s stock.
In other news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $26.56, for a total transaction of $53,120.00. Following the completion of the transaction, the director now owns 49,570 shares in the company, valued at approximately $1,316,579.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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