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Angela D. Wilcoxson, Executive Vice President and Chief Commercial Banking Officer at CNB Financial Corp (NASDAQ:CCNE), a $522.56 million market cap regional bank trading at 10.42 times earnings, recently executed several stock transactions. On February 24, Wilcoxson sold 339 shares of common stock, totaling approximately $8,576, with each share priced at $25.30.
Additionally, Wilcoxson acquired 951 shares valued at a total of $24,060, also at $25.30 per share. The transactions were part of the company’s 2019 Stock Incentive Plan, which converts performance units into shares based on the company’s performance over a three-year period. Some shares were surrendered to satisfy tax withholding obligations related to a Performance Stock Award. InvestingPro data shows CCNE has maintained dividend payments for 32 consecutive years, currently offering a 2.85% yield.
Post-transaction, Wilcoxson holds 6,044.84 shares directly and 2,325.231 shares indirectly through a 401K plan. InvestingPro analysis indicates the company remains profitable, with multiple additional insights available to subscribers.
In other recent news, CNB Financial Corp has announced its acquisition of ESSA Bank & Trust. This development has sparked discussions about the potential impacts on CNB Financial’s tangible book value, which is expected to see a 15% dilution. The earnback period for this acquisition is projected at 3.3 years. Despite these concerns, Keefe, Bruyette & Woods noted an anticipated 35% increase in earnings per share, with a projected EPS of $3.82 for 2026, closely matching CNB Financial’s guidance of $3.87. The acquisition is expected to bring strategic benefits, as ESSA Bank & Trust’s deposit base is located in attractive markets, which could provide CNB Financial with growth opportunities. Keefe, Bruyette & Woods adjusted their price target for CNB Financial to $28.00 from $30.00 while maintaining a Market Perform rating. The firm highlighted that the success of the acquisition will depend on CNB Financial’s management effectively transforming ESSA Bank & Trust towards a more commercial banking focus. These recent developments are crucial for investors monitoring CNB Financial’s growth trajectory.
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