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CLEARFIELD, PA—Steven R. Shaffner, Executive Vice President and Chief Wealth Management Officer at CNB Financial Corp (NASDAQ:CCNE), a $523 million market cap regional bank trading at 10.4x earnings, recently executed a series of stock transactions according to a filing with the Securities and Exchange Commission. On February 24, Shaffner sold 442 shares of CNB Financial common stock at a price of $25.30 per share, amounting to a total transaction value of $11,182.
In addition to the sale, Shaffner acquired 1,308 shares of common stock, valued at $33,092, as part of the CNB Financial Corporation 2019 Stock Incentive Plan. This plan allowed for the conversion of performance units into shares based on the company’s performance over a three-year period. The acquisition was executed at the same price of $25.30 per share. According to InvestingPro, CNB Financial has maintained dividend payments for 32 consecutive years, currently yielding 2.85%.
Following these transactions, Shaffner’s direct ownership stands at 8,725 shares. Additionally, he holds 3,765.025 shares indirectly through a 401K plan and 400 depositary shares, each representing a 1/40th interest in the company’s preferred stock.
The sale reflected shares surrendered to satisfy tax withholding obligations related to a performance stock award.
In other recent news, CNB Financial Corp has announced its acquisition of ESSA, which has prompted a mixed reaction from the market. The acquisition is expected to dilute the tangible book value by 15% and has an earnback period of 3.3 years, metrics that have raised some concerns among investors. However, the acquisition is projected to result in a 35% increase in earnings per share, with a 2026 EPS estimate of $3.82, closely aligning with the company’s guidance of $3.87. Keefe, Bruyette & Woods adjusted CNB Financial’s stock price target from $30.00 to $28.00 but maintained a Market Perform rating. The firm highlighted the strategic benefits of the acquisition, noting that ESSA Bank & Trust’s substantial deposit base in attractive markets could provide significant growth opportunities for CNB Financial. The success of this acquisition will largely depend on the management’s ability to shift ESSA towards a more commercial banking focus, which aligns with CNB Financial’s strengths. Keefe, Bruyette & Woods emphasized that while there are challenges, the acquisition could enhance CNB Financial’s growth trajectory if managed effectively.
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