CNB Financial’s chief revenue officer sells $18,646 in stock

Griffith Martin T., the Senior Executive Vice President and Chief Revenue Officer of CNB Financial Corp (NASDAQ:CCNE), a $523 million market cap regional bank currently trading at $25.12 per share, reported a series of stock transactions on February 24, 2025. According to InvestingPro analysis, the bank appears fairly valued at current levels. The transactions included both acquisitions and disposals of common stock.

On the acquisition front, Martin received 1,783 shares of CNB Financial common stock, valued at approximately $45,109. These shares were issued under the company’s 2019 Stock Incentive Plan, which converts performance units based on the issuer’s performance over a designated period. The company trades at a P/E ratio of 10.4 and offers a 2.85% dividend yield, having maintained dividend payments for 32 consecutive years.

In a separate transaction, Martin sold 737 shares of CNB Financial common stock, generating proceeds of $18,646. This sale was made to satisfy tax withholding obligations related to the performance stock award.

After these transactions, Martin holds a total of 10,825 shares directly. Additionally, he has indirect ownership of 4,162.478 shares through a 401K plan, and 3,637 depositary shares, each representing a 1/40th interest in the company’s Series A Preferred Stock.

In other recent news, CNB Financial Corp has been in the spotlight following the announcement of its acquisition of ESSA Bank & Trust. The acquisition has raised some concerns among investors, particularly due to a reported 15% dilution in tangible book value and an earnback period of 3.3 years, which are not as favorable as typically preferred by investors. Despite these concerns, Keefe, Bruyette & Woods has maintained a Market Perform rating on CNB Financial’s shares while adjusting the stock’s price target from $30.00 to $28.00. The firm noted an expected earnings per share accretion of 35%, projecting a 2026 EPS of $3.82, which is closely aligned with CNB Financial’s guidance of $3.87. Analyst Timothy Switzer from Keefe, Bruyette & Woods emphasized the strategic benefits of the acquisition, highlighting ESSA’s substantial deposit base in attractive markets. The success of the acquisition, according to the analyst, will largely depend on CNB Financial’s management successfully reorienting ESSA towards a more commercial banking focus. This transition is anticipated to align with CNB Financial’s historical strengths and potentially enhance the company’s growth trajectory. The analysis underscores that while the acquisition poses certain challenges, it also presents significant opportunities for CNB Financial.

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