Tag: Financial

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Zoe Announces Their Partnership With Forum Financial

NEW YORK, Dec. 10, 2021 (GLOBE NEWSWIRE) — Zoe, a digital wealth platform that connects clients with fiduciary financial advisors, just announced a new partner joining their exclusive advisor Network. Zoe has a rigorous vetting process that ensures that clients are meticulously connected only with wealth managers among the top 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the country. RIAs that partner with Zoe are characterized by the high-quality, personalized, and unbiased advice they provide to their clients. 

To continue transforming the wealth management experience, Zoe recently partnered with Forum Financial Management, an RIA that uses a client-driven, consultative approach to create comprehensive wealth plans that are consistent with each client’s risk tolerance, stage of life, and financial objectives. Forum was named one of the 300 Top RIAs in the country by the 2020 Financial Times report. 

Forum’s commitment to their clients’ long-term goals is noteworthy. Progress is measured holistically, encompassing both investment account performance alongside evolution towards personal financial goals. Their dedicated team of experienced advisors has decades of experience in wealth management and their personal approach begins with understanding the hopes and dreams each client places in the center of their financial life. Registered in 2009, Forum has helped more than 4,000 clients and managed over $6 billion AUM for them. Clients will now be able to match with Forum Financial advisors through the Zoe Network. 

“We believe that holistic wealth management is the best approach to help clients achieve their long-term goals. We are excited to work with the Zoe Financial Network to help more individuals and their families reach their life goals by making better financial decisions,” said Jonathan Rogers, CFP®, Co-Managing Partner at Forum. 

“Since we founded Zoe, we’ve committed to connecting clients only with the best advisors in the country. Partnering with RIAs such as Forum Financial Management makes sense, fundamentally, we share the belief that hiring a financial advisor is based on trust, integrity, and confidence. We’re thrilled that clients will now be able to connect and start working with them through our network,” said Andres Garcia-Amaya, Founder & CEO of Zoe Financial about the recent partnership.

Learn more about Zoe at www.zoefin.com.

Learn more about Forum Financial at https://www.forumfin.com/.

About Zoe 

Zoe was founded with one mission: to empower consumers to make better financial decisions. The company’s algorithm removes the friction from choosing a financial advisor, offering a technology-driven marketplace that provides matches based on your unique financial objectives and connects you with Zoe Certified Financial Advisors across the United States. Zoe’s thoughtfully curated network of independent, fiduciary, financial advisors and financial planners includes only the top 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the country. 

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Hottest U.S. inflation rate in almost 40 years brings sigh of relief in some corners of financial markets

The hottest U.S. consumer inflation reading in almost 40 years is bringing a surprising sigh of relief in certain corners of the financial markets, where some were expecting a headline year-over-year number closer to 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The relief was evident in investors’ appetite for U.S. Treasuries Friday morning after the government’s consumer price index report, which showed the headline year-on-year reading at 6.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for November. While undoubtedly high, the reading dodged the 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} level that a few saw as a risk, raising hope that inflation may be in the process of topping out.

Read: Traders see next U.S. CPI reading close to 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as volatile markets try to shake off omicron and Federal Reserve’s hawkish pivot

While the CPI print was high, “some folks on Wall Street were expecting an even higher number” and the core CPI number, which excludes volatile items, “was in line with expectations,” said Tim Holland, chief investment officer of Orion Advisor Solutions.

“The two points above have many thinking that we are close to, if not at, peak inflation,” Holland wrote in an e-mail to MarketWatch. “That strikes us as a reasonable view, which would point us towards lower inflation going forward, which would support / justify little to no movement in yields.”

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Fixed income tends to be the asset class that gets hit hardest by rising inflation, which erodes the fixed value of bonds. Ordinarily, investors would be selling off Treasuries in response to a higher inflation print, which would lead to higher yields. Instead, ongoing demand for U.S. government debt, whether domestically or from abroad, pushed bond prices higher and yields lower Friday, as investors turn their attention to next Wednesday’s policy update from the Federal Reserve.

On Friday, yields fell across the curve, with the exception of 1-month and 2-month bill rates. The 10-year yield
TMUBMUSD10Y,
1.478{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
slipped to around 1.45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and the 30-year
TMUBMUSD30Y,
1.872{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
dropped to 1.84{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, remaining near historically low levels.

Surprisingly, the 2-year yield, which reflects expectations for the near-term path of Fed policy, fell by the most, to around 0.64{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} which is still not far from the highest levels of the year. The move is counterintuitive because investors are expecting the Fed to proceed with a faster pace of tapering bond purchases, in order to have greater flexibility to hike interest rates sooner next year and combat inflation.

Meanwhile, equity investors brushed off the inflation print at first before all three U.S. stock benchmark indexes started giving up their earlier gains.

Gennadiy Goldberg, a senior US rates strategist for TD Securities, says the market pays less attention to the headline year-on-year figure than it does to the monthly numbers. “Yields are declining because month-over-month inflation didn’t come in as high as expected, and a lot of Fed tightening has already been priced in — with almost three rate hikes expected for 2022,” Goldberg said via phone.

“If you look at the long end and the pricing for rates in overnight-indexed swaps, the long-run terminal rate is just 1.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},” below the 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} seen by Fed officials in September, he said. “That’s an indication that the market could be penciling in some policy error.”

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Wealth Enhancement Group Acquires Vivid Financial Management

Wealth Enhancement Group is acquiring Vivid Financial Management, a hybrid RIA based in central California with $674 million in client assets under management, the firm announced. The acquisition will push WEG’s AUM above $55 billion.

WEG CEO Jeff Dekko said the group was excited to work with the six-advisor practice “shoulder-to-shoulder” in the coming years, adding Vivid built a strong track record of planning-centered client service that brandished their reputation as a high-quality firm. In an interview with WealthManagement.com, Dekko also said the deal was indicative of WEG’s broader approach to acquisitions, and that the firm was not looking to buy firms everywhere solely for the sake of scale.

“National scale clearly matters, but we also believe local scale matters, because it creates a number of opportunities to create more team activity at a local level, and allows us to deliver business development and resources within that,” he said.

Vivid was founded in 2015, and includes three locations in Orcutt, Lompoc and Arroyo Grande, Calif. The firm was founded by Julie Darrah, Brad Boulton, Todd Woodland and Tim Miller, and its clientele includes executives, families and clients that range from physicians to dentists, educators and farmers. It offers an array of financial planning services, including tax, estate and insurance planning, as well as asset management services and retirement planning support.

With the addition of the three Vivid offices, the Minneapolis, Minn.-based WEG will now have seven outposts in California. According to Dekko, WEG began boosting its California presence in early June and July with acquisitions in the Los Angeles area (though the acquired firms had satellite offices in San Francisco). In considering how to broaden their Golden State reach, Dekko said they’d intended to mirror their approach in areas like the Northeast, where they set up shop in metro centers and branched out into the region like spokes on a wheel. Vivid became central to their California expansion, Dekko said.

“These folks came to us and they were just so good that we were ready to start that ‘spoke’ process,” he said.

WEG’s dealmaking has been prolific this year, with 16 in 2021 alone. In late September, the company announced its largest ever addition, acquiring QCI Asset Management, a 46-year-old independent RIA based in western New York, with $5.2 billion in total client assets (it was also WEG’s first acquisition in the region). The previous largest deal had been finalized earlier that same month, when WEG added the Charlotte, N.C.-based RIA Carroll Financial Associates, which had assets totaling about $4.7 billion. In August, the firm announced it was getting an investment from private equity firm Onex Corp., which became equal capital partners in WEG with TA Associates.

Dekko said WEG would likely announce more West Coast-based acquisitions soon, and also would continue its concentration on the Southeast. Helping direct the firm for the long-term was their belief that the number of transactions occurring among firms with an asset range of $500 million to $3 billion was likely to continue, but he expected at some point in the race for consolidation, aggregators would begin to consolidate themselves.

“I think that same thing is yet to come for us,” he said. “I think you’ll start to see it in 2022, and maybe 2023, you’ll start to see a little bit of that, maybe.”

Financial terms on the deal weren’t disclosed, but the deal will close on Dec. 31, with Darrah, Boulton and Miller all coming onboard as senior vice presidents and financial advisors at WEG.

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ITC announces first-ever Institutional Investors and Financial Analysts Day on 14 December; analysts expect major announcements

ITC Limited stocks were in news on Thursday after the company informed the exchanges about an analyst and investor day, scheduled on 14 December. The news has already created a lot of buzz, analysts opined.   

The event ‘ITC Institutional Investors and Financial Analysts Day 2021’ is scheduled for 14th December. The six-hour event is also its first-ever and will be held between 10:30 am and 5 pm, the company said in its filing to exchanges. 

See Zee Business Live TV Streaming Below:

Technical Analyst Sacchitanand Uttekar said that the news was a positive trigger for the stock today and the company is expected to announce something major, calling this event “unprecedented” for the ITC.  

Uttekar, who is DVP-Head-Technicals & Derivatives at Tradebulls Securities said that he expected ITC to announce a demerger of its businesses. If this happens it will augur well for the company and its different businesses. This will not only help in the value unlocking of its businesses but also propel the stock prices, significantly, he added. 

The company has business interests in sectors including Fast Moving Consumer Goods (FMCG), IT, packaging, hotels and agri-business.  

ITC also remains a preferred by for this analyst and he recommended this stock for target of Rs 275. The stock today ended Rs 234.80, up by almost 4.4 per cent or over Rs 9 from the Wednesday closing price. He had recommended this stock at levels around Rs 229.  

Also Read: Stocks to Buy: With 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} upside, ITC is ‘preferred buy’ for this technical analyst; know why?

The views were also endorsed by another analyst, Sandeep Jain. The Tradeswift Director called this a positive development for the company and investors. 

He said that he expected some announcements around the demerger of ITC’s businesses. The demerger will trigger value unlocking of its various businesses, he opined. 

Even the top management has indicated its concerns around valuation, Jain said adding that some positive news was likely in the offing. 

See Tweet: 

It could be around bonus as well, he further said. Though the picture will get clear only after the analyst meet, he said.       

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)  

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Opinion: This surprising investing strategy crushes the stock market without examining a single financial metric

I am not a professional stock picker, but over the past decade my portfolio has beaten the stock market by a factor of three to one.

Unlike Peter Lynch, who advocated investing in the makers of products you love and who, in my estimation, stands out as one of the greatest of all stock pickers, I did not examine a single financial metric to build my portfolio. Instead, I simply ranked competitors in each industry based on customer love and then bet on the winner.

My portfolio has performed so well because the market undervalues the economic power of customer love. When customers feel loved, they come back for more and refer their friends. This is the economic flywheel that drives sustainable prosperity, and companies built on it generate surprising levels of profitable growth.

To measure customer love, I used the Net Promoter Score (NPS) that I created 20 years ago. It captures how likely a customer is to recommend a product or service to a friend or colleague. I relied on the market to incorporate all financial insights into the current stock price.

My buy-and-hold investing portfolio started with the 11 public NPS leaders profiled in my 2010 book, “The Ultimate Question 2.0“: Amazon
AMZN,
+0.43{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Meta Platforms (formerly Facebook)
FB,
+2.70{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Apple
AAPL,
+2.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Costco Wholesale
COST,
-2.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Google parent Alphabet
GOOG,
+0.20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

GOOGL,
+0.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Southwest Airlines
LUV,
+1.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
American Express
AXP,
+1.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
JetBlue Airways
JBLU,
+3.62{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Verizon Communications
VZ,
-0.81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
T-Mobile US
TMUS,
-2.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
NortonLifeLock
NLOK,
-1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
and Metro PCS Communications (which merged with T-Mobile in 2013).

In hindsight some of those stocks look like no-brainers, but back when the book was written they were anything but. Amazon had a market cap below eBay’s. T-Mobile was considered by many to be the weakest player in mobile telephony.

In the years since, however, this group’s extraordinary customer focus has paid off. From Jan. 1, 2011 to Dec. 31, 2020 these stocks outperformed Vanguard’s Total Stock Market Index exchange-traded fund
VTI,
+0.35{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
by a factor of 2.8 to 1. (This performance is market-cap weighted and rebalanced quarterly akin to VTI’s rebalancing).


Fred Reichheld

Since then, Bain & Co., where I have worked since 1977, has applied NPS to a long list of industries, and created NPS Prism, a data benchmarking service that ranks competitor NPS on an apples-to-apples basis. As we X-ray more industries, we continue to uncover new NPS leaders, among them Texas Roadhouse
TXRH,
+2.91{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Discover Financial
DFS,
-0.41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Tesla
TSLA,
+1.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
Chewy
CHWY,
+0.77{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
and FirstService
FSV,
-0.69{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
 

I serve on the board of directors at FirstService, a real-estate services company whose social media handle #FirstServeOthers provides a hint about its corporate philosophy. Over the 25 years since the IPO, its annual total shareholder return has been just under 22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, a better record than all but seven of the 2,800 firms with revenues of at least $100 million at the time of their NASDAQ listing. 

For a long time, like many great customer-focused organizations, it remained below investors’ radar screens. One reason: GAAP accounting is woefully lacking at measuring customer centricity. It doesn’t even require organizations to report the number of customers they serve, let alone how many are returning, increasing purchases, or referring friends and family. 

This makes it hard to find comparable data. I first discovered online pet supply retailer Chewy when its self-reported NPS appeared in its IPO documents. Chewy does a tremendous job tapping into the special emotional tie between owner and pet, with things like the hand-painted pet portraits the company mails as surprise thank-yous to customers, who, delighted, then post them, along with glowing testimonials, across social media.

By our calculations Chewy’s NPS beats Amazon’s by 24 points in its category — an extraordinary performance. Chewy’s own numbers are slightly different from ours, however, and the inconsistency of self-reported numbers is one reason we developed a new metric called earned growth rate. It measures the revenue growth generated by returning customers and their referrals by combining net revenue retention (NRR), the back-for-more battle-tested statistic used in the software-as-a-service (SaaS) industry among others, with earned new customers (ENC), measuring how much new customer spending is earned through referrals rather than bought through promotional channels.

NPS exemplar First Republic Bank
FRC,
-0.43{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
has in the past earned 82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its deposit growth, with 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} coming from existing customers and another 32{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from referrals. Warby Parker
WRBY,
-2.38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
the direct-to-consumer pioneer in prescription eyeglasses, earns almost 90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its new customers through referrals.

You can use this calculator to estimate your company’s earned growth rate.


Abingdon Press

In addition to these metrics, it’s also possible to spot NPS leaders by their common features.  

  1. They apply the Golden Rule – love thy neighbor as thyself. This often means eschewing bad profits. Discover Card, for example, never sells receivables to collection agencies.

  2. They empower their front-line employees to serve customers in creative ways. Companies like Chewy that give employees the freedom to serve customers with empathy and creativity engender trust in and loyalty to their companies.

  3. They integrate in-store and online customer feedback. Technology-rich companies like Warby Parker augment direct feedback with digital signals from customers and front-line employees to guide decision-making—crucial in helping companies respond to holiday shopping trends this season.

  4. They make customers their primary purpose. By going the extra mile to provide a customer with an experience that’s not just good, but remarkable, companies can play a part in enriching their lives beyond the product they offer.

I have spent most of my 44-year career focused on understanding the role that loyalty plays in building great organizations and helping leaders inspire their teams to embrace a mission of purposeful service enriching the lives of customers and colleagues. That is the right way—and the best way—to win in business and the stock market. 

Fred Reichheld is the creator of the Net Promoter system of management and the author of “Winning on Purpose: The Unbeatable Strategy of Loving Customers” (together with Darci Darnell and Maureen Burns), among other books.

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Zacks: Analysts Anticipate CNB Financial Co. (NASDAQ:CCNE) Will Announce Quarterly Sales of $49.60 Million

Analysts forecast that CNB Financial Co. (NASDAQ:CCNE) will announce $49.60 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for CNB Financial’s earnings, with the lowest sales estimate coming in at $49.10 million and the highest estimate coming in at $50.10 million. CNB Financial posted sales of $48.08 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business is scheduled to issue its next quarterly earnings report on Tuesday, January 25th.

According to Zacks, analysts expect that CNB Financial will report full year sales of $191.85 million for the current fiscal year, with estimates ranging from $191.80 million to $191.90 million. For the next year, analysts forecast that the company will post sales of $203.00 million, with estimates ranging from $201.40 million to $204.60 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover CNB Financial.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Sunday, October 24th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.05. CNB Financial had a return on equity of 15.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 24.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business had revenue of $48.71 million for the quarter, compared to the consensus estimate of $48.10 million.

CCNE has been the subject of a number of analyst reports. Boenning Scattergood reiterated an “outperform” rating on shares of CNB Financial in a research note on Friday, August 20th. Zacks Investment Research upgraded shares of CNB Financial from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Monday.

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In other CNB Financial news, COO Michael D. Peduzzi purchased 5,000 shares of the firm’s stock in a transaction on Friday, September 10th. The shares were acquired at an average cost of $24.18 per share, for a total transaction of $120,900.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.77{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in CNB Financial by 12.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. Royal Bank of Canada now owns 10,926 shares of the bank’s stock valued at $269,000 after acquiring an additional 1,239 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of CNB Financial by 8.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 2nd quarter. Exchange Traded Concepts LLC now owns 21,609 shares of the bank’s stock worth $493,000 after buying an additional 1,760 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of CNB Financial by 40.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 2nd quarter. New York State Common Retirement Fund now owns 15,825 shares of the bank’s stock worth $361,000 after buying an additional 4,525 shares during the last quarter. American Century Companies Inc. raised its stake in CNB Financial by 32.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. American Century Companies Inc. now owns 34,891 shares of the bank’s stock valued at $796,000 after purchasing an additional 8,477 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in CNB Financial in the 2nd quarter valued at about $535,000. Institutional investors own 39.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.

Shares of CCNE opened at $27.06 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.92 and a current ratio of 0.92. The company has a 50-day moving average price of $25.83. The firm has a market cap of $457.12 million, a P/E ratio of 9.82 and a beta of 0.98. CNB Financial has a one year low of $20.20 and a one year high of $28.59.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st will be issued a $0.175 dividend. The ex-dividend date is Tuesday, November 30th. This represents a $0.70 annualized dividend and a yield of 2.59{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This is a boost from CNB Financial’s previous quarterly dividend of $0.17. CNB Financial’s dividend payout ratio (DPR) is currently 25.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

CNB Financial Company Profile

CNB Financial Corp. is a financial holding company, which engages in the provision of banking and financial solutions. It offers deposit accounts, private banking, real estate, commercial, industrial, residential and consumer loans, lines of credit, credit cards, treasury services, online banking, mobile banking, merchant credit card processing, remote deposit, and accounts receivable handling.

Further Reading: What is a short straddle?

Get a free copy of the Zacks research report on CNB Financial (CCNE)

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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