Despite the Downward Trend in Earnings at CNB Financial (NASDAQ:CCNE) the Stock Swells 15%, Bringing One-year Gains to 26%
Despite the Downward Trend in Earnings at CNB Financial (NASDAQ:CCNE) the Stock Swells 15%, Bringing One-year Gains to 26%
On average, over time, stock markets tend to rise higher. This makes investing attractive. But if you choose that path, you're going to buy some stocks that fall short of the market. For example, the CNB Financial Corporation (NASDAQ:CCNE), share price is up over the last year, but its gain of 22% trails the market return. On the other hand, longer term shareholders have had a tougher run, with the stock falling 0.6% in three years.
总体而言，股市随时间的推移往往会上涨，这使得投资变得有吸引力。但是，如果您选择这条路，您将会买入一些表现不及市场的股票。例如，CNb金融公司（NASDAQ:CCNE）股价在过去一年中上涨了，但其22%的涨幅不及市场回报。另一方面，长期股东的处境更为艰难，股价在三年内下跌了0.6%。
On the back of a solid 7-day performance, let's check what role the company's fundamentals have played in driving long term shareholder returns.
在稳定的七天表现之后，让我们看看公司的基本面对长期股东回报的影响。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
引用本杰明·格雷厄姆的话：在短期内，市场是投票机，但在长期内，市场是称重机。通过比较每股收益（EPS）和股票价格的时间变化，我们可以感受到投资者对公司的态度随时间而变化。
During the last year, CNB Financial actually saw its earnings per share drop 24%.
在过去的一年中，CNb金融的每股收益实际上下降了24%。
This means it's unlikely the market is judging the company based on earnings growth. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.
这意味着市场不太可能根据收益增长来判断该公司。由于每股收益的变化似乎与股价的变化无关，因此值得关注其他指标。
Revenue was pretty stable on last year, so deeper research might be needed to explain the share price rise.
去年的收入相当稳定，因此可能需要进行更深入的研究才能解释股价上涨。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下面的图表显示了收益和营收随时间的变化情况（通过单击图像揭示确切的值）。
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. If you are thinking of buying or selling CNB Financial stock, you should check out this free report showing analyst profit forecasts.
我们很高兴地宣布，该公司的CEO的薪酬比同等市值的其他公司的大多数CEO都更加适中。CEO的薪酬值得关注，但更重要的问题是这家公司是否会在未来年份中增长收益。如果您考虑购买或出售CNb金融的股票，您应该查看这份显示分析师盈利预测的免费报告。
What About Dividends?
那么分红怎么样呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, CNB Financial's TSR for the last 1 year was 26%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
在查看投资回报时，重要的是要考虑总股东回报(TSR)和股价回报之间的差异。股价回报仅反映股价的变化，而TSR包括股息的价值(假设它们被再投资)以及任何折价的资本筹资或分拆的好处。可以说TSR为支付分红派息的股票提供了更完整的图片。实际上，CNb金融在过去一年的TSR为26%，超过了前面提到的股价回报。这很大程度上是由于其分红派息！
A Different Perspective
不同的观点
CNB Financial provided a TSR of 26% over the year (including dividends). That's fairly close to the broader market return. To take a positive view, the gain is pleasing, and it sure beats annualized TSR loss of 0.3%, which was endured over half a decade. We're pretty skeptical of turnaround stories, but it's good to see the recent share price recovery. Before spending more time on CNB Financial it might be wise to click here to see if insiders have been buying or selling shares.
CNb金融在过去一年中提供了包括股息在内的26%的TSR。那相当接近更广泛的市场回报。积极看待这种收益是令人高兴的，但肯定优于在半个世纪中遭受的年化TSR损失0.3%。我们对扭亏为盈的故事持相当怀疑态度，但看到最近股价的反弹是好事。在更多地花时间研究CNb金融之前，最好点击此处查看内部人士是否一直在买入或出售股票。
But note: CNB Financial may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但是需要注意的是：CNb金融可能不是最好的股票买入选择。所以请查看这个免费的有过去盈利增长(以及未来增长预期)的有趣公司清单。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意，本文所引述的市场回报反映了目前在美国交易所上市的股票的市场加权平均回报。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。