CNB Financial (NASDAQ:CCNE) Reaches New 12-Month High After Dividend Announcement

CNB Financial Corporation (NASDAQ:CCNE)’s share price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $30.84 and last traded at $30.4050, with a volume of 46201 shares trading hands. The stock had previously closed at $28.73.

The newly announced dividend which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Friday, February 27th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.5%. CNB Financial’s dividend payout ratio is presently 29.63%.

Analysts Set New Price Targets

CCNE has been the subject of a number of research analyst reports. Stephens upped their target price on CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday. Janney Montgomery Scott raised CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $32.00.

CNB Financial Stock Up 5.1%

The company has a market capitalization of $890.44 million, a price-to-earnings ratio of 12.43 and a beta of 0.73. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $27.19 and a 200-day moving average price of $25.63.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%.The firm had revenue of $87.16 million for the quarter, compared to analysts’ expectations of $73.10 million. As a group, equities analysts anticipate that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CCNE. Eurizon Capital SGR S.p.A. purchased a new position in CNB Financial during the 4th quarter worth approximately $138,000. Geode Capital Management LLC boosted its position in shares of CNB Financial by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 792,749 shares of the bank’s stock worth $20,750,000 after buying an additional 34,520 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of CNB Financial by 184.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 117,272 shares of the bank’s stock valued at $3,069,000 after buying an additional 76,052 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of CNB Financial by 276.2% during the fourth quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank’s stock valued at $81,000 after buying an additional 2,320 shares in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in CNB Financial during the fourth quarter valued at $27,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.