CNB Financial (NASDAQ:CCNE) Sets New 1-Year High – Here’s Why

CNB Financial Corporation (NASDAQ:CCNE) shares hit a new 52-week high on Tuesday . The stock traded as high as $33.22 and last traded at $33.05, with a volume of 90589 shares trading hands. The stock had previously closed at $32.32.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CCNE shares. DA Davidson began coverage on shares of CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 target price for the company. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

CNB Financial Stock Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $999.57 million, a price-to-earnings ratio of 11.97 and a beta of 0.64. The stock has a fifty day moving average price of $31.05 and a 200 day moving average price of $29.06.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. The firm had revenue of $83.32 million during the quarter, compared to analyst estimates of $79.35 million. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%. As a group, analysts predict that CNB Financial Corporation will post 3.53 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is 27.05%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently bought and sold shares of CCNE. Wellington Management Group LLP increased its stake in shares of CNB Financial by 116.1% in the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after purchasing an additional 1,007,751 shares during the period. Vanguard Group Inc. boosted its stake in CNB Financial by 38.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after purchasing an additional 435,300 shares during the period. Dimensional Fund Advisors LP boosted its stake in CNB Financial by 37.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after purchasing an additional 406,167 shares during the period. Maltese Capital Management LLC grew its holdings in CNB Financial by 228.4% in the 3rd quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock valued at $11,572,000 after buying an additional 332,600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in CNB Financial by 335.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank’s stock valued at $6,453,000 after buying an additional 205,464 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Company Profile

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.