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

CNB Financial Corporation (NASDAQ:CCNE)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $36.17 and last traded at $35.7630, with a volume of 10412 shares changing hands. The stock had previously closed at $35.10.

Wall Street Analysts Forecast Growth

CCNE has been the topic of a number of analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Finally, DA Davidson lifted their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $36.00.

CNB Financial Trading Up 0.7%

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $1.05 billion, a PE ratio of 11.38 and a beta of 0.63. The company’s 50 day simple moving average is $32.97 and its two-hundred day simple moving average is $30.45.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 13.02%. The business had revenue of $88.52 million for the quarter, compared to the consensus estimate of $85.87 million. As a group, sell-side analysts anticipate that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The business 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 2.2%. The ex-dividend date was Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CCNE. AQR Capital Management LLC boosted its position in shares of CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CNB Financial by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after acquiring an additional 546 shares in the last quarter. Empowered Funds LLC boosted its holdings in CNB Financial by 7.4% during the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after acquiring an additional 5,370 shares during the period. Jane Street Group LLC purchased a new position in CNB Financial during the 1st quarter valued at about $714,000. Finally, Rhumbline Advisers boosted its holdings in CNB Financial by 5.3% during the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock valued at $728,000 after acquiring an additional 1,590 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.