CNB Financial (NASDAQ:CCNE) Hits New 12-Month High – Here’s What Happened

CNB Financial Corporation (NASDAQ:CCNE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.92 and last traded at $34.8210, with a volume of 20340 shares traded. The stock had previously closed at $33.98.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Keefe, Bruyette & Woods boosted their price target on CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 21st. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. DA Davidson initiated coverage on shares of CNB Financial in a research note on Friday, May 15th. They set a “neutral” rating and a $34.00 target price on the stock. Finally, Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. One equities 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 company. According to data from MarketBeat.com, CNB Financial has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.

CNB Financial Stock Performance

The company has a market cap of $1.02 billion, a price-to-earnings ratio of 12.20 and a beta of 0.63. 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 stock’s fifty day simple moving average is $32.11 and its 200 day simple moving average is $29.83.

CNB Financial (NASDAQ:CCNE) last issued 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 business had revenue of $83.32 million for the quarter, compared to analysts’ expectations 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 anticipate that CNB Financial Corporation will post 3.53 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.19 per share. The ex-dividend date was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is presently 27.05%.

Hedge Funds Weigh In On CNB Financial

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