CNB Financial (NASDAQ:CCNE) Sets New 12-Month High – Here’s Why

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

Wall Street Analyst Weigh In

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

CNB Financial Trading Up 2.3%

The stock has a market cap of $979.57 million, a price-to-earnings ratio of 11.77 and a beta of 0.64. The business’s 50 day moving average is $30.96 and its 200 day moving average is $28.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. The business had revenue of $83.32 million during 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, equities analysts expect that CNB Financial Corporation will post 3.53 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, June 1st. CNB Financial’s payout ratio is currently 27.05%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after buying an additional 546 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in shares of CNB Financial by 29.9% in the third quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank’s stock valued at $64,000 after acquiring an additional 613 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after acquiring an additional 636 shares during the period. Legal & General Group Plc grew its position in shares of CNB Financial by 35.5% during the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after acquiring an additional 679 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of CNB Financial by 6.1% during the second quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock worth $306,000 after acquiring an additional 765 shares during the last quarter. 52.35% of the stock is owned by hedge funds and other 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.