CNB Financial (NASDAQ:CCNE) Sets New 1-Year High Following Analyst Upgrade

Shares of CNB Financial Corporation (NASDAQ:CCNE) reached a new 52-week high during mid-day trading on Tuesday after DA Davidson raised their price target on the stock from $34.00 to $36.00. DA Davidson currently has a neutral rating on the stock. CNB Financial traded as high as $35.36 and last traded at $35.34, with a volume of 23933 shares trading hands. The stock had previously closed at $34.51.

A number of other equities analysts have also issued reports on the company. 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 report on Friday. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Finally, Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Institutional Trading of CNB Financial

Institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of CNB Financial by 38.2% in the 4th quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank’s stock worth $67,858,000 after purchasing an additional 716,917 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of CNB Financial by 38.3% in the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after buying an additional 435,300 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of CNB Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after buying an additional 27,236 shares during the period. Geode Capital Management LLC increased 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 acquiring an additional 34,520 shares in the last quarter. Finally, State Street Corp increased its position in shares of CNB Financial by 2.4% in the fourth quarter. State Street Corp now owns 612,507 shares of the bank’s stock worth $16,029,000 after acquiring an additional 14,219 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

The stock’s fifty day moving average price is $32.58 and its 200-day moving average price is $30.19. 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 firm has a market cap of $1.05 billion, a price-to-earnings ratio of 11.42 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $85.87 million. Equities research analysts predict that CNB Financial Corporation will post 3.53 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.19 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. CNB Financial’s dividend payout ratio is presently 24.44%.

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.