CNB Financial (NASDAQ:CCNE) Reaches New 1-Year High – Should You Buy?

CNB Financial Corporation (NASDAQ:CCNE) shares hit a new 52-week high during mid-day trading on Monday . The company 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 Analyst Weigh In

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

CNB Financial Trading Up 0.5%

The business has a fifty day moving average price of $33.16 and a two-hundred day moving average price of $30.58. 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 capitalization of $1.06 billion, a PE ratio of 11.49 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share (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 firm had revenue of $88.52 million for the quarter, compared to analyst estimates of $85.87 million. Analysts expect that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

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

Hedge Funds Weigh In On CNB Financial

Hedge funds have recently made changes to their positions in the stock. Alliance Wealth Advisors LLC acquired a new stake in CNB Financial in the 2nd quarter valued at approximately $231,000. Parallel Advisors LLC raised its position in CNB Financial by 847.2% in the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,220 shares during the period. WNY Asset Management LLC acquired a new position in CNB Financial during the first quarter worth $747,000. Bank of America Corp DE lifted its stake in CNB Financial by 8.9% during the first quarter. Bank of America Corp DE now owns 42,815 shares of the bank’s stock worth $1,240,000 after purchasing an additional 3,485 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in shares of CNB Financial by 42.5% during the first quarter. Quantinno Capital Management LP now owns 30,120 shares of the bank’s stock worth $872,000 after buying an additional 8,980 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

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.