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

Shares of CNB Financial Corporation (NASDAQ:CCNE) reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $36.31 and last traded at $36.3410, with a volume of 19,894 shares. The stock had previously closed at $35.46.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CCNE shares. Piper Sandler assumed coverage on CNB Financial in a research note on Thursday, September 24th. They issued an “overweight” rating and a $38.00 target price for the company. DA Davidson raised their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Weiss Ratings downgraded shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, October 26th. Finally, Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, CNB Financial presently has an average rating of “Moderate Buy” and a consensus price target of $37.20.

CNB Financial Price Performance

The company has a market capitalization of $1.08 billion, a PE ratio of 9.61 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average price is $34.18 and its 200-day moving average price is $31.69.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. CNB Financial had a return on equity of 13.23% and a net margin of 23.26%. The business had revenue of $87.79 million for the quarter, compared to analyst estimates of $87.76 million. On average, sell-side analysts forecast that CNB Financial Corporation will post 3.58 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.19 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.76 annualized dividend and a yield of 2.1%. CNB Financial’s dividend payout ratio is currently 20.00%.

Hedge Funds Weigh In On CNB Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue lifted its stake in shares of CNB Financial by 9.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock valued at $114,000 after purchasing an additional 297 shares in the last quarter. Parallel Advisors LLC increased its position in CNB Financial by 847.2% during the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CNB Financial in the second quarter valued at approximately $44,000. Allspring Global Investments Holdings LLC raised its holdings in CNB Financial by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank’s stock valued at $444,000 after buying an additional 1,583 shares during the period. Finally, Quantbot Technologies LP purchased a new position in CNB Financial in the second quarter valued at approximately $66,000. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.