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

CNB Financial Corporation (NASDAQ:CCNE) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $32.21 and last traded at $32.07, with a volume of 11321 shares trading hands. The stock had previously closed at $31.05.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday. DA Davidson assumed coverage on CNB Financial in a report on Friday, May 15th. They issued a “neutral” rating and a $34.00 price target for the company. Stephens increased their price target on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Keefe, Bruyette & Woods increased their price target on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, April 21st. Finally, Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. 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 stock. Based on data from MarketBeat.com, CNB Financial presently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

CNB Financial Trading Up 1.6%

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The business has a fifty day simple moving average of $30.57 and a 200 day simple moving average of $28.61. The company has a market cap of $956.75 million, a P/E ratio of 11.49 and a beta of 0.64.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Monday, April 20th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.The company had revenue of $83.32 million for the quarter, compared to the consensus estimate of $79.35 million. Analysts anticipate that CNB Financial Corporation will post 3.53 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is currently 27.05%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CCNE. AQR Capital Management LLC lifted its holdings in CNB Financial by 201.7% during the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after purchasing an additional 546 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of CNB Financial by 7.4% in the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after purchasing an additional 5,370 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of CNB Financial in the 1st quarter worth approximately $714,000. Finally, Rhumbline Advisers lifted its holdings in shares of CNB Financial by 5.3% in the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock worth $728,000 after purchasing an additional 1,590 shares during the last quarter. Institutional investors 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.