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

Shares of CNB Financial Corporation (NASDAQ:CCNE) hit 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 changing hands. The stock had previously closed at $32.32.

Analyst Ratings Changes

A number of equities research analysts recently commented on CCNE shares. DA Davidson initiated coverage on shares of CNB Financial in a research report on Friday, May 15th. They issued a “neutral” rating and a $34.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 21st. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. One 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.33.

CNB Financial Price Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The company has a market cap of $979.57 million, a price-to-earnings ratio of 11.77 and a beta of 0.64. The company has a fifty day simple moving average of $30.96 and a two-hundred day simple moving average of $28.97.

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

CNB Financial Dividend Announcement

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

Hedge Funds Weigh In On CNB Financial

A number of institutional investors have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC acquired a new stake in shares of CNB Financial during the fourth quarter valued at $27,000. Founders Capital Management acquired a new position in CNB Financial in the 3rd quarter valued at about $31,000. Parallel Advisors LLC raised its stake in CNB Financial by 847.2% in the 1st 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 last quarter. Tower Research Capital LLC TRC lifted its holdings in CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in CNB Financial by 16,173.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after purchasing an additional 2,426 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

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.