CNB Financial (NASDAQ:CCNE) Reaches New 1-Year High – Here’s Why

CNB Financial Corporation (NASDAQ:CCNE) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.19 and last traded at $28.04, with a volume of 119721 shares changing hands. The stock had previously closed at $26.69.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, CNB Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.75.

CNB Financial Trading Up 5.1%

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $26.33 and a 200-day simple moving average of $25.20. The company has a market capitalization of $827.21 million, a PE ratio of 14.10 and a beta of 0.73.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.04. CNB Financial had a net margin of 11.92% and a return on equity of 10.38%. The firm had revenue of $77.70 million for the quarter, compared to analysts’ expectations of $68.50 million. Analysts predict that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. CNB Financial’s dividend payout ratio (DPR) is currently 36.18%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after acquiring an additional 546 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of CNB Financial by 29.9% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank’s stock valued at $64,000 after purchasing an additional 613 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after purchasing an additional 636 shares during the last quarter. Legal & General Group Plc increased its position in shares of CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after purchasing an additional 679 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in CNB Financial by 6.1% in the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock valued at $306,000 after buying an additional 765 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.