CNB Financial (NASDAQ:CCNE) Reaches New 52-Week High – Still a Buy?

Shares of CNB Financial Corporation (NASDAQ:CCNE) hit a new 52-week high during trading on Tuesday . The stock 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.

Wall Street Analyst Weigh In

CCNE has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday. DA Davidson initiated coverage on CNB Financial in a research report on Friday, May 15th. They issued a “neutral” rating and a $34.00 price objective for the company. Stephens lifted their price objective on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research report on Thursday, March 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.33.

CNB Financial Trading Up 1.4%

The company has a market cap of $942.50 million, a P/E ratio of 11.30 and a beta of 0.64. 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 business has a 50-day moving average price of $30.43 and a two-hundred day moving average price of $28.49.

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

CNB Financial Dividend Announcement

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

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCNE. AQR Capital Management LLC raised its position in shares of CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after acquiring an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after purchasing an additional 546 shares during the last quarter. Empowered Funds LLC increased its holdings in CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after purchasing an additional 5,370 shares during the last quarter. Jane Street Group LLC bought a new stake in CNB Financial in the first quarter valued at about $714,000. Finally, Rhumbline Advisers increased its holdings in CNB Financial by 5.3% in the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock valued at $728,000 after purchasing an additional 1,590 shares during the last quarter. 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.