CNB Financial Corporation Declares Quarterly Dividend of $0.18 (NASDAQ:CCNE)

Key Points

• CNB Financial Corporation has declared a quarterly dividend of $0.18 per share, which will be paid to investors of record on August 29th.
• The company's dividend payout ratio stands at 21.6%, indicating strong earnings coverage for the dividend, with expected future earnings supporting a continued payout.
• CNB Financial's stock recently traded up 3.5% to $24.85, with a market capitalization of $521.35 million and a price-to-earnings ratio of 10.44.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) declared a quarterly dividend on Tuesday, August 12th, Wall Street Journal reports. Investors of record on Friday, August 29th will be paid a dividend of 0.18 per share by the bank on Friday, September 12th. This represents a c) dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, August 29th.

CNB Financial has a payout ratio of 21.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CNB Financial to earn $3.53 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 20.4%.

CNB Financial Stock Down 0.4%

NASDAQ:CCNE traded down $0.11 during trading hours on Monday, hitting $24.98. 185,398 shares of the stock traded hands, compared to its average volume of 193,430. The firm has a 50 day moving average price of $23.28 and a 200 day moving average price of $23.04. The firm has a market cap of $736.41 million, a price-to-earnings ratio of 10.50 and a beta of 0.68. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. CNB Financial has a fifty-two week low of $19.32 and a fifty-two week high of $29.29.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. The firm had revenue of $61.80 million for the quarter, compared to analyst estimates of $49.97 million. CNB Financial had a net margin of 14.56% and a return on equity of 9.79%. Equities research analysts anticipate that CNB Financial will post 2.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its stake in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock worth $46,000 after acquiring an additional 636 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of CNB Financial by 618.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock valued at $52,000 after buying an additional 1,807 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of CNB Financial in the fourth quarter valued at about $84,000. Lazard Asset Management LLC acquired a new stake in CNB Financial during the fourth quarter worth about $143,000. Finally, State of Tennessee Department of Treasury bought a new position in CNB Financial during the fourth quarter valued at about $196,000. Institutional investors and hedge funds own 52.35% of the company's stock.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.