CNB Financial (NASDAQ:CCNE) Hits New 1-Year High - Here's Why

Key Points

• CNB Financial shares reached a new 52-week high, trading as high as $36.17 after closing at $35.10. Analysts maintain a consensus “Moderate Buy” rating with a $36.00 price target.
• The bank exceeded quarterly expectations, reporting earnings of $0.91 per share versus the $0.86 consensus estimate and revenue of $88.52 million, above forecasts of $85.87 million.
• CNB Financial pays a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 dividend and a 2.2% yield; institutional investors and hedge funds own 52.35% of the stock.

Shares of CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $36.17 and last traded at $35.7630, with a volume of 10412 shares changing hands. The stock had previously closed at $35.10.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CCNE. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. DA Davidson increased their price target on shares of CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CNB Financial has a consensus rating of "Moderate Buy" and a consensus price target of $36.00.

CNB Financial Stock Performance

The firm has a market cap of $1.05 billion, a PE ratio of 11.38 and a beta of 0.63. The firm has a 50-day moving average price of $32.97 and a two-hundred day moving average price of $30.45. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%.The firm had revenue of $88.52 million during the quarter, compared to analysts' expectations of $85.87 million. Research analysts forecast that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, June 1st. CNB Financial's payout ratio is 24.44%.

Institutional Investors Weigh In On CNB Financial

Hedge funds have recently modified their holdings of the business. Flagship Harbor Advisors LLC purchased a new position in shares of CNB Financial in the fourth quarter worth about $27,000. Parallel Advisors LLC raised its holdings 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 acquiring an additional 1,220 shares during the last quarter. Tower Research Capital LLC TRC raised 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 acquiring an additional 636 shares during the last quarter. Russell Investments Group Ltd. lifted its stake 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 worth $59,000 after purchasing an additional 2,426 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in CNB Financial by 35.5% in 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 in the last quarter. 52.35% of the stock is currently 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.

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