CNB Financial (NASDAQ:CCNE) Hits New 12-Month High - Should You Buy?

Key Points

• CNB Financial hit a new 52-week high, trading as high as $31.44 (last at $31.4850), indicating recent upward momentum in the stock.
• Analysts have become more bullish—Wall Street Zen and Weiss Ratings upgraded to "buy," Stephens raised its price target to $35, and the consensus rating is Buy with an average target of $32.00.
• The bank reported stronger-than-expected quarterly results ($0.87 EPS vs. $0.77 expected; $87.16M revenue vs. $73.10M expected) and raised its quarterly dividend to $0.19, implying an annual yield of about 2.4%.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $31.44 and last traded at $31.4850, with a volume of 22006 shares traded. The stock had previously closed at $30.47.

Analysts Set New Price Targets

CCNE has been the subject of several analyst reports. Wall Street Zen raised CNB Financial from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Weiss Ratings upgraded CNB Financial from a "hold (c)" rating to a "buy (b)" rating in a research note on Thursday, March 12th. Finally, Stephens boosted their price target on CNB Financial from $28.00 to $35.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $32.00.

CNB Financial Stock Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $28.95 and a 200 day moving average of $26.91. The firm has a market cap of $929.21 million, a price-to-earnings ratio of 12.90 and a beta of 0.67.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, topping the consensus estimate of $0.77 by $0.10. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%.The business had revenue of $87.16 million for the quarter, compared to analysts' expectations of $73.10 million. As a group, equities research analysts expect that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.4%. This is a positive change from CNB Financial's previous quarterly dividend of $0.18. The ex-dividend date was Friday, February 27th. CNB Financial's payout ratio is presently 31.28%.

Institutional Trading of CNB Financial

Several institutional investors and hedge funds have recently bought and sold shares of CCNE. AQR Capital Management LLC raised its stake in CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock valued at $977,000 after buying an additional 29,343 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 valued at $273,000 after buying an additional 546 shares in the last quarter. Empowered Funds LLC raised its stake in CNB Financial by 7.4% during the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock valued at $1,731,000 after buying an additional 5,370 shares in the last quarter. Jane Street Group LLC acquired a new stake in CNB Financial during the first quarter valued at approximately $714,000. Finally, Rhumbline Advisers raised its position in shares of CNB Financial by 5.3% during the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock worth $728,000 after purchasing an additional 1,590 shares during the period. Institutional investors and hedge funds 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.

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