CNB Financial (NASDAQ:CCNE) Sets New 12-Month High After Analyst Upgrade

Key Points

• CNB Financial shares reached a new 52-week high, trading as high as $35.36 after DA Davidson raised its price target from $34 to $36 while maintaining a neutral rating.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $36. Keefe, Bruyette & Woods also raised its target to $37.
• CNB Financial exceeded quarterly expectations, reporting $0.91 in EPS and $88.52 million in revenue, while institutional investors own 52.35% of the company and its quarterly dividend equates to a 2.1% yield.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) shares reached a new 52-week high during trading on Tuesday after DA Davidson raised their price target on the stock from $34.00 to $36.00. DA Davidson currently has a neutral rating on the stock. CNB Financial traded as high as $35.36 and last traded at $35.34, with a volume of 23933 shares changing hands. The stock had previously closed at $34.51.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

Hedge Funds Weigh In On CNB Financial

Several institutional investors have recently added to or reduced their stakes in CCNE. Wellington Management Group LLP grew its holdings in CNB Financial by 116.1% during the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank's stock worth $45,400,000 after acquiring an additional 1,007,751 shares during the period. Vanguard Group Inc. grew its stake in CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank's stock valued at $38,058,000 after acquiring an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial by 37.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank's stock worth $35,817,000 after purchasing an additional 406,167 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in CNB Financial by 335.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank's stock worth $6,453,000 after buying an additional 205,464 shares in the last quarter. Finally, Fourthstone LLC raised its stake in CNB Financial by 72.1% in the 4th quarter. Fourthstone LLC now owns 279,557 shares of the bank's stock valued at $7,316,000 after purchasing an additional 117,100 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company's stock.

CNB Financial Trading Up 2.6%

The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 11.42 and a beta of 0.63. The business's 50-day moving average price is $32.58 and its two-hundred day moving average price is $30.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The firm had revenue of $88.52 million during the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 13.02%. Equities analysts expect that CNB Financial Corporation will post 3.53 earnings per share for the current year.

CNB Financial Announces Dividend

The firm also recently disclosed 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 2.1%. The ex-dividend date was Monday, June 1st. CNB Financial's payout ratio is currently 24.44%.

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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