CNB Financial (NASDAQ:CCNE) Sets New 12-Month High - Here's What Happened

Key Points

• CNB Financial hit a new 52-week high of $31.43 (last $31.33) on Wednesday, and several analysts have upgraded the stock (Wall Street Zen and Weiss to "Buy"; Stephens raised its target to $35), leaving a consensus rating of Buy with an average target of $32.00.
• The bank reported an EPS beat for the quarter with $0.87 vs. $0.77 expected and revenue of $87.16M vs. $73.10M estimated, and it raised its quarterly dividend to $0.19 (annualized $0.76) for a yield of 2.4% and a payout ratio around 31%.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.43 and last traded at $31.33, with a volume of 13925 shares changing hands. The stock had previously closed at $30.47.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CCNE. Wall Street Zen upgraded CNB Financial from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Stephens upped 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 assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $32.00.

CNB Financial Price Performance

The company has a market capitalization of $926.55 million, a price-to-earnings ratio of 12.86 and a beta of 0.67. 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 simple moving average of $28.57 and a 200 day simple moving average of $26.66.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced 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. The company had revenue of $87.16 million during the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%. As a group, research analysts predict that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Increases Dividend

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

Institutional Investors Weigh In On CNB Financial

A number of large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 546 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of CNB Financial by 29.9% in the third quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank's stock valued at $64,000 after buying an additional 613 shares in the last quarter. 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 valued at $46,000 after buying an additional 636 shares in the last quarter. Legal & General Group Plc grew its stake in shares of CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock valued at $63,000 after buying an additional 679 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of CNB Financial by 6.1% in the second quarter. First Trust Advisors LP now owns 13,389 shares of the bank's stock valued at $306,000 after buying an additional 765 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company's stock.

About CNB Financial

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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