CNB Financial (NASDAQ:CCNE) Sets New 52-Week High - Should You Buy?

Key Points

• CNB Financial hit a new 52-week high, trading as high as $34.92, reflecting recent upward momentum in the stock.
• Analyst sentiment is generally constructive, with the stock carrying an average “Moderate Buy” rating and an average price target of $34.33, close to its current trading level.
• The bank posted solid fundamentals in its latest quarter, beating EPS and revenue estimates, while also paying a $0.19 quarterly dividend that yields about 2.2% annually.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $34.92 and last traded at $34.8210, with a volume of 20340 shares traded. The stock had previously closed at $33.98.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CCNE. Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods lifted their target price on CNB Financial from $30.00 to $34.00 and gave the stock a "market perform" rating in a report on Tuesday, April 21st. Wall Street Zen raised CNB Financial from a "hold" rating to a "buy" rating in a report on Sunday. Finally, DA Davidson started coverage on CNB Financial in a research report on Friday, May 15th. They issued a "neutral" rating and a $34.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, CNB Financial presently has an average rating of "Moderate Buy" and an average target price of $34.33.

CNB Financial Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 12.52 and a beta of 0.63. The firm's 50 day moving average is $31.96 and its 200-day moving average is $29.74.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The bank reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.The business had revenue of $83.32 million for the quarter, compared to analyst estimates of $79.35 million. Sell-side analysts anticipate that CNB Financial Corporation will post 3.53 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 1st. CNB Financial's dividend payout ratio is currently 27.05%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently bought and sold shares of CCNE. Flagship Harbor Advisors LLC acquired a new stake in CNB Financial in the 4th quarter valued at approximately $27,000. Parallel Advisors LLC boosted its position in shares of CNB Financial by 847.2% in the first 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 period. Tower Research Capital LLC TRC boosted its position 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 acquiring an additional 636 shares during the period. Russell Investments Group Ltd. grew its stake in shares of CNB Financial by 16,173.3% in the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank's stock worth $59,000 after acquiring an additional 2,426 shares during the last quarter. Finally, 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 worth $63,000 after acquiring an additional 679 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors.

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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