CNB Financial (NASDAQ:CCNE) Hits New 12-Month High - What's Next?

Key Points

• CNB Financial shares reached a new 52-week high, trading as high as $36.31 and last quoted near $36.34, up from a prior close of $35.46.
• Analyst sentiment is generally positive, with four Buy ratings and two Holds; the stock has a “Moderate Buy” consensus and an average price target of $37.20.
• CNB Financial exceeded quarterly earnings expectations, reporting $0.91 EPS versus a $0.88 consensus estimate, while maintaining a quarterly dividend of $0.19, or $0.76 annualized.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) shares reached a new 52-week high during trading on Monday. The company traded as high as $36.31 and last traded at $36.3410, with a volume of 19,894 shares. The stock had previously closed at $35.46.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CCNE. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings lowered shares of CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, October 26th. DA Davidson increased their price objective on shares of CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Raymond James Financial reissued an "outperform" rating and issued a $40.00 price objective on shares of CNB Financial in a research note on Tuesday, October 27th. Finally, Wall Street Zen upgraded shares of CNB Financial from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.20.

CNB Financial Trading Up 3.0%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The business has a fifty day simple moving average of $34.18 and a 200 day simple moving average of $31.69. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 9.61 and a beta of 0.60.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $87.79 million for the quarter, compared to the consensus estimate of $87.76 million. CNB Financial had a return on equity of 13.23% and a net margin of 23.26%. As a group, equities analysts anticipate that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 annualized dividend and a yield of 2.1%. CNB Financial's payout ratio is presently 20.00%.

Institutional Investors Weigh In On CNB Financial

Several hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised 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 buying an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in CNB Financial during the second quarter worth approximately $44,000. Quantbot Technologies LP purchased a new stake in CNB Financial in the 2nd quarter worth approximately $66,000. USA Financial Formulas purchased a new stake in CNB Financial in the 3rd quarter worth approximately $74,000. Finally, State of Alaska Department of Revenue raised its holdings in CNB Financial by 9.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank's stock valued at $114,000 after acquiring an additional 297 shares during the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.

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