CNB Financial (NASDAQ:CCNE) Reaches New 1-Year High – What’s Next?

CNB Financial Corporation (NASDAQ:CCNE) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $34.39 and last traded at $34.0450, with a volume of 10555 shares traded. The stock had previously closed at $33.71.

Analysts Set New Price Targets

A number of brokerages recently commented on CCNE. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Wall Street Zen cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday. DA Davidson began coverage on shares of CNB Financial in a report on Friday, May 15th. They issued a “neutral” rating and a $34.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their target price on shares of CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st. 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.33.

CNB Financial Stock Up 1.9%

The company has a market cap of $1.02 billion, a price-to-earnings ratio of 12.23 and a beta of 0.64. 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 business has a 50-day simple moving average of $31.29 and a 200-day simple moving average of $29.26.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. CNB Financial had a net margin of 17.62% and a return on equity of 12.14%. The firm had revenue of $83.32 million for the quarter, compared to analysts’ expectations of $79.35 million. On average, equities analysts anticipate that CNB Financial Corporation will post 3.53 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is presently 27.05%.

Hedge Funds Weigh In On CNB Financial

Several large investors have recently bought and sold shares of CCNE. Flagship Harbor Advisors LLC acquired a new stake in CNB Financial in the fourth quarter valued at $27,000. Founders Capital Management acquired a new position in shares of CNB Financial during the 3rd quarter worth about $31,000. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% in the 1st 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 last quarter. Tower Research Capital LLC TRC increased its holdings in shares of CNB Financial by 46.8% in the 2nd 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 last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of CNB Financial by 16,173.3% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors 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.