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

CNB Financial Corporation (NASDAQ:CCNE) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $33.10 and last traded at $32.9150, with a volume of 243700 shares traded. The stock had previously closed at $32.80.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CCNE. Keefe, Bruyette & Woods upped their target price on shares of CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, DA Davidson initiated coverage on shares of CNB Financial in a research note on Friday, May 15th. They set a “neutral” rating and a $34.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $34.33.

CNB Financial Trading Down 0.5%

The firm has a fifty day moving average price of $30.71 and a 200 day moving average price of $28.71. The company has a market cap of $967.39 million, a price-to-earnings ratio of 11.62 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.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $79.35 million. As a group, equities analysts predict that CNB Financial Corporation will post 3.53 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.19 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. CNB Financial’s dividend payout ratio (DPR) is presently 27.05%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of CNB Financial by 116.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock valued at $45,400,000 after purchasing an additional 1,007,751 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of CNB Financial by 38.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after purchasing an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings 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 valued at $35,817,000 after purchasing an additional 406,167 shares during the last quarter. Maltese Capital Management LLC grew its holdings in shares of CNB Financial by 228.4% during the 3rd quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock valued at $11,572,000 after purchasing an additional 332,600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of CNB Financial by 335.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank’s stock valued at $6,453,000 after buying an additional 205,464 shares during the period. Institutional investors own 52.35% of the company’s stock.

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.