CNB Financial (NASDAQ:CCNE) Hits New 52-Week High – What’s Next?

Shares of CNB Financial Corporation (NASDAQ:CCNE) hit a new 52-week high on Monday . The stock traded as high as $28.72 and last traded at $28.6370, with a volume of 51080 shares changing hands. The stock had previously closed at $27.70.

Wall Street Analyst Weigh In

A number of brokerages have commented on CCNE. Janney Montgomery Scott raised shares of CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $27.75.

CNB Financial Stock Up 2.2%

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 stock has a market cap of $834.46 million, a PE ratio of 11.67 and a beta of 0.73. The firm has a fifty day moving average of $26.79 and a 200 day moving average of $25.39.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Tuesday, January 27th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.11. The business had revenue of $86.36 million during the quarter, compared to the consensus estimate of $73.10 million. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%. On average, equities research analysts anticipate that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were given a dividend of $0.18 per share. The ex-dividend date was Friday, November 28th. This represents a $0.72 annualized dividend and a yield of 2.5%. CNB Financial’s payout ratio is presently 29.63%.

Institutional Investors Weigh In On CNB Financial

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of CNB Financial by 116.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after buying an additional 1,007,751 shares in the last quarter. Vanguard Group Inc. increased its stake in CNB Financial by 38.3% in the third 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 lifted 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 worth $35,817,000 after acquiring an additional 406,167 shares during the period. Maltese Capital Management LLC boosted its position in shares of CNB Financial by 228.4% in the third quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock worth $11,572,000 after acquiring an additional 332,600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in 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 purchasing an additional 205,464 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.