CNB Financial Corporation (NASDAQ:CCNE – Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $32.21 and last traded at $32.07, with a volume of 11321 shares changing hands. The stock had previously closed at $31.05.
Wall Street Analyst Weigh In
A number of research firms recently commented on CCNE. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday. Keefe, Bruyette & Woods upped their price objective on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, April 21st. Weiss Ratings raised CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. Stephens boosted their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, DA Davidson started coverage on CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 target price for the company. One investment 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 stock. Based on data from MarketBeat, CNB Financial has a consensus rating of “Moderate Buy” and a consensus price target of $34.33.
Get Our Latest Report on CNB Financial
CNB Financial Trading Up 1.4%
CNB Financial (NASDAQ:CCNE – Get Free Report) last posted its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (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 firm had revenue of $83.32 million during the quarter, compared to analysts’ expectations of $79.35 million. As a group, equities analysts expect that CNB Financial Corporation will post 3.53 earnings per share for the current year.
CNB Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 1st. CNB Financial’s payout ratio is presently 27.05%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of CCNE. AQR Capital Management LLC boosted its position in shares of CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after buying an additional 546 shares during the period. Empowered Funds LLC boosted its position in shares of CNB Financial by 7.4% during the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after buying an additional 5,370 shares during the period. Jane Street Group LLC acquired a new position in shares of CNB Financial during the first quarter worth about $714,000. Finally, Rhumbline Advisers boosted its position in shares of CNB Financial by 5.3% during the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock worth $728,000 after buying an additional 1,590 shares during the period. 52.35% of the stock is owned by institutional investors and hedge funds.
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.
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