CNB Financial (NASDAQ:CCNE) Sets New 1-Year High After Dividend Announcement

CNB Financial Corporation (NASDAQ:CCNE)’s stock price hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $30.84 and last traded at $30.4050, with a volume of 46201 shares changing hands. The stock had previously closed at $28.73.

The newly announced dividend which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, February 27th. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is currently 29.63%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCNE. Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 29th. Finally, Stephens increased their price objective on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday. 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

CNB Financial Stock Performance

The stock has a market capitalization of $869.95 million, a P/E ratio of 12.14 and a beta of 0.73. 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 business has a fifty day moving average price of $27.30 and a 200-day moving average price of $25.69.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, topping the consensus estimate of $0.77 by $0.10. The company had revenue of $87.16 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, sell-side analysts expect that CNB Financial Corporation will post 2.04 EPS for the current year.

Institutional Investors Weigh In On CNB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCNE. AQR Capital Management LLC raised its stake in CNB Financial by 201.7% during the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock valued at $977,000 after buying an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after acquiring an additional 546 shares during the period. Empowered Funds LLC grew its holdings in shares of CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after acquiring an additional 5,370 shares during the period. Jane Street Group LLC purchased a new stake in CNB Financial during the first quarter valued at $714,000. Finally, Los Angeles Capital Management LLC increased its position in CNB Financial by 104.6% during the second quarter. Los Angeles Capital Management LLC now owns 20,520 shares of the bank’s stock valued at $469,000 after acquiring an additional 10,490 shares during the last quarter. Hedge funds and other 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.