CNB Financial (NASDAQ:CCNE) Reaches New 52-Week High at $25.09

CNB Financial Co. (NASDAQ:CCNE) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $25.09 and last traded at $24.61, with a volume of 12413 shares. The stock had previously closed at $24.10.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CCNE shares. StockNews.com cut CNB Financial from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods cut their target price on CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 17th.

CNB Financial Stock Up 3.0 %

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company’s fifty day simple moving average is $20.43 and its 200 day simple moving average is $20.29. The firm has a market capitalization of $548.94 million, a PE ratio of 10.98 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $0.56 EPS for the quarter, topping the consensus estimate of $0.51 by $0.05. CNB Financial had a net margin of 15.30% and a return on equity of 10.47%. The business had revenue of $89.52 million during the quarter, compared to analyst estimates of $55.30 million. Analysts anticipate that CNB Financial Co. will post 2.22 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.70 annualized dividend and a dividend yield of 2.68%. CNB Financial’s payout ratio is 29.41%.

Hedge Funds Weigh In On CNB Financial

Large investors have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new position in shares of CNB Financial during the first quarter valued at approximately $81,000. New York State Common Retirement Fund lifted its holdings in shares of CNB Financial by 14.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock valued at $178,000 after purchasing an additional 1,006 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of CNB Financial by 41.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of CNB Financial by 26.5% during the fourth quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock valued at $252,000 after purchasing an additional 2,343 shares during the last quarter. Finally, Staley Capital Advisers Inc. purchased a new position in shares of CNB Financial during the fourth quarter valued at approximately $258,000. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Company Profile

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.