CNB Financial (NASDAQ:CCNE) Reaches New 1-Year High at $23.86

Shares of CNB Financial Co. (NASDAQ:CCNE) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $23.86 and last traded at $23.83, with a volume of 12121 shares trading hands. The stock had previously closed at $23.39.

Analyst Upgrades and Downgrades

Several research firms recently commented on CCNE. Keefe, Bruyette & Woods dropped their target price on CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Wednesday, April 17th. StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Friday.

CNB Financial Trading Up 1.9 %

The firm has a market capitalization of $504.21 million, a PE ratio of 9.90 and a beta of 0.71. The company’s fifty day simple moving average is $19.94 and its 200-day simple moving average is $20.19. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. The firm had revenue of $89.52 million for the quarter, compared to analyst estimates of $55.30 million. As a group, sell-side analysts expect 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. Shareholders of record on Friday, May 31st were paid 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 yield of 2.92%. CNB Financial’s dividend payout ratio (DPR) is presently 29.41%.

Institutional Investors Weigh In On CNB Financial

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

About CNB Financial

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.