CNB Financial (NASDAQ:CCNE) Reaches New 52-Week High After Dividend Announcement

CNB Financial Corporation (NASDAQ:CCNE)’s share price reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $30.84 and last traded at $30.4050, with a volume of 46201 shares. The stock had previously closed at $28.73.

The newly announced dividend which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be issued a $0.19 dividend. The ex-dividend date is Friday, February 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 29.63%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. Stephens increased their target price on shares of CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Janney Montgomery Scott raised shares of CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.00.

CNB Financial Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $890.44 million, a price-to-earnings ratio of 12.43 and a beta of 0.73. The stock’s 50 day simple moving average is $27.19 and its 200-day simple moving average is $25.63.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results 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 for the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. On average, analysts expect that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

Institutional Trading of CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC acquired a new position in shares of CNB Financial during the 4th quarter valued at about $27,000. Peoples Financial Services CORP. bought a new stake in CNB Financial during the third quarter worth approximately $28,000. Founders Capital Management acquired a new position in CNB Financial during the third quarter valued at approximately $31,000. Tower Research Capital LLC TRC raised its position in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of CNB Financial by 16,173.3% in the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after buying an additional 2,426 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.