CNB Financial (NASDAQ:CCNE) Reaches New 52-Week High – Here’s Why

Shares of CNB Financial Co. (NASDAQ:CCNE) reached a new 52-week high during trading on Wednesday . The stock traded as high as $28.00 and last traded at $28.00, with a volume of 1026 shares changing hands. The stock had previously closed at $25.84.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

CNB Financial Price Performance

The firm has a market capitalization of $610.68 million, a PE ratio of 12.43 and a beta of 0.68. The company has a 50-day moving average price of $24.21 and a 200-day moving average price of $22.15. 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 released its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. The company had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.27%. Sell-side analysts forecast that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 annualized dividend and a yield of 2.48%. CNB Financial’s payout ratio is 30.77%.

Institutional Investors Weigh In On CNB Financial

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in CNB Financial by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after buying an additional 15,870 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after acquiring an additional 24,666 shares during the period. American Century Companies Inc. boosted its position in shares of CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after acquiring an additional 51,080 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in CNB Financial by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock valued at $2,698,000 after purchasing an additional 4,973 shares during the period. Finally, Empowered Funds LLC increased its position in CNB Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock worth $1,240,000 after purchasing an additional 4,550 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.