CNB Financial (NASDAQ:CCNE) Trading 4.9% Higher on Better-Than-Expected Earnings

CNB Financial Co. (NASDAQ:CCNE)’s share price shot up 4.9% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $25.05 and last traded at $24.98. 7,025 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 45,181 shares. The stock had previously closed at $23.81.

The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. The firm had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million.

CNB Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a dividend of $0.18 per share. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.84%. CNB Financial’s payout ratio is 30.25%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised CNB Financial from a “hold” rating to a “buy” rating in a report on Tuesday.

Institutional Investors Weigh In On CNB Financial

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning lifted its holdings in CNB Financial by 82.3% in the third quarter. Creative Planning now owns 18,440 shares of the bank’s stock valued at $444,000 after acquiring an additional 8,327 shares during the period. Unison Advisors LLC acquired a new position in CNB Financial in the third quarter valued at approximately $692,000. SG Americas Securities LLC acquired a new position in CNB Financial in the third quarter valued at approximately $181,000. AQR Capital Management LLC lifted its holdings in CNB Financial by 5.7% in the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after acquiring an additional 568 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in CNB Financial by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after acquiring an additional 24,666 shares during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

The company has a market capitalization of $532.45 million, a price-to-earnings ratio of 10.65 and a beta of 0.69. The stock has a fifty day simple moving average of $23.74 and a 200-day simple moving average of $21.64. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

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.