CNB Financial Corporation (CCNE) to Issue Quarterly Dividend of $0.19 on September 15th

CNB Financial Corporation (NASDAQ:CCNE) announced a quarterly dividend on Tuesday, August 11th. Shareholders of record on Tuesday, September 1st will be given a dividend of 0.19 per share by the bank on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st.

CNB Financial has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 1 years. CNB Financial has a payout ratio of 22.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect CNB Financial to earn $3.73 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 20.4%.

CNB Financial Price Performance

Shares of CNB Financial stock opened at $34.01 on Friday. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.94 and a beta of 0.63. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock’s 50-day simple moving average is $34.22 and its 200-day simple moving average is $31.40. CNB Financial has a 52 week low of $22.80 and a 52 week high of $36.17.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. The firm had revenue of $87.65 million during the quarter, compared to analysts’ expectations of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. As a group, analysts expect that CNB Financial will post 3.56 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in CNB Financial during the second quarter valued at $78,011,000. California State Teachers Retirement System lifted its position in CNB Financial by 70,827.3% during the second quarter. California State Teachers Retirement System now owns 1,122,779 shares of the bank’s stock valued at $37,849,000 after purchasing an additional 1,121,196 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of CNB Financial by 116.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after buying an additional 1,007,751 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after buying an additional 435,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of CNB Financial by 37.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock worth $35,817,000 after buying an additional 406,167 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

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.