CNB Financial (NASDAQ:CCNE) Reaches New 52-Week High – Should You Buy?

CNB Financial Corporation (NASDAQ:CCNE) shares reached a new 52-week high on Wednesday . The company traded as high as $34.39 and last traded at $34.0450, with a volume of 10555 shares traded. The stock had previously closed at $33.71.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods boosted their target price on CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 21st. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Finally, DA Davidson initiated coverage on CNB Financial in a research report on Friday, May 15th. They issued a “neutral” rating and a $34.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.33.

CNB Financial Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The company has a 50-day moving average of $31.43 and a 200-day moving average of $29.34. The stock has a market capitalization of $997.90 million, a price-to-earnings ratio of 11.99 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.The company had revenue of $83.32 million during the quarter, compared to the consensus estimate of $79.35 million. As a group, equities research analysts expect that CNB Financial Corporation will post 3.53 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. CNB Financial’s dividend payout ratio (DPR) is presently 27.05%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in shares of CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after buying an additional 546 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of CNB Financial by 7.4% during the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after buying an additional 5,370 shares during the period. Jane Street Group LLC purchased a new position in shares of CNB Financial during the first quarter valued at approximately $714,000. Finally, Rhumbline Advisers boosted its position in CNB Financial by 5.3% during the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock worth $728,000 after acquiring an additional 1,590 shares during the last quarter. 52.35% of the stock is currently owned by hedge funds and other 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.