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

CNB Financial Corporation (NASDAQ:CCNE)’s stock price hit a new 52-week high during trading on Monday. The stock traded as high as $36.31 and last traded at $36.3410, with a volume of 19,894 shares. The stock had previously closed at $35.46.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CCNE shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Weiss Ratings downgraded CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. Piper Sandler started coverage on CNB Financial in a report on Thursday, September 24th. They set an “overweight” rating and a $38.00 target price on the stock. Finally, DA Davidson upped their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.20.

CNB Financial Stock Performance

The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 9.68 and a beta of 0.61. The stock’s fifty day moving average is $34.28 and its two-hundred day moving average is $31.79. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $87.79 million for the quarter, compared to analyst estimates of $87.76 million. CNB Financial had a net margin of 23.26% and a return on equity of 13.23%. On average, analysts predict that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.19 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. CNB Financial’s payout ratio is currently 20.00%.

Institutional Investors Weigh In On CNB Financial

Hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue lifted its holdings in CNB Financial by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock valued at $114,000 after purchasing an additional 297 shares during the last quarter. Parallel Advisors LLC boosted its position in CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in CNB Financial during the second quarter worth $44,000. Allspring Global Investments Holdings LLC increased its holdings in shares of CNB Financial by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank’s stock valued at $444,000 after purchasing an additional 1,583 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of CNB Financial in the second quarter valued at $66,000. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.