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

CNB Financial Corporation (NASDAQ:CCNE)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $34.92 and last traded at $34.8210, with a volume of 20340 shares traded. The stock had previously closed at $33.98.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CCNE. DA Davidson initiated coverage on CNB Financial in a research report on Friday, May 15th. They set a “neutral” rating and a $34.00 target price on the stock. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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 firm has a market cap of $1.04 billion, a P/E ratio of 12.52 and a beta of 0.63. The company has a 50-day moving average of $31.96 and a 200 day moving average of $29.74.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.The firm had revenue of $83.32 million for the quarter, compared to analysts’ expectations of $79.35 million. On average, sell-side analysts anticipate that CNB Financial Corporation will post 3.53 EPS for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio is presently 27.05%.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in CNB Financial by 67.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 259,165 shares of the bank’s stock worth $6,272,000 after buying an additional 104,516 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of CNB Financial by 184.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 117,272 shares of the bank’s stock valued at $3,069,000 after buying an additional 76,052 shares during the period. State of Alaska Department of Revenue raised its position in shares of CNB Financial by 276.2% during the fourth quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank’s stock worth $81,000 after acquiring an additional 2,320 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of CNB Financial during the fourth quarter valued at $27,000. Finally, WNY Asset Management LLC bought a new position in CNB Financial in the first quarter valued at about $747,000. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Company Profile

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.