CNB Financial (NASDAQ:CCNE) Hits New 1-Year High – Time to Buy?

Shares of CNB Financial Co. (NASDAQ:CCNE) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $28.00 and last traded at $28.00, with a volume of 1026 shares trading hands. The stock had previously closed at $25.84.

Analysts Set New Price Targets

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

CNB Financial Trading Down 5.3 %

The stock has a 50-day moving average price of $24.38 and a two-hundred day moving average price of $22.24. The stock has a market capitalization of $581.70 million, a PE ratio of 11.84 and a beta of 0.68. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.27%. As a group, equities analysts forecast that CNB Financial Co. will post 2.3 earnings per share for the current year.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Friday, August 30th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is presently 30.77%.

Hedge Funds Weigh In On CNB Financial

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of CNB Financial by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after purchasing an additional 15,870 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after buying an additional 24,666 shares in the last quarter. American Century Companies Inc. raised its position in shares of CNB Financial by 16.7% during the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock valued at $7,289,000 after buying an additional 51,080 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of CNB Financial by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after buying an additional 4,973 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of CNB Financial by 5.3% in the third quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock worth $1,659,000 after buying an additional 3,484 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.