CNB Financial (NASDAQ:CCNE) Trading 4.9% Higher on Better-Than-Expected Earnings

Shares of CNB Financial Co. (NASDAQ:CCNE) traded up 4.9% on Tuesday following a better than expected earnings announcement. The company traded as high as $25.05 and last traded at $24.98. 7,025 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 45,181 shares. The stock had previously closed at $23.81.

The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. The business had revenue of $94.21 million during the quarter, compared to analysts’ expectations of $55.40 million.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.18 per share. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Friday, August 30th. CNB Financial’s dividend payout ratio is 30.25%.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Tuesday.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently made changes to their positions in CCNE. PNC Financial Services Group Inc. lifted its stake in shares of CNB Financial by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after purchasing an additional 2,599 shares during the last quarter. BNP Paribas Financial Markets increased its position in CNB Financial by 73.9% during the 1st quarter. BNP Paribas Financial Markets now owns 29,632 shares of the bank’s stock valued at $604,000 after buying an additional 12,589 shares in the last quarter. Empowered Funds LLC raised its stake in CNB Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock valued at $1,240,000 after buying an additional 4,550 shares during the last quarter. Vanguard Group Inc. boosted its holdings in CNB Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after acquiring an additional 15,870 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in CNB Financial in the first quarter worth about $81,000. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $532.45 million, a price-to-earnings ratio of 10.65 and a beta of 0.69. The firm has a fifty day simple moving average of $23.74 and a two-hundred day simple moving average of $21.64.

CNB Financial Company Profile

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.