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

CNB Financial Co. (NASDAQ:CCNE) shares traded up 4.9% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $25.05 and last traded at $24.98. 7,025 shares traded hands during 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, beating 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 firm had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million.

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 issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.83%. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised CNB Financial from a “hold” rating to a “buy” rating in a report on Tuesday.

Institutional Investors Weigh In On CNB Financial

Several hedge funds have recently made changes to their positions in CCNE. Acadian Asset Management LLC bought a new stake in shares of CNB Financial during the first quarter valued at approximately $81,000. SG Americas Securities LLC bought a new stake in shares of CNB Financial during the third quarter valued at approximately $181,000. PNC Financial Services Group Inc. boosted its position in shares of CNB Financial by 41.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of CNB Financial by 5.7% during the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after purchasing an additional 568 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. bought a new stake in shares of CNB Financial during the third quarter valued at approximately $226,000. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Stock Up 0.5 %

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $23.80 and a two-hundred day moving average of $21.69. The company has a market capitalization of $534.97 million, a P/E ratio of 10.70 and a beta of 0.69.

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.