CNB Financial (NASDAQ:CCNE) Sees Strong Trading Volume – Time to Buy?

CNB Financial Co. (NASDAQ:CCNE) shares saw strong trading volume on Wednesday . 56,031 shares traded hands during mid-day trading, a decline of 24% from the previous session’s volume of 73,859 shares.The stock last traded at $23.83 and had previously closed at $23.81.

Wall Street Analyst Weigh In

CCNE has been the subject of several research reports. StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods cut their price objective on CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Monday.

CNB Financial Stock Performance

The firm’s 50 day simple moving average is $26.55 and its 200-day simple moving average is $24.64. The company has a market capitalization of $496.09 million, a price-to-earnings ratio of 10.10 and a beta of 0.71. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95.

CNB Financial (NASDAQ:CCNE) last released its 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. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The company had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. Analysts expect that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Friday, November 29th. CNB Financial’s dividend payout ratio is currently 30.77%.

Institutional Trading of CNB Financial

Several large investors have recently added to or reduced their stakes in CCNE. American Century Companies Inc. lifted its position in shares of CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after buying an additional 51,080 shares during the last quarter. Unison Advisors LLC acquired a new stake in CNB Financial in the 3rd quarter worth approximately $692,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in CNB Financial during the third quarter worth approximately $640,000. Wealth Enhancement Advisory Services LLC grew its holdings in CNB Financial by 19.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock valued at $3,616,000 after purchasing an additional 24,883 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of CNB Financial by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after purchasing an additional 24,666 shares during the period. 52.35% of the stock is owned by institutional investors.

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.