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

Shares of CNB Financial Co. (NASDAQ:CCNE) 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.

Analysts Set New Price Targets

Several analysts have issued reports on CCNE shares. Keefe, Bruyette & Woods lowered their target price on shares of CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Monday. StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.

CNB Financial Price Performance

The firm has a market cap of $503.55 million, a PE ratio of 10.25 and a beta of 0.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a 50-day simple moving average of $26.37 and a 200 day simple moving average of $24.63.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $55.40 million. As a group, equities 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 given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, November 29th. CNB Financial’s dividend payout ratio is presently 30.77%.

Institutional Trading of CNB Financial

Several institutional investors have recently bought and sold shares of CCNE. Wealth Enhancement Advisory Services LLC raised its stake in shares of CNB Financial by 19.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock worth $3,616,000 after purchasing an additional 24,883 shares during the last quarter. JPMorgan Chase & Co. raised its stake in CNB Financial by 11.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 155,801 shares of the bank’s stock worth $3,749,000 after acquiring an additional 15,714 shares during the period. Franklin Resources Inc. boosted its holdings in CNB Financial by 95.1% in the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank’s stock worth $530,000 after buying an additional 10,737 shares during the period. Barclays PLC boosted its stake in shares of CNB Financial by 274.7% in the third quarter. Barclays PLC now owns 27,528 shares of the bank’s stock worth $663,000 after acquiring an additional 20,182 shares during the period. Finally, Geode Capital Management LLC boosted its stake in CNB Financial by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 474,032 shares of the bank’s stock worth $11,408,000 after purchasing an additional 9,359 shares during the period. 52.35% of the stock is owned by hedge funds and other 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.