CNB Financial (NASDAQ:CCNE) Sees Strong Trading Volume – What’s Next?

CNB Financial Co. (NASDAQ:CCNE) shares saw unusually-strong trading volume on Wednesday . Approximately 56,031 shares were traded during 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.

Analyst Ratings Changes

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

CNB Financial Stock Performance

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 current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a 50-day simple moving average of $26.55 and a 200-day simple moving average of $24.64.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data 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 firm had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. On average, analysts anticipate that CNB Financial Co. will post 2.3 earnings per share for the current year.

CNB Financial Dividend Announcement

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

Hedge Funds Weigh In On CNB Financial

Several institutional investors have recently made changes to their positions in CCNE. Hotchkis & Wiley Capital Management LLC increased its position in CNB Financial by 0.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock worth $3,460,000 after buying an additional 390 shares during the period. AQR Capital Management LLC increased its stake in shares of CNB Financial by 5.7% in 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 during the period. Martingale Asset Management L P grew its stake in shares of CNB Financial by 1.6% in the third quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock worth $1,505,000 after purchasing an additional 1,013 shares in the last quarter. Empowered Funds LLC increased its stake in CNB Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock valued at $1,659,000 after buying an additional 3,484 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in shares of CNB Financial by 11.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock valued at $1,128,000 after purchasing an additional 4,850 shares during the period. 52.35% of the stock is owned by 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.