CNB Financial (NASDAQ:CCNE) Stock Price Up 4.9% on Earnings Beat

CNB Financial Co. (NASDAQ:CCNE - Get Free Report) shot up 4.9% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $25.05 and last traded at $24.98. 7,025 shares changed 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 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.04. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The business had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million.

CNB Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.18 per share. The ex-dividend date was Friday, August 30th. 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%. CNB Financial's payout ratio is currently 30.25%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of CNB Financial from a "buy" rating to a "hold" rating in a research note on Wednesday, August 21st.

Hedge Funds Weigh In On CNB Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in CNB Financial by 1.5% during 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. Dimensional Fund Advisors LP lifted its holdings in CNB Financial by 2.7% during the 2nd 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 last quarter. American Century Companies Inc. boosted its position in CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank's stock valued at $7,289,000 after buying an additional 51,080 shares in the last quarter. Bank of New York Mellon Corp grew its stake in CNB Financial by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank's stock worth $2,698,000 after buying an additional 4,973 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in CNB Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 60,792 shares of the bank's stock worth $1,240,000 after buying an additional 4,550 shares during the last quarter. Institutional investors own 52.35% of the company's stock.

CNB Financial Trading Up 6.5 %

The company has a market cap of $532.45 million, a price-to-earnings ratio of 10.48 and a beta of 0.69. 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's fifty day moving average price is $23.74 and its two-hundred day moving average price is $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.