CNB Financial Co. (CCNE) to Issue Quarterly Dividend of $0.18 on June 15th

CNB Financial Co. (NASDAQ:CCNEGet Rating) declared a quarterly dividend on Tuesday, May 17th, Zacks reports. Shareholders of record on Wednesday, June 1st will be paid a dividend of 0.175 per share by the bank on Wednesday, June 15th. This represents a $0.70 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, May 31st.

CNB Financial has raised its dividend payment by an average of 0.7% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. CNB Financial has a dividend payout ratio of 18.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect CNB Financial to earn $3.63 per share next year, which means the company should continue to be able to cover its $0.70 annual dividend with an expected future payout ratio of 19.3%.

Shares of CNB Financial stock opened at $24.17 on Thursday. CNB Financial has a 1 year low of $22.08 and a 1 year high of $28.59. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $407.51 million, a P/E ratio of 7.56 and a beta of 0.90. The company’s fifty day moving average is $25.91 and its two-hundred day moving average is $26.55.

CNB Financial (NASDAQ:CCNEGet Rating) last issued its quarterly earnings data on Monday, April 18th. The bank reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.09. CNB Financial had a net margin of 27.16% and a return on equity of 15.62%. As a group, equities analysts expect that CNB Financial will post 3.31 earnings per share for the current year.

In related news, Director Joel E. Peterson acquired 4,507 shares of the firm’s stock in a transaction that occurred on Monday, March 7th. The shares were purchased at an average price of $25.79 per share, with a total value of $116,235.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michael D. Peduzzi acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The shares were bought at an average cost of $26.41 per share, for a total transaction of $66,025.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 10,055 shares of company stock worth $263,111. Insiders own 3.09% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its position in CNB Financial by 118.1% during the fourth quarter. Citigroup Inc. now owns 4,000 shares of the bank’s stock worth $106,000 after acquiring an additional 2,166 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in CNB Financial by 88.8% during the third quarter. BNP Paribas Arbitrage SA now owns 4,499 shares of the bank’s stock worth $110,000 after acquiring an additional 2,116 shares during the last quarter. Morgan Stanley raised its position in CNB Financial by 67.2% during the second quarter. Morgan Stanley now owns 6,047 shares of the bank’s stock worth $139,000 after acquiring an additional 2,431 shares during the last quarter. First Trust Advisors LP raised its position in CNB Financial by 9.8% during the first quarter. First Trust Advisors LP now owns 8,605 shares of the bank’s stock worth $226,000 after acquiring an additional 766 shares during the last quarter. Finally, Goldman Sachs Group Inc. acquired a new position in CNB Financial during the first quarter worth about $235,000. 42.24% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have issued reports on the stock. StockNews.com raised shares of CNB Financial from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Zacks Investment Research raised shares of CNB Financial from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a report on Wednesday, April 20th.

About CNB Financial (Get Rating)

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.

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Dividend History for CNB Financial (NASDAQ:CCNE)

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