CNB Financial Co. (NASDAQ:CCNE – Get 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.
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.
- Get a free copy of the StockNews.com research report on CNB Financial (CCNE)
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