CNB Financial Co. Declares Quarterly Dividend of $0.18 (NASDAQ:CCNE)

CNB Financial Co. (NASDAQ:CCNE) announced a quarterly dividend on Tuesday, November 14th, Zacks reports. Stockholders of record on Friday, December 1st will be given a dividend of 0.175 per share by the bank on Friday, December 15th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Thursday, November 30th.

CNB Financial has increased its dividend payment by an average of 1.0% annually over the last three years. CNB Financial has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect CNB Financial to earn $2.35 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 29.8%.

CNB Financial Trading Down 1.4 %

CCNE opened at $21.06 on Thursday. The company’s 50 day moving average is $18.49 and its 200-day moving average is $18.33. CNB Financial has a 1-year low of $16.43 and a 1-year high of $26.60. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21. The company has a market cap of $440.15 million, a P/E ratio of 7.98 and a beta of 0.82.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.05. The firm had revenue of $83.38 million during the quarter, compared to analysts’ expectations of $55.20 million. CNB Financial had a net margin of 19.32% and a return on equity of 12.32%. Equities research analysts predict that CNB Financial will post 2.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors have recently modified their holdings of the company. American Century Companies Inc. lifted its position in shares of CNB Financial by 27.0% during the 1st quarter. American Century Companies Inc. now owns 68,669 shares of the bank’s stock valued at $1,807,000 after acquiring an additional 14,617 shares during the period. Acadian Asset Management LLC lifted its position in shares of CNB Financial by 99.8% during the 1st quarter. Acadian Asset Management LLC now owns 10,355 shares of the bank’s stock valued at $271,000 after acquiring an additional 5,172 shares during the period. MetLife Investment Management LLC lifted its position in shares of CNB Financial by 57.9% during the 1st quarter. MetLife Investment Management LLC now owns 10,708 shares of the bank’s stock valued at $282,000 after acquiring an additional 3,926 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of CNB Financial during the 1st quarter valued at $505,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of CNB Financial by 3.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 633,297 shares of the bank’s stock valued at $16,669,000 after acquiring an additional 18,369 shares during the period. 56.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on CNB Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock.

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.