CNB Financial (NASDAQ:CCNE) Stock Rating Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Several other research analysts have also recently issued reports on the stock. Raymond James Financial restated an “outperform” rating and issued a $40.00 target price on shares of CNB Financial in a report on Tuesday, October 27th. DA Davidson increased their target price on shares of CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Piper Sandler started coverage on shares of CNB Financial in a research note on Thursday, September 24th. They set an “overweight” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Finally, Weiss Ratings cut shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.20.

CNB Financial Price Performance

CCNE stock opened at $35.78 on Friday. The business has a 50 day moving average price of $34.41 and a 200 day moving average price of $31.93. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 9.42 and a beta of 0.61. CNB Financial has a fifty-two week low of $23.78 and a fifty-two week high of $37.70. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. CNB Financial had a net margin of 23.26% and a return on equity of 13.15%. The company had revenue of $87.79 million for the quarter, compared to analyst estimates of $87.76 million. Equities research analysts anticipate that CNB Financial will post 3.58 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 annualized dividend and a yield of 2.1%. CNB Financial’s payout ratio is 20.00%.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCNE. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of CNB Financial during the second quarter worth approximately $44,000. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,220 shares during the period. Quantbot Technologies LP acquired a new position in shares of CNB Financial in the 2nd quarter valued at $66,000. USA Financial Formulas acquired a new position in shares of CNB Financial in the 3rd quarter valued at $74,000. Finally, State of Alaska Department of Revenue raised its position in CNB Financial by 9.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock valued at $114,000 after purchasing an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.