CNB Financial (CCNE) Downgraded to “Hold” at BidaskClub
CNB Financial (NASDAQ:CCNE) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
A number of other analysts also recently issued reports on CCNE. ValuEngine downgraded shares of CNB Financial from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. Zacks Investment Research downgraded shares of CNB Financial from a “hold” rating to a “sell” rating in a report on Wednesday, April 18th. Boenning Scattergood reaffirmed a “buy” rating on shares of CNB Financial in a report on Tuesday, April 17th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of CNB Financial in a report on Tuesday, April 10th. They set a “market perform” rating and a $35.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.50.
Shares of CNB Financial opened at $29.73 on Tuesday, according to MarketBeat. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.37. The stock has a market cap of $446.80 million, a PE ratio of 16.80 and a beta of 0.75. CNB Financial has a 52-week low of $29.61 and a 52-week high of $29.70.
In other news, Director Joel E. Peterson sold 2,000 shares of the stock in a transaction that occurred on Tuesday, March 20th. The shares were sold at an average price of $30.21, for a total value of $60,420.00. Following the transaction, the director now owns 7,751 shares in the company, valued at approximately $234,157.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 2,414 shares of company stock worth $72,624 in the last quarter. Company insiders own 4.20% of the company’s stock.
Several large investors have recently modified their holdings of CCNE. Wells Fargo & Company MN lifted its stake in shares of CNB Financial by 53.0% in the 3rd quarter. Wells Fargo & Company MN now owns 17,103 shares of the bank’s stock worth $468,000 after purchasing an additional 5,928 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of CNB Financial by 5.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 400,203 shares of the bank’s stock worth $10,934,000 after purchasing an additional 19,807 shares during the period. California Public Employees Retirement System lifted its stake in shares of CNB Financial by 11.2% in the 3rd quarter. California Public Employees Retirement System now owns 46,362 shares of the bank’s stock worth $1,267,000 after purchasing an additional 4,662 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of CNB Financial by 36.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 28,261 shares of the bank’s stock worth $742,000 after purchasing an additional 7,561 shares during the period. Finally, Bessemer Group Inc. bought a new position in shares of CNB Financial in the 4th quarter worth approximately $522,000. Hedge funds and other institutional investors own 43.35% of the company’s 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. It 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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