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

Wall Street Zen lowered shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a report released on Sunday morning.

A number of other equities analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of CNB Financial from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Thursday, July 24th. Janney Montgomery Scott raised CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, CNB Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.75.

CNB Financial Trading Down 1.4%

Shares of CCNE opened at $24.00 on Friday. The stock’s fifty day simple moving average is $24.69 and its 200-day simple moving average is $23.90. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $707.42 million, a PE ratio of 10.08 and a beta of 0.76. CNB Financial has a 12-month low of $19.32 and a 12-month high of $29.00.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The company had revenue of $77.70 million for the quarter, compared to the consensus estimate of $68.50 million. CNB Financial had a net margin of 14.56% and a return on equity of 9.79%. As a group, research analysts predict that CNB Financial will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 28th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, November 28th. CNB Financial’s payout ratio is presently 36.18%.

Institutional Trading of CNB Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Blair William & Co. IL boosted its position in CNB Financial by 11.9% in the first quarter. Blair William & Co. IL now owns 9,508 shares of the bank’s stock valued at $212,000 after buying an additional 1,008 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of CNB Financial by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 1,108,371 shares of the bank’s stock valued at $24,661,000 after purchasing an additional 3,472 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of CNB Financial by 22.5% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,461 shares of the bank’s stock valued at $1,345,000 after acquiring an additional 11,112 shares in the last quarter. Nuveen LLC acquired a new position in shares of CNB Financial during the first quarter valued at about $1,024,000. Finally, American Century Companies Inc. boosted its holdings in CNB Financial by 10.5% in the first quarter. American Century Companies Inc. now owns 503,651 shares of the bank’s stock worth $11,206,000 after acquiring an additional 48,011 shares in the last quarter. Institutional investors own 52.35% of the company’s stock.

About CNB Financial

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.