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

Wall Street Zen downgraded shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research note issued to investors on Saturday.

A number of other research firms also recently commented on CCNE. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, DA Davidson raised their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

CNB Financial Stock Performance

Shares of NASDAQ CCNE opened at $34.04 on Friday. The firm’s 50-day moving average price is $34.07 and its 200-day moving average price is $31.28. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.01 billion, a PE ratio of 10.95 and a beta of 0.63. CNB Financial has a 52-week low of $22.80 and a 52-week high of $36.17.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. The firm had revenue of $87.65 million during the quarter, compared to analysts’ expectations of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. As a group, analysts anticipate that CNB Financial will post 3.58 EPS for the current year.

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is presently 24.44%.

Institutional Trading of CNB Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake 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 worth $40,000 after purchasing an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CNB Financial during the second quarter valued at $44,000. Tower Research Capital LLC TRC grew its holdings in CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares during the period. Russell Investments Group Ltd. grew its holdings in CNB Financial by 16,173.3% during the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after purchasing an additional 2,426 shares during the period. Finally, Legal & General Group Plc increased its position in CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after buying an additional 679 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Company Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.