CNB Financial (NASDAQ:CCNE) Lowered to Hold Rating by Wall Street Zen

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

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. Finally, Stephens increased their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $34.50.

CNB Financial Stock Performance

Shares of NASDAQ:CCNE opened at $31.18 on Friday. The firm has a 50 day moving average of $29.27 and a 200 day moving average of $27.56. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $923.83 million, a price-to-earnings ratio of 11.10 and a beta of 0.65. CNB Financial has a 52 week low of $21.19 and a 52 week high of $31.80.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The business had revenue of $83.32 million for the quarter, compared to analysts’ expectations of $79.35 million. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%. On average, sell-side analysts predict that CNB Financial will post 3.58 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.76 annualized dividend and a yield of 2.4%. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 27.05%.

Institutional Investors Weigh In On CNB Financial

Institutional investors have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new stake in shares of CNB Financial during the fourth quarter worth about $27,000. Peoples Financial Services CORP. purchased a new position in shares of CNB Financial in the 3rd quarter valued at approximately $28,000. Founders Capital Management acquired a new stake in CNB Financial in the 3rd quarter worth approximately $31,000. Parallel Advisors LLC boosted its stake in 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. Finally, Tower Research Capital LLC TRC grew its position in CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after purchasing an additional 636 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

About CNB Financial

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.