CNB Financial (NASDAQ:CCNE) Upgraded to Buy at Wall Street Zen

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

Several other brokerages have also commented on CCNE. Keefe, Bruyette & Woods boosted their price target on shares of CNB Financial from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Thursday, July 24th. Janney Montgomery Scott upgraded shares of CNB Financial to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of CNB Financial in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, CNB Financial has an average rating of “Moderate Buy” and an average price target of $27.75.

CNB Financial Price Performance

NASDAQ CCNE traded up $0.30 during trading hours on Friday, reaching $24.77. The company’s stock had a trading volume of 89,740 shares, compared to its average volume of 102,945. The firm has a market capitalization of $730.12 million, a price-to-earnings ratio of 10.41 and a beta of 0.76. The company’s 50-day moving average is $24.88 and its two-hundred day moving average is $23.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.94 and a quick ratio of 0.94. CNB Financial has a 1-year low of $19.32 and a 1-year high of $29.03.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Thursday, October 30th. The bank reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The business had revenue of $77.70 million during the quarter, compared to analysts’ expectations of $68.50 million. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%. On average, equities analysts predict that CNB Financial will post 2.04 EPS for the current year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.9%. CNB Financial’s dividend payout ratio is presently 36.18%.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CCNE. Vanguard Group Inc. raised its holdings in CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after acquiring an additional 435,300 shares during the last quarter. Davis Asset Management L.P. increased its holdings in shares of CNB Financial by 27.7% in the second quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock valued at $20,438,000 after purchasing an additional 194,033 shares during the last quarter. American Century Companies Inc. lifted its position in CNB Financial by 7.9% during the second quarter. American Century Companies Inc. now owns 543,476 shares of the bank’s stock worth $12,424,000 after buying an additional 39,825 shares in the last quarter. Geode Capital Management LLC boosted its stake in CNB Financial by 5.0% during the second quarter. Geode Capital Management LLC now owns 506,116 shares of the bank’s stock worth $11,572,000 after buying an additional 24,327 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in CNB Financial by 16.1% during the second quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank’s stock worth $7,953,000 after buying an additional 48,326 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.