Zacks: CNB Financial Corp (CCNE) Given Consensus Recommendation of “Buy” by Analysts
Shares of CNB Financial Corp (NASDAQ:CCNE) have been assigned an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.
Brokerages have set a one year consensus price objective of $33.50 for the company and are anticipating that the company will post $0.62 EPS for the current quarter, according to Zacks. Zacks has also given CNB Financial an industry rank of 88 out of 257 based on the ratings given to related companies.
Several equities research analysts recently issued reports on CCNE shares. BidaskClub raised CNB Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 13th. Zacks Investment Research raised CNB Financial from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Wednesday, October 24th. ValuEngine lowered CNB Financial from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Finally, Boenning Scattergood reissued a “buy” rating on shares of CNB Financial in a research report on Monday, October 22nd.
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in CNB Financial by 0.5% in the third quarter. Vanguard Group Inc. now owns 589,205 shares of the bank’s stock worth $17,005,000 after buying an additional 3,220 shares during the period. Maltese Capital Management LLC increased its position in CNB Financial by 130.9% in the third quarter. Maltese Capital Management LLC now owns 50,000 shares of the bank’s stock worth $1,443,000 after buying an additional 28,350 shares during the period. MetLife Investment Advisors LLC increased its position in CNB Financial by 57.9% in the third quarter. MetLife Investment Advisors LLC now owns 10,708 shares of the bank’s stock worth $309,000 after buying an additional 3,926 shares during the period. Renaissance Technologies LLC increased its position in CNB Financial by 7.9% in the third quarter. Renaissance Technologies LLC now owns 269,073 shares of the bank’s stock worth $7,765,000 after buying an additional 19,773 shares during the period. Finally, Citadel Advisors LLC acquired a new stake in CNB Financial in the third quarter worth $230,000. 43.90% of the stock is currently owned by institutional investors and hedge funds.
CNB Financial stock opened at $23.96 on Wednesday. The company has a market cap of $388.50 million, a PE ratio of 12.49 and a beta of 0.76. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. CNB Financial has a 52 week low of $23.71 and a 52 week high of $32.86.
CNB Financial (NASDAQ:CCNE) last released its earnings results on Friday, October 19th. The bank reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The company had revenue of $32.81 million during the quarter, compared to analysts’ expectations of $31.80 million. CNB Financial had a return on equity of 12.58% and a net margin of 19.33%. As a group, analysts forecast that CNB Financial will post 2.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.84%. The ex-dividend date is Thursday, November 29th. CNB Financial’s dividend payout ratio is currently 38.42%.
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. 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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