Zacks Investment Research Downgrades CNB Financial (CCNE) to Hold
CNB Financial (NASDAQ:CCNE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “CNB Financial Corporation is a bank holding company headquartered in Clearfield, PA. It conducts business principally through County National Bank whose market area includes twenty convenient office locations in Pennsylvania. “
A number of other research firms have also recently commented on CCNE. Boenning Scattergood reiterated a “buy” rating on shares of CNB Financial in a research report on Friday, October 20th. ValuEngine cut CNB Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, BidaskClub cut CNB Financial from a “hold” rating to a “sell” rating in a research report on Saturday.
CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.08. CNB Financial had a return on equity of 10.94% and a net margin of 20.28%. The firm had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $28.52 million. equities analysts expect that CNB Financial will post 1.67 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Royce & Associates LP increased its position in CNB Financial by 5.8% in the second quarter. Royce & Associates LP now owns 725,163 shares of the bank’s stock worth $17,382,000 after buying an additional 39,995 shares in the last quarter. Vanguard Group Inc. increased its position in CNB Financial by 8.6% in the second quarter. Vanguard Group Inc. now owns 532,453 shares of the bank’s stock worth $12,763,000 after buying an additional 42,057 shares in the last quarter. Dimensional Fund Advisors LP increased its position in CNB Financial by 5.2% in the third quarter. Dimensional Fund Advisors LP now owns 400,203 shares of the bank’s stock worth $10,934,000 after buying an additional 19,807 shares in the last quarter. State Street Corp increased its position in CNB Financial by 3.4% in the second quarter. State Street Corp now owns 253,997 shares of the bank’s stock worth $6,089,000 after buying an additional 8,363 shares in the last quarter. Finally, Stifel Financial Corp increased its position in CNB Financial by 7.4% in the second quarter. Stifel Financial Corp now owns 198,113 shares of the bank’s stock worth $4,752,000 after buying an additional 13,566 shares in the last quarter. Institutional investors own 42.85% of the company’s stock.
CNB Financial Company Profile
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
Receive News & Ratings for CNB Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNB Financial and related companies with MarketBeat.com's FREE daily email newsletter.