Zacks Investment Research Upgrades LCNB (LCNB) to “Buy”
LCNB (NASDAQ:LCNB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 10.00% from the company’s previous close.
According to Zacks, “LCNB Corp. is a financial holding company. The Company, through its subsidiaries, LCNB National Bank and Dakin Insurance Agency, Inc., is engaged in the commercial banking and insurance agency businesses. Headquartered in Lebanon, Ohio, the Bank is a full service community bank offering a range of commercial and personal banking services. In addition, the company provides safe deposit boxes, night depositories, U.S. savings bonds, travelers’ checks, money orders, cashier’s checks, bank-by-mail, automated teller machines (ATMs), cash and transaction services, debit cards, wire transfers, electronic funds transfer, utility bill collections, notary public services, personal computer based cash management services, telephone banking, and Internet banking services for individuals and businesses. Further, LCNB, through its subsidiary, Dakin Insurance Agency, Inc., engages in insurance agency businesses. It involves in the sale and servicing of personal and commercial insurance products, and annuity products. “
Separately, ValuEngine raised LCNB from a “hold” rating to a “buy” rating in a report on Tuesday, December 12th.
LCNB (NASDAQ:LCNB) last posted its earnings results on Monday, January 29th. The bank reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company had revenue of $13.24 million for the quarter, compared to analyst estimates of $13.07 million. LCNB had a return on equity of 8.60% and a net margin of 23.62%. research analysts anticipate that LCNB will post 1.58 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of LCNB by 1.4% in the fourth quarter. BlackRock Inc. now owns 420,689 shares of the bank’s stock valued at $8,603,000 after acquiring an additional 5,640 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of LCNB by 23.6% in the second quarter. Vanguard Group Inc. now owns 341,794 shares of the bank’s stock valued at $6,836,000 after acquiring an additional 65,300 shares in the last quarter. State Street Corp lifted its position in shares of LCNB by 9.8% in the second quarter. State Street Corp now owns 159,567 shares of the bank’s stock valued at $3,194,000 after acquiring an additional 14,183 shares in the last quarter. Northern Trust Corp lifted its position in shares of LCNB by 10.5% in the second quarter. Northern Trust Corp now owns 95,610 shares of the bank’s stock valued at $1,913,000 after acquiring an additional 9,121 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of LCNB by 66.8% in the third quarter. Dimensional Fund Advisors LP now owns 64,700 shares of the bank’s stock valued at $1,355,000 after acquiring an additional 25,921 shares in the last quarter. Institutional investors and hedge funds own 37.05% of the company’s stock.
LCNB Company Profile
LCNB Corp., a financial holding company, provides commercial and personal banking services in Ohio. Its deposit products include checking, NOW, savings, Christmas and vacation club, money market deposit, lifetime checking, and individual retirement accounts, as well as certificates of deposit. The company's loan portfolio comprises commercial and industrial, commercial and residential real estate, agricultural, construction, small business administration, and residential mortgage loans.
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