CNB Financial (NASDAQ:CCNE) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a report issued on Thursday.

Separately, Keefe, Bruyette & Woods lowered their target price on CNB Financial from $23.00 to $22.00 and set a market perform rating on the stock in a report on Wednesday, April 17th.

CNB Financial Stock Up 0.2 %

NASDAQ CCNE opened at $21.39 on Thursday. The business has a 50 day moving average price of $19.66 and a two-hundred day moving average price of $20.14. CNB Financial has a fifty-two week low of $17.45 and a fifty-two week high of $23.40. The stock has a market cap of $449.19 million, a PE ratio of 8.99 and a beta of 0.71. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Monday, April 15th. The bank reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $54.18 million during the quarter, compared to analysts’ expectations of $55.00 million. CNB Financial had a return on equity of 10.73% and a net margin of 15.96%. As a group, sell-side analysts predict that CNB Financial will post 2.22 EPS for the current fiscal year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.70 annualized dividend and a yield of 3.27%. CNB Financial’s payout ratio is presently 29.41%.

Hedge Funds Weigh In On CNB Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Petiole USA ltd boosted its holdings in shares of CNB Financial by 148.3% during the 4th quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock valued at $3,801,000 after acquiring an additional 100,471 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of CNB Financial by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock worth $19,695,000 after acquiring an additional 42,908 shares in the last quarter. Staley Capital Advisers Inc. bought a new stake in CNB Financial in the 4th quarter valued at about $258,000. Davis Asset Management L.P. increased its position in CNB Financial by 20.0% in the 4th quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock valued at $13,554,000 after buying an additional 100,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in CNB Financial by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,000,658 shares of the bank’s stock valued at $18,122,000 after buying an additional 5,800 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Company Profile

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.