CNB Financial (NASDAQ:CCNE) Rating Lowered to “Hold” at Wall Street Zen

CNB Financial (NASDAQ:CCNE) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other equities research analysts have also issued reports on CCNE. DA Davidson lifted their target price on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, CNB Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

CNB Financial Stock Performance

Shares of CCNE stock opened at $33.84 on Friday. The company has a market capitalization of $1.00 billion, a P/E ratio of 10.88 and a beta of 0.63. CNB Financial has a 52 week low of $22.80 and a 52 week high of $36.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The company’s 50 day moving average price is $34.04 and its two-hundred day moving average price is $31.25.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. On average, analysts expect that CNB Financial will post 3.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after purchasing an additional 546 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares during the last quarter. Legal & General Group Plc raised its position in shares of CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after purchasing an additional 679 shares during the period. First Trust Advisors LP raised its position in shares of CNB Financial by 6.1% in the second quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock valued at $306,000 after purchasing an additional 765 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of CNB Financial by 6.9% in the third quarter. Victory Capital Management Inc. now owns 12,504 shares of the bank’s stock valued at $303,000 after purchasing an additional 803 shares during the period. 52.35% of the stock is owned by institutional investors.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.