CNB Financial (NASDAQ:CCNE) Raised to Moderate Buy at Raymond James Financial

CNB Financial (NASDAQ:CCNE) was upgraded by equities researchers at Raymond James Financial to a “moderate buy” rating in a research report issued on Wednesday,Zacks.com reports.

CCNE has been the topic of several other reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Wall Street Zen cut shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, DA Davidson boosted their target price on shares of CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.75.

CNB Financial Trading Up 0.3%

CNB Financial stock opened at $33.97 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. CNB Financial has a 52 week low of $22.80 and a 52 week high of $36.17. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.92 and a beta of 0.63. The stock has a 50-day moving average price of $34.18 and a 200 day moving average price of $31.39.

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

Hedge Funds Weigh In On CNB Financial

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after buying an additional 546 shares in the last quarter. Empowered Funds LLC increased its holdings in CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after buying an additional 5,370 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of CNB Financial in the first quarter worth about $714,000. Finally, Rhumbline Advisers raised its position in shares of CNB Financial by 5.3% in the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock worth $728,000 after acquiring an additional 1,590 shares during the period. 52.35% of the stock is owned by hedge funds and other 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.