Piper Sandler Begins Coverage on CNB Financial (NASDAQ:CCNE)

Research analysts at Piper Sandler started coverage on shares of CNB Financial (NASDAQ:CCNE) in a research note issued on Thursday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $38.00 price target on the bank’s stock. Piper Sandler’s target price would indicate a potential upside of 11.47% from the stock’s current price.

A number of other brokerages also recently commented on CCNE. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Raymond James Financial began coverage on CNB Financial in a research note on Wednesday, August 26th. They set an “outperform” rating and a $39.00 price target for the company. Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. DA Davidson increased their price objective on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research report on Friday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $37.00.

CNB Financial Stock Up 0.5%

CCNE stock traded up $0.18 during midday trading on Thursday, reaching $34.09. The company had a trading volume of 125,493 shares, compared to its average volume of 158,952. The company has a 50 day moving average of $34.43 and a two-hundred day moving average of $32.10. The company has a market capitalization of $1.01 billion, a P/E ratio of 10.96 and a beta of 0.61. CNB Financial has a 1 year low of $22.80 and a 1 year high of $36.17. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating 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 business had revenue of $87.65 million for the quarter, compared to analysts’ expectations of $85.87 million. On average, equities research analysts expect that CNB Financial will post 3.56 earnings per share for the current fiscal year.

Institutional Trading of CNB Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in CNB Financial in the second quarter valued at about $44,000. Allspring Global Investments Holdings LLC boosted its position in CNB Financial by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank’s stock valued at $444,000 after buying an additional 1,583 shares in the last quarter. Quantbot Technologies LP bought a new stake in CNB Financial during the second quarter worth about $66,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in CNB Financial by 1.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock worth $8,458,000 after buying an additional 3,123 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.