Wall Street Zen Upgrades CNB Financial (NASDAQ:CCNE) to Buy

CNB Financial (NASDAQ:CCNE) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. DA Davidson lifted their price objective on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Piper Sandler started coverage on CNB Financial in a research note on Thursday. They set an “overweight” rating and a $38.00 price objective for the company. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Friday, September 4th. Finally, Raymond James Financial started coverage on CNB Financial in a research note on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, CNB Financial has a consensus rating of “Moderate Buy” and an average price target of $37.00.

CNB Financial Stock Performance

CCNE opened at $34.09 on Friday. 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 has a 12-month low of $22.80 and a 12-month high of $36.17. The firm has a 50 day moving average of $34.42 and a two-hundred day moving average of $32.15. The firm has a market capitalization of $1.01 billion, a PE ratio of 10.96 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. The business had revenue of $87.65 million for 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 anticipate that CNB Financial will post 3.56 EPS for the current year.

Institutional Trading of CNB Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new position in shares of CNB Financial in the second quarter worth about $337,000. Arizona State Retirement System acquired a new stake in shares of CNB Financial during the 2nd quarter valued at about $262,000. HighTower Advisors LLC acquired a new stake in shares of CNB Financial during the 2nd quarter valued at about $564,000. Susquehanna Fundamental Investments LLC increased its stake in shares of CNB Financial by 34.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 22,234 shares of the bank’s stock valued at $750,000 after purchasing an additional 5,718 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of CNB Financial in the 2nd quarter valued at about $4,918,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Company Profile

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.