CNB Financial (NASDAQ:CCNE) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts also recently issued reports about the company. DA Davidson boosted their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Raymond James Financial restated an “outperform” rating and set a $40.00 price target on shares of CNB Financial in a report on Tuesday, October 27th. Weiss Ratings lowered CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Finally, Piper Sandler began coverage on shares of CNB Financial in a research note on Thursday, September 24th. They issued an “overweight” rating and a $38.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

CNB Financial Stock Performance

Shares of CCNE opened at $36.26 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average price is $34.46 and its 200-day moving average price is $31.97. CNB Financial has a 52 week low of $23.78 and a 52 week high of $37.70. The stock has a market cap of $1.07 billion, a P/E ratio of 9.54 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. CNB Financial had a return on equity of 13.23% and a net margin of 23.26%. The company had revenue of $87.79 million for the quarter, compared to the consensus estimate of $87.76 million. Equities research analysts anticipate that CNB Financial will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in CNB Financial in the 2nd quarter worth approximately $78,011,000. Dimensional Fund Advisors LP lifted its stake in CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after purchasing an additional 27,236 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of CNB Financial by 1.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after purchasing an additional 3,123 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of CNB Financial during the 2nd quarter valued at about $7,667,000. Finally, Globeflex Capital L P purchased a new position in shares of CNB Financial during the second quarter valued at about $5,396,000. Institutional investors own 52.35% of the company’s stock.

About CNB Financial

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

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.