CNB Financial (NASDAQ:CCNE) Price Target Raised to $36.00

CNB Financial (NASDAQ:CCNE) had its target price raised by DA Davidson from $34.00 to $36.00 in a report issued on Monday morning, MarketBeat.com reports. The brokerage currently has a neutral rating on the bank’s stock.

CCNE has been the subject of several other reports. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. 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 report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

CNB Financial Price Performance

NASDAQ CCNE opened at $35.55 on Monday. CNB Financial has a one year low of $21.63 and a one year high of $35.92. The stock has a 50-day moving average of $32.79 and a 200 day moving average of $30.32. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 11.43 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $88.52 million during the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%. On average, sell-side analysts forecast that CNB Financial will post 3.58 EPS for the current year.

CNB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. CNB Financial’s dividend payout ratio is presently 24.44%.

Hedge Funds Weigh In On CNB Financial

Several institutional investors have recently made changes to their positions in the business. Flagship Harbor Advisors LLC bought a new stake in CNB Financial during the fourth quarter valued at approximately $27,000. Parallel Advisors LLC increased its holdings in CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after buying an additional 1,220 shares during the last quarter. Tower Research Capital LLC TRC raised its position in CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after acquiring an additional 636 shares during the period. Russell Investments Group Ltd. raised its position in CNB Financial by 16,173.3% in the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after acquiring an additional 2,426 shares during the period. Finally, Legal & General Group Plc boosted its stake in shares of CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after acquiring an additional 679 shares during the last quarter. Institutional investors own 52.35% of the company’s stock.

CNB Financial Company Profile

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.