CNB Financial (NASDAQ:CCNE) Stock Rating Raised to Strong-Buy at Piper Sandler

CNB Financial (NASDAQ:CCNE) was upgraded by analysts at Piper Sandler to a “strong-buy” rating in a note issued to investors on Thursday, Zacks reports.

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

CNB Financial Price Performance

Shares of CCNE opened at $33.91 on Thursday. 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 stock has a market cap of $1.00 billion, a PE ratio of 10.90 and a beta of 0.61. CNB Financial has a 12-month low of $22.80 and a 12-month high of $36.17. The business has a 50-day simple moving average of $34.43 and a two-hundred day simple moving average of $32.10.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The firm had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. Analysts anticipate that CNB Financial will post 3.56 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

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

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.