CNB Financial (NASDAQ:CCNE) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a report issued on Tuesday.

Separately, Keefe, Bruyette & Woods cut their price target on shares of CNB Financial from $23.00 to $22.00 and set a market perform rating for the company in a report on Wednesday, April 17th.

CNB Financial Stock Performance

NASDAQ CCNE opened at $19.83 on Tuesday. The firm has a market capitalization of $416.43 million, a P/E ratio of 8.33 and a beta of 0.71. The stock has a 50-day simple moving average of $19.54 and a two-hundred day simple moving average of $20.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. CNB Financial has a fifty-two week low of $17.21 and a fifty-two week high of $23.40.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Monday, April 15th. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $54.18 million during the quarter, compared to the consensus estimate of $55.00 million. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. On average, equities analysts forecast that CNB Financial will post 2.23 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.70 annualized dividend and a yield of 3.53%. CNB Financial’s dividend payout ratio (DPR) is currently 29.41%.

Institutional Trading of CNB Financial

A number of institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in CNB Financial by 1.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank’s stock valued at $21,839,000 after purchasing an additional 12,300 shares during the last quarter. Vanguard Group Inc. lifted its stake in CNB Financial by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after purchasing an additional 15,870 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of CNB Financial by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock worth $19,695,000 after purchasing an additional 42,908 shares during the last quarter. Davis Asset Management L.P. grew its position in shares of CNB Financial by 20.0% in the fourth quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock valued at $13,554,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Petiole USA ltd grew its holdings in CNB Financial by 148.3% in the 4th quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock valued at $3,801,000 after buying an additional 100,471 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.