CNB Financial (NASDAQ:CCNE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a report released on Saturday morning.

Other research analysts also recently issued reports about the company. Stephens boosted their price objective on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings reissued a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.00.

CNB Financial Stock Down 2.9%

Shares of CCNE opened at $29.10 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. CNB Financial has a one year low of $19.32 and a one year high of $30.84. The company has a market cap of $857.87 million, a P/E ratio of 11.98 and a beta of 0.73. The firm has a 50 day simple moving average of $27.63 and a two-hundred day simple moving average of $26.06.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.10. The company had revenue of $87.16 million for the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. Research analysts forecast that CNB Financial will post 2.04 EPS for the current fiscal year.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.19 per share. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.76 dividend on an annualized basis and a yield of 2.6%. CNB Financial’s payout ratio is currently 29.63%.

Hedge Funds Weigh In On CNB Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after purchasing an additional 546 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of CNB Financial by 29.9% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank’s stock valued at $64,000 after purchasing an additional 613 shares during the period. Tower Research Capital LLC TRC grew its position in shares of CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after buying an additional 636 shares during the period. Legal & General Group Plc grew its stake in shares of CNB Financial by 35.5% in the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after buying an additional 679 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in CNB Financial by 6.1% in the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock worth $306,000 after buying an additional 765 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.