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

StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a research note released on Thursday.

Separately, Keefe, Bruyette & Woods reduced their price target on CNB Financial from $30.00 to $28.00 and set a “market perform” rating for the company in a research report on Monday, January 13th.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $26.15 on Thursday. CNB Financial has a fifty-two week low of $17.74 and a fifty-two week high of $29.29. The business has a 50-day moving average of $25.55 and a two-hundred day moving average of $25.05. The stock has a market capitalization of $548.89 million, a P/E ratio of 10.99 and a beta of 0.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. On average, equities research analysts predict that CNB Financial will post 1.72 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.75%. CNB Financial’s dividend payout ratio is presently 30.25%.

Institutional Investors Weigh In On CNB Financial

Several large investors have recently modified their holdings of the stock. Unison Advisors LLC acquired a new position in CNB Financial during the 3rd quarter worth $692,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of CNB Financial in the 3rd quarter valued at about $640,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of CNB Financial by 19.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock valued at $3,616,000 after acquiring an additional 24,883 shares in the last quarter. Barclays PLC grew its holdings in shares of CNB Financial by 274.7% in the 3rd quarter. Barclays PLC now owns 27,528 shares of the bank’s stock valued at $663,000 after acquiring an additional 20,182 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of CNB Financial by 11.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 155,801 shares of the bank’s stock valued at $3,749,000 after acquiring an additional 15,714 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

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.