CNB Financial (NASDAQ:CCNE) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research note published on Saturday.

A number of other equities analysts have also recently weighed in on CCNE. DA Davidson raised their price objective on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Finally, 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 research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.00.

CNB Financial Stock Up 0.2%

Shares of NASDAQ:CCNE opened at $33.84 on Friday. The firm has a market capitalization of $1.00 billion, a PE ratio of 10.88 and a beta of 0.63. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial has a 52-week low of $22.80 and a 52-week high of $36.17. The firm has a fifty day moving average of $34.04 and a 200 day moving average of $31.22.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The firm had revenue of $87.65 million during the quarter, compared to analyst estimates of $85.87 million. As a group, research analysts anticipate that CNB Financial will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial’s dividend payout ratio is currently 24.44%.

Institutional Investors Weigh In On CNB Financial

A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock valued at $977,000 after acquiring an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 worth $273,000 after purchasing an additional 546 shares during the last quarter. Empowered Funds LLC grew its stake in shares of CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after purchasing an additional 5,370 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of CNB Financial in the first quarter worth about $714,000. Finally, Rhumbline Advisers increased its holdings in CNB Financial by 5.3% during the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock valued at $728,000 after purchasing an additional 1,590 shares during the period. Institutional investors own 52.35% of the company’s stock.

About CNB Financial

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.