CNB Financial Corporation (NASDAQ:CCNE) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of CNB Financial Corporation (NASDAQ:CCNE) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $36.75.

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Raymond James Financial started coverage on shares of CNB Financial in a research note on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price objective on the stock. DA Davidson increased 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. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Friday, September 4th.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in CCNE. BlackRock Inc. acquired a new stake in CNB Financial during the 2nd quarter valued at approximately $78,011,000. Dimensional Fund Advisors LP raised its holdings in CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after purchasing an additional 27,236 shares during the last quarter. Maltese Capital Management LLC lifted its position in shares of CNB Financial by 2.8% in the 4th quarter. Maltese Capital Management LLC now owns 491,500 shares of the bank’s stock worth $12,863,000 after purchasing an additional 13,300 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock worth $8,458,000 after purchasing an additional 3,123 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of CNB Financial in the 2nd quarter worth approximately $7,667,000. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Stock Down 1.7%

Shares of NASDAQ CCNE opened at $34.04 on Thursday. The company has a 50 day simple moving average of $34.43 and a 200 day simple moving average of $31.86. The firm has a market cap of $1.01 billion, a PE ratio of 10.95 and a beta of 0.61. CNB Financial has a 1 year low of $22.80 and a 1 year high of $36.17. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The business had revenue of $87.65 million for the quarter, compared to the consensus estimate of $85.87 million. On average, research analysts forecast that CNB Financial will post 3.56 EPS for the current year.

CNB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio is presently 24.44%.

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.