CNB Financial Corporation (NASDAQ:CCNE) Stock Has Average Price Target of $37.00 According to Brokerages

CNB Financial Corporation (NASDAQ:CCNE) has been given an average rating of “Moderate Buy” by the seven ratings firms that are currently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $37.00.

Several analysts recently weighed in on CCNE shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Weiss Ratings raised CNB Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. DA Davidson increased their target price on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Piper Sandler started coverage on shares of CNB Financial in a report on Thursday, September 24th. They issued an “overweight” rating and a $38.00 target price for the company. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, September 26th.

CNB Financial Stock Performance

NASDAQ CCNE opened at $34.12 on Monday. The firm’s 50 day simple moving average is $34.07 and its 200 day simple moving average is $32.75. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.97 and a beta of 0.62. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. CNB Financial has a 1 year low of $22.80 and a 1 year high of $36.17.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $85.87 million. As a group, research analysts expect that CNB Financial will post 3.56 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors 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 yield of 2.2%. CNB Financial’s dividend payout ratio is presently 24.44%.

Institutional Trading of CNB Financial

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of CNB Financial during the second quarter valued at about $78,011,000. The Manufacturers Life Insurance Company acquired a new position in shares of CNB Financial during the second quarter worth $7,667,000. Globeflex Capital L P acquired a new position in shares of CNB Financial during the second quarter worth $5,396,000. Empowered Funds LLC bought a new stake in shares of CNB Financial in the second quarter worth $4,918,000. Finally, Pinnacle Holdings LLC bought a new stake in shares of CNB Financial in the second quarter worth $1,690,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal subsidiary, CNB Bank, the company provides community banking services to individuals, families, businesses and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions. The company also provides wealth-management and investment-related services through its banking operations and affiliated businesses.

CNB Financial serves customers through a network of community banking offices primarily in Pennsylvania and neighboring markets, including parts of Ohio and Virginia.