Separately, Zacks Investment Research raised CNB Financial from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Wednesday, October 23rd.
Shares of CCNE stock opened at $32.64 on Friday. CNB Financial has a 12-month low of $21.43 and a 12-month high of $33.78. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $31.92 and its 200-day moving average price is $28.51. The stock has a market capitalization of $484.31 million, a price-to-earnings ratio of 14.77 and a beta of 0.97.
CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.05. CNB Financial had a return on equity of 13.75% and a net margin of 22.01%. The company had revenue of $36.18 million for the quarter, compared to analysts’ expectations of $35.52 million. As a group, research analysts predict that CNB Financial will post 2.61 EPS for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in shares of CNB Financial during the second quarter valued at approximately $35,000. Acadian Asset Management LLC increased its position in shares of CNB Financial by 289.0% in the 2nd quarter. Acadian Asset Management LLC now owns 5,014 shares of the bank’s stock valued at $141,000 after acquiring an additional 3,725 shares during the period. Zebra Capital Management LLC acquired a new position in shares of CNB Financial in the 3rd quarter valued at $208,000. Russell Investments Group Ltd. increased its position in shares of CNB Financial by 11.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,500 shares of the bank’s stock valued at $211,000 after acquiring an additional 800 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new position in shares of CNB Financial in the 3rd quarter valued at $246,000. 44.50% of the stock is currently owned by hedge funds and other institutional investors.
CNB Financial Company Profile
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.
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