DA Davidson Begins Coverage on CNB Financial (NASDAQ:CCNE)

Research analysts at DA Davidson began coverage on shares of CNB Financial (NASDAQ:CCNE) in a report issued on Friday, MarketBeat reports. The brokerage set a “neutral” rating and a $34.00 price target on the bank’s stock. DA Davidson’s price target would indicate a potential upside of 11.88% from the company’s current price.

CCNE has been the subject of a number of other research reports. Stephens boosted their price objective on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Wall Street Zen downgraded CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings raised CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. Finally, Keefe, Bruyette & Woods raised their price objective on CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.33.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $30.39 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $900.46 million, a PE ratio of 10.81 and a beta of 0.65. The firm’s 50 day moving average price is $29.45 and its 200-day moving average price is $27.78. CNB Financial has a twelve month low of $21.19 and a twelve month high of $31.80.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. CNB Financial had a net margin of 17.62% and a return on equity of 12.14%. The company had revenue of $83.32 million during the quarter, compared to analyst estimates of $79.35 million. Equities research analysts expect that CNB Financial will post 3.58 EPS for the current year.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors have recently added to or reduced their stakes in CCNE. Flagship Harbor Advisors LLC purchased a new stake in CNB Financial during the 4th quarter valued at approximately $27,000. Peoples Financial Services CORP. bought a new position in shares of CNB Financial during the third quarter worth $28,000. Founders Capital Management bought a new position in shares of CNB Financial during the third quarter worth $31,000. Parallel Advisors LLC grew its stake in CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,220 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after acquiring an additional 636 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

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.