CNB Financial (NASDAQ:CCNE) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a report released on Saturday morning.

Several other brokerages have also commented on CCNE. Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 15th. Janney Montgomery Scott upgraded shares of CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, CNB Financial has an average rating of “Moderate Buy” and a consensus target price of $27.75.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $27.37 on Friday. CNB Financial has a 12 month low of $19.32 and a 12 month high of $28.04. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $806.87 million, a PE ratio of 13.75 and a beta of 0.74. The business’s fifty day moving average price is $25.39 and its 200 day moving average price is $24.56.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04. CNB Financial had a return on equity of 10.38% and a net margin of 11.92%.The business had revenue of $77.70 million during the quarter, compared to analysts’ expectations of $68.50 million. On average, sell-side analysts anticipate that CNB Financial will post 2.04 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were given a dividend of $0.18 per share. The ex-dividend date was Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. CNB Financial’s dividend payout ratio (DPR) is 36.18%.

Institutional Trading of CNB Financial

Several institutional investors and hedge funds have recently bought and sold shares of CCNE. Wellington Management Group LLP grew its position in CNB Financial by 116.1% during the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after purchasing an additional 1,007,751 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of CNB Financial by 38.3% during the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after buying an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in CNB Financial by 37.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after acquiring an additional 406,167 shares during the last quarter. Davis Asset Management L.P. lifted its position in CNB Financial by 27.7% during the 2nd quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock worth $20,438,000 after acquiring an additional 194,033 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of CNB Financial by 11.4% in the 3rd quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock valued at $14,650,000 after purchasing an additional 61,898 shares during the last quarter. Hedge funds and other 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.