CNB Financial’s (CCNE) “Market Perform” Rating Reiterated at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their market perform rating on shares of CNB Financial (NASDAQ:CCNE) in a report published on Friday morning,Benzinga reports. They currently have a $37.00 price objective on the bank’s stock, up from their previous price objective of $35.00.

Several other brokerages have also recently issued reports on CCNE. DA Davidson began coverage on CNB Financial in a research report on Friday, May 15th. They set a “neutral” rating and a $34.00 target price on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, CNB Financial currently has an average rating of “Moderate Buy” and a consensus price target of $35.33.

CNB Financial Price Performance

Shares of CCNE opened at $34.67 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The company has a 50 day moving average price of $32.49 and a 200-day moving average price of $30.13. CNB Financial has a fifty-two week low of $21.63 and a fifty-two week high of $35.24. The stock has a market capitalization of $1.03 billion, a PE ratio of 11.15 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.05. The company had revenue of $88.52 million for the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 13.02%. Equities analysts predict that CNB Financial will post 3.53 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.19 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Institutional Investors Weigh In On CNB Financial

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after acquiring an additional 546 shares in the last quarter. Tower Research Capital LLC TRC grew its position in CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after purchasing an additional 636 shares during the last quarter. Legal & General Group Plc increased its stake in CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after purchasing an additional 679 shares in the last quarter. First Trust Advisors LP increased its stake in CNB Financial by 6.1% during the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock valued at $306,000 after purchasing an additional 765 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of CNB Financial by 6.9% in the third quarter. Victory Capital Management Inc. now owns 12,504 shares of the bank’s stock worth $303,000 after buying an additional 803 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Company Profile

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.