CNB Financial (NASDAQ:CCNE) Upgraded 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 issued on Saturday morning,Wall Street Zen reports.

Other analysts have also issued reports about the stock. Raymond James Financial started coverage on shares of CNB Financial in a research note on Wednesday, August 26th. They set an “outperform” rating and a $39.00 price target on the stock. Keefe, Bruyette & Woods reissued 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. Piper Sandler started coverage on shares of CNB Financial in a report on Thursday. They set an “overweight” rating and a $38.00 target price on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a research report on Friday, September 4th. Finally, DA Davidson boosted their price target on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.00.

CNB Financial Trading Down 0.7%

Shares of NASDAQ CCNE opened at $33.84 on Friday. CNB Financial has a twelve month low of $22.80 and a twelve month high of $36.17. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $34.42 and a 200-day simple moving average of $32.20. The stock has a market capitalization of $1.00 billion, a PE ratio of 10.88 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.05. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The firm had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. On average, equities analysts forecast that CNB Financial will post 3.56 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Tuesday, September 1st. CNB Financial’s dividend payout ratio (DPR) is presently 24.44%.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCNE. BlackRock Inc. acquired a new stake in CNB Financial in the second quarter valued at approximately $78,011,000. Dimensional Fund Advisors LP grew its holdings in CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after acquiring an additional 27,236 shares in the last quarter. Maltese Capital Management LLC increased its position in shares of CNB Financial by 2.8% in the 4th quarter. Maltese Capital Management LLC now owns 491,500 shares of the bank’s stock valued at $12,863,000 after purchasing an additional 13,300 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after purchasing an additional 3,123 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of CNB Financial in the 2nd quarter valued at approximately $7,667,000. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.