CNB Financial (NASDAQ:CCNE) Raised to Strong-Buy at Piper Sandler

Key Points

• Piper Sandler upgraded CNB Financial to “strong buy,” making it one of two analysts with that rating. Overall, analysts maintain a “Buy” consensus with an average price target of $37.00.
• CNB Financial shares opened at $33.91, up 1.4%, with a market capitalization of approximately $1.00 billion and a 52-week range of $22.80 to $36.17.
• The bank exceeded quarterly expectations, reporting $0.91 in earnings per share versus the $0.86 estimate and revenue of $87.65 million versus $85.87 million expected. Institutional investors and hedge funds own 52.35% of the stock.

CNB Financial (NASDAQ:CCNE - Get Free Report) was upgraded by investment analysts at Piper Sandler to a "strong-buy" rating in a note issued to investors on Thursday, Zacks reports.

A number of other analysts have also recently issued reports on CCNE. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. DA Davidson lifted their price target on shares of CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Raymond James Financial started coverage on shares of CNB Financial in a report on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price target for the company. Wall Street Zen downgraded shares of CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a report on Friday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, CNB Financial has an average rating of "Buy" and a consensus target price of $37.00.

CNB Financial Stock Up 1.4%

Shares of NASDAQ CCNE opened at $33.91 on Thursday. The stock has a market cap of $1.00 billion, a P/E ratio of 10.90 and a beta of 0.61. The firm has a 50 day moving average price of $34.43 and a 200 day moving average price of $32.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial has a 52-week low of $22.80 and a 52-week high of $36.17.

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

Institutional Trading of CNB Financial

A number of hedge funds have recently made changes to their positions in CCNE. BlackRock Inc. acquired a new stake in shares of CNB Financial in the 2nd quarter valued at approximately $78,011,000. The Manufacturers Life Insurance Company acquired a new position in CNB Financial during the 2nd quarter worth approximately $7,667,000. Globeflex Capital L P acquired a new position in CNB Financial during the 2nd quarter worth approximately $5,396,000. Empowered Funds LLC bought a new position in CNB Financial in the 2nd quarter valued at approximately $4,918,000. Finally, Pinnacle Holdings LLC bought a new position in CNB Financial in the 2nd quarter valued at approximately $1,690,000. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Company Profile

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.

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