CNB Financial (NASDAQ:CCNE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded CNB Financial from “buy” to “hold.” Despite the cut, MarketBeat’s consensus rating remains “Moderate Buy,” with an average price target of $37.20.
• Analysts’ individual views vary: Raymond James rates the stock “outperform” with a $40 target, while Keefe, Bruyette & Woods rates it “market perform” with a $37 target.
• CNB Financial reported quarterly earnings of $0.91 per share, beating the $0.88 consensus estimate; revenue of $87.79 million was also slightly above expectations.

CNB Financial (NASDAQ:CCNE - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Raymond James Financial restated an "outperform" rating and issued a $40.00 price target on shares of CNB Financial in a research report on Tuesday, October 27th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Piper Sandler initiated coverage on shares of CNB Financial in a research note on Thursday, September 24th. They issued an "overweight" rating and a $38.00 price target on the stock. Weiss Ratings cut CNB Financial from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, October 26th. Finally, DA Davidson increased their price objective on CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, CNB Financial presently has a consensus rating of "Moderate Buy" and an average target price of $37.20.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $35.78 on Friday. CNB Financial has a 1-year low of $23.78 and a 1-year high of $37.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 9.42 and a beta of 0.61. The company's 50-day moving average is $34.41 and its two-hundred day moving average is $31.93.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The bank reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The company had revenue of $87.79 million for the quarter, compared to the consensus estimate of $87.76 million. CNB Financial had a return on equity of 13.23% and a net margin of 23.26%. Analysts forecast that CNB Financial will post 3.58 EPS for the current year.

Institutional Investors Weigh In On CNB Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its stake in CNB Financial by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank's stock valued at $114,000 after acquiring an additional 297 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of CNB Financial by 4.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 16,491 shares of the bank's stock valued at $549,000 after buying an additional 648 shares in the last quarter. Parallel Advisors LLC increased its position in CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock worth $40,000 after buying an additional 1,220 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of CNB Financial during the second quarter worth approximately $44,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of CNB Financial by 8.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 16,726 shares of the bank's stock valued at $557,000 after purchasing an additional 1,315 shares during the period. Institutional investors own 52.35% of the company's stock.

About CNB Financial

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

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.

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