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

Key Points

• Wall Street Zen upgraded CNB Financial from “hold” to “buy,” while the broader analyst consensus remains “Moderate Buy” with a $37.00 price target.
• CNB Financial shares were trading at $34.09, up 0.5%, with a market capitalization of approximately $1.01 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 consensus estimate and $87.65 million in revenue; institutional investors and hedge funds own 52.35% of the stock.

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

CCNE has been the topic of several other research reports. Raymond James Financial started coverage on shares of CNB Financial in a research report on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 target price on the stock. DA Davidson raised 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. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Piper Sandler initiated coverage on CNB Financial in a report on Thursday. They issued an "overweight" rating and a $38.00 price objective on the stock. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of CNB Financial in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, CNB Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

CNB Financial Trading Up 0.5%

Shares of NASDAQ:CCNE opened at $34.09 on Friday. CNB Financial has a 1 year low of $22.80 and a 1 year high of $36.17. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.96 and a beta of 0.61. 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 business's 50 day moving average price is $34.42 and its 200-day moving average price is $32.12.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $87.65 million during 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 12.85%. On average, equities research analysts forecast that CNB Financial will post 3.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its holdings in CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock valued at $40,000 after buying an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of CNB Financial during the 2nd quarter worth $44,000. Allspring Global Investments Holdings LLC raised its holdings in shares of CNB Financial by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank's stock worth $444,000 after acquiring an additional 1,583 shares during the period. Quantbot Technologies LP acquired a new position in shares of CNB Financial during the 2nd quarter valued at about $66,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of CNB Financial by 1.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank's stock valued at $8,458,000 after acquiring an additional 3,123 shares during the last quarter. 52.35% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.