CNB Financial Corporation (NASDAQ:CCNE) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• CNB Financial has a “Moderate Buy” consensus rating from five analysts, with two holds, two buys and one strong buy. The average 12-month price target is $36.00, slightly above the reported $33.84 share price.
• The bank exceeded quarterly expectations, reporting $0.91 EPS versus the $0.86 consensus and revenue of $87.65 million versus estimates of $85.87 million.
• CNB Financial declared a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 payout and a 2.2% yield. Institutional investors own 52.35% of the company.

Shares of CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) have been given a consensus rating of "Moderate Buy" by the five research firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $36.00.

A number of research analysts recently weighed in on CCNE shares. 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 research note on Friday, July 24th. Wall Street Zen downgraded CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, DA Davidson lifted their price target on CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research report on Monday, July 27th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. purchased a new stake in shares of CNB Financial in the first quarter worth about $835,000. Dimensional Fund Advisors LP grew its stake in CNB Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock valued at $43,613,000 after acquiring an additional 27,236 shares in the last quarter. WNY Asset Management LLC purchased a new position in CNB Financial during the first quarter valued at approximately $747,000. PNC Financial Services Group Inc. increased its holdings in CNB Financial by 184.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 117,272 shares of the bank's stock worth $3,069,000 after acquiring an additional 76,052 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in CNB Financial by 276.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank's stock worth $81,000 after acquiring an additional 2,320 shares during the period. Hedge funds and other institutional investors own 52.35% of the company's stock.

CNB Financial Price Performance

NASDAQ CCNE opened at $33.84 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.00 billion, a PE ratio of 10.88 and a beta of 0.63. CNB Financial has a 52 week low of $22.80 and a 52 week high of $36.17. The firm's 50-day simple moving average is $34.04 and its two-hundred day simple moving average is $31.22.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results 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 $87.65 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 12.85%. Research analysts predict that CNB Financial will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. CNB Financial's dividend payout ratio is 24.44%.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source