CNB Financial (NASDAQ:CCNE) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded CNB Financial (NASDAQ: CCNE) from “buy” to “hold,” even though the broader analyst view remains positive with an average rating of “buy” and a consensus target price of $34.50.
• CNB Financial reported better-than-expected first-quarter results, posting EPS of $0.88 versus the $0.82 estimate and revenue of $83.32 million versus the $79.35 million consensus.
• The stock has been trading near its highs, opening at $31.18 with a 1-year range of $21.19 to $31.80, while institutional ownership remains significant at 52.35%.

CNB Financial (NASDAQ:CCNE - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

A number of other equities research analysts also recently weighed in on CCNE. Keefe, Bruyette & Woods upped their target price on CNB Financial from $30.00 to $34.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 21st. Stephens upped their target price on CNB Financial from $28.00 to $35.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings raised CNB Financial from a "hold (c)" rating to a "buy (b)" rating in a report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $34.50.

CNB Financial Stock Performance

CCNE opened at $31.18 on Friday. The company has a market capitalization of $923.86 million, a price-to-earnings ratio of 11.10 and a beta of 0.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. CNB Financial has a 1-year low of $21.19 and a 1-year high of $31.80. The business has a 50 day moving average price of $29.27 and a two-hundred day moving average price of $27.56.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. The firm had revenue of $83.32 million during the quarter, compared to the consensus estimate of $79.35 million. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%. Research analysts predict that CNB Financial will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in shares of CNB Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock valued at $43,613,000 after buying an additional 27,236 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% in the first 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. Allspring Global Investments Holdings LLC increased its holdings in shares of CNB Financial by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank's stock valued at $444,000 after buying an additional 1,583 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of CNB Financial in the first quarter valued at $220,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of CNB Financial in the first quarter valued at $327,000. Institutional investors own 52.35% of the company's stock.

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.

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