CNB Financial (NASDAQ:CCNE) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded CNB Financial from “Buy” to “Hold,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $36.
• CNB Financial’s shares opened at $33.84, near their 50-day average of $34.04, while the stock’s 52-week range is $22.80 to $36.17.
• 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; institutional investors own 52.35% of the stock.

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

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, DA Davidson upped their target price on shares of CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $36.00.

CNB Financial Trading Up 0.2%

CCNE stock opened at $33.84 on Friday. CNB Financial has a 1-year low of $22.80 and a 1-year high of $36.17. 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 company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 10.88 and a beta of 0.63. The business has a 50 day simple moving average of $34.04 and a two-hundred day simple moving average of $31.22.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. The firm had revenue of $87.65 million during the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. Research analysts anticipate that CNB Financial will post 3.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CCNE. Parallel Advisors LLC boosted its stake in 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 acquiring an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of CNB Financial in the 2nd quarter valued at about $44,000. Tower Research Capital LLC TRC boosted its position in shares of CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $46,000 after purchasing an additional 636 shares during the period. Russell Investments Group Ltd. boosted its position in shares of CNB Financial by 16,173.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank's stock valued at $59,000 after purchasing an additional 2,426 shares during the period. Finally, Legal & General Group Plc grew its stake in CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock worth $63,000 after buying an additional 679 shares during the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

About CNB Financial

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.

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