CNB Financial (NASDAQ:CCNE) Receives "Hold (C+)" Rating from Weiss Ratings

Key Points

• CNB Financial's stock has been given a "Hold (C+)" rating by Weiss Ratings, and the company's current average price target is $27.75.
• In recent trading, shares of CNB Financial rose 0.1%, bringing the stock price to $24.33, with a market capitalization of approximately $717.25 million.
• The bank reported an earnings per share (EPS) of $0.63, surpassing analysts' expectations, and achieved a revenue of $61.80 million for the quarter.

CNB Financial (NASDAQ:CCNE - Get Free Report)'s stock had its "hold (c+)" rating restated by stock analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Separately, Keefe, Bruyette & Woods lifted their price target on CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, CNB Financial presently has a consensus rating of "Hold" and an average price target of $27.75.

CNB Financial Stock Up 0.1%

Shares of NASDAQ:CCNE traded up $0.02 during mid-day trading on Wednesday, hitting $24.33. 128,957 shares of the company traded hands, compared to its average volume of 135,556. The stock has a market cap of $717.25 million, a P/E ratio of 10.22 and a beta of 0.68. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. CNB Financial has a 12-month low of $19.32 and a 12-month high of $29.29. The stock has a 50-day moving average price of $24.95 and a two-hundred day moving average price of $23.31.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.05. The company had revenue of $61.80 million for the quarter, compared to analysts' expectations of $49.97 million. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%. On average, equities research analysts forecast that CNB Financial will post 2.04 earnings per share for the current year.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC purchased a new position in shares of CNB Financial in the 2nd quarter worth about $611,000. Tower Research Capital LLC TRC raised its position in CNB Financial by 46.8% during 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 last quarter. Man Group plc raised its position in CNB Financial by 55.7% during the 2nd quarter. Man Group plc now owns 49,838 shares of the bank's stock valued at $1,139,000 after purchasing an additional 17,819 shares during the last quarter. Bridgeway Capital Management LLC raised its position in CNB Financial by 5.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 149,606 shares of the bank's stock valued at $3,420,000 after purchasing an additional 7,530 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in CNB Financial by 16.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank's stock valued at $7,953,000 after purchasing an additional 48,326 shares during the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.

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