CNB Financial (NASDAQ:CCNE) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised its price target on CNB Financial (NASDAQ:CCNE) from $30 to $34 while keeping a "market perform" rating, and the analyst consensus is a Buy with a consensus price target of $34.50.
• CNB reported quarterly EPS of $0.88 vs. $0.82 expected and revenue of $83.32 million vs. $79.35 million, with a net margin of 15.29%, ROE of 11.10% and a P/E of 12.75.
• Institutional ownership stands at 52.35%, with notable inflows including AQR Capital Management boosting its stake by 201.7% in the first quarter.

CNB Financial (NASDAQ:CCNE - Get Free Report) had its price objective raised by Keefe, Bruyette & Woods from $30.00 to $34.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "market perform" rating on the bank's stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 9.75% from the stock's previous close.

Other equities research analysts also recently issued reports about the stock. Stephens upped their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an "overweight" rating in a report on Wednesday, February 11th. Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a report on Saturday, February 21st. Finally, Weiss Ratings raised shares of CNB Financial from a "hold (c)" rating to a "buy (b)" rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $34.50.

CNB Financial Price Performance

Shares of NASDAQ CCNE opened at $30.98 on Tuesday. CNB Financial has a twelve month low of $20.90 and a twelve month high of $31.80. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $918.25 million, a price-to-earnings ratio of 12.75 and a beta of 0.67. The firm has a 50-day moving average of $29.03 and a two-hundred day moving average of $27.05.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.06. CNB Financial had a net margin of 15.29% and a return on equity of 11.10%. The company had revenue of $83.32 million during the quarter, compared to the consensus estimate of $79.35 million. As a group, analysts expect that CNB Financial will post 3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CCNE. AQR Capital Management LLC boosted its holdings in shares of CNB Financial by 201.7% in the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock worth $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock worth $273,000 after purchasing an additional 546 shares in the last quarter. Empowered Funds LLC lifted its position in shares of CNB Financial by 7.4% in the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock worth $1,731,000 after purchasing an additional 5,370 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of CNB Financial in the first quarter worth approximately $714,000. Finally, Rhumbline Advisers lifted its position in shares of CNB Financial by 5.3% in the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock worth $728,000 after purchasing an additional 1,590 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.