CNB Financial's (CCNE) "Market Perform" Rating Reaffirmed at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods reaffirmed its “market perform” rating on CNB Financial and raised its price target to $37 from $35, implying about 6.9% upside from the prior close.
• CNB Financial recently beat quarterly earnings expectations, reporting $0.91 EPS versus the $0.86 estimate, while revenue of $88.52 million also topped forecasts.
• Analyst sentiment is mixed but leaning positive, with a Moderate Buy consensus and a market average price target of $35.33; the stock traded up to $34.60 on Friday.

CNB Financial (NASDAQ:CCNE - Get Free Report)'s stock had its "market perform" rating restated by stock analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $37.00 price objective on the bank's stock, up from their prior price objective of $35.00. Keefe, Bruyette & Woods' target price points to a potential upside of 6.92% from the company's previous close.

Several other research analysts have also issued reports on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. DA Davidson began coverage on shares of CNB Financial in a research note on Friday, May 15th. They set a "neutral" rating and a $34.00 target price on the stock. Finally, Wall Street Zen raised CNB Financial from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, CNB Financial currently has an average rating of "Moderate Buy" and a consensus price target of $35.33.

CNB Financial Stock Performance

CNB Financial stock traded up $0.69 during midday trading on Friday, hitting $34.60. The company's stock had a trading volume of 50,365 shares, compared to its average volume of 158,977. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 12.33 and a beta of 0.63. CNB Financial has a 1-year low of $21.63 and a 1-year high of $35.24. The company has a 50-day moving average price of $32.39 and a two-hundred day moving average price of $30.07.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The business had revenue of $88.52 million during the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%. As a group, sell-side analysts predict that CNB Financial will post 3.53 earnings per share for the current year.

Institutional Investors Weigh In On CNB Financial

Several large investors have recently added to or reduced their stakes in CCNE. AQR Capital Management LLC grew its stake in CNB Financial by 201.7% in the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock valued at $273,000 after acquiring an additional 546 shares during the last quarter. Empowered Funds LLC grew its holdings 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 during the last quarter. Jane Street Group LLC bought a new stake in CNB Financial in the 1st quarter worth $714,000. Finally, Rhumbline Advisers increased its holdings in CNB Financial by 5.3% during the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock valued at $728,000 after purchasing an additional 1,590 shares during the period. Institutional investors own 52.35% of the company's stock.

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.

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