CNB Financial Corporation (NASDAQ:CCNE) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• CNB Financial received a “Moderate Buy” consensus rating from six brokerages, with three buys, one strong buy and two holds. The average 12-month price target is $36.75.
• The bank exceeded quarterly expectations, reporting $0.91 in earnings per share versus the $0.86 consensus estimate and revenue of $87.65 million, above expectations of $85.87 million.
• CNB Financial pays a quarterly dividend of $0.19 per share, equivalent to $0.76 annually and a 2.2% yield; institutional investors own 52.35% of the company.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) has earned a consensus rating of "Moderate Buy" from the six brokerages that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $36.75.

A number of research firms have recently commented on CCNE. Weiss Ratings reissued a "buy (b)" rating on shares of CNB Financial in a report on Friday, September 4th. Raymond James Financial initiated coverage on CNB Financial in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price objective on the stock. DA Davidson lifted their target price on CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Wall Street Zen downgraded CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th.

CNB Financial Stock Performance

NASDAQ CCNE opened at $34.04 on Thursday. The firm's 50 day simple moving average is $34.43 and its 200 day simple moving average is $31.86. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.95 and a beta of 0.61. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. CNB Financial has a 1 year low of $22.80 and a 1 year high of $36.17.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. The firm had revenue of $87.65 million during the quarter, compared to analysts' expectations of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. As a group, research analysts expect that CNB Financial will post 3.56 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Tuesday, September 1st. CNB Financial's dividend payout ratio is currently 24.44%.

Hedge Funds Weigh In On CNB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCNE. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock worth $40,000 after buying an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of CNB Financial during the 2nd quarter valued at $44,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of CNB Financial by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank's stock valued at $444,000 after acquiring an additional 1,583 shares in the last quarter. Quantbot Technologies LP bought a new stake in CNB Financial during the 2nd quarter worth $66,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank's stock worth $8,458,000 after purchasing an additional 3,123 shares in the last quarter. Institutional investors own 52.35% of the company's stock.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.

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