DA Davidson Issues Positive Forecast for CNB Financial (NASDAQ:CCNE) Stock Price

Key Points

• DA Davidson raised its CNB Financial price target from $34 to $36 while maintaining a neutral rating, implying 4.48% upside from the prior close. The stock has a consensus “Moderate Buy” rating and a $36 average target.
• CNB Financial reported quarterly EPS of $0.91, exceeding the $0.86 analyst estimate, while revenue of $88.52 million also surpassed expectations.
• Shares fell 0.6% to $34.45, near the company’s 52-week high of $35.24. Institutional investors and hedge funds own 52.35% of the stock.

CNB Financial (NASDAQ:CCNE - Get Free Report) had its price objective hoisted by investment analysts at DA Davidson from $34.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. DA Davidson's price target suggests a potential upside of 4.48% from the stock's previous close.

CCNE has been the subject of several other reports. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday. Weiss Ratings reissued a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised CNB Financial from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

CNB Financial Trading Down 0.6%

Shares of CCNE stock traded down $0.21 on Monday, reaching $34.45. 15,688 shares of the stock were exchanged, compared to its average volume of 158,701. The stock has a 50 day moving average price of $32.49 and a 200 day moving average price of $30.13. 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 stock has a market cap of $1.02 billion, a PE ratio of 11.06 and a beta of 0.63. CNB Financial has a one year low of $21.63 and a one year high of $35.24.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%.The company had revenue of $88.52 million for the quarter, compared to the consensus estimate of $85.87 million. Equities research analysts forecast that CNB Financial will post 3.53 EPS for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new position in CNB Financial during the 4th quarter worth approximately $27,000. Parallel Advisors LLC raised its position 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 purchasing an additional 1,220 shares during the period. Tower Research Capital LLC TRC raised its holdings in CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock worth $46,000 after buying an additional 636 shares during the last quarter. Russell Investments Group Ltd. lifted its position in 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 acquiring an additional 2,426 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock valued at $63,000 after purchasing an additional 679 shares in the last quarter. Institutional investors and hedge funds 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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