Keefe, Bruyette & Woods Cuts CNB Financial (NASDAQ:CCNE) Price Target to $22.00

CNB Financial (NASDAQ:CCNE - Free Report) had its price objective lowered by Keefe, Bruyette & Woods from $23.00 to $22.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a market perform rating on the bank's stock.

CNB Financial Price Performance

NASDAQ:CCNE traded down $0.41 during trading hours on Wednesday, reaching $18.05. 49,226 shares of the company were exchanged, compared to its average volume of 49,285. The company has a market capitalization of $379.41 million, a P/E ratio of 7.58 and a beta of 0.78. CNB Financial has a 1-year low of $16.43 and a 1-year high of $23.40. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50 day moving average of $19.97 and a 200 day moving average of $20.33.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. The business had revenue of $56.83 million for the quarter, compared to the consensus estimate of $55.10 million. CNB Financial had a return on equity of 10.85% and a net margin of 15.96%. Research analysts forecast that CNB Financial will post 2.4 EPS for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.175 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.88%. CNB Financial's dividend payout ratio (DPR) is presently 29.41%.

Institutional Trading of CNB Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of CNB Financial in the third quarter valued at about $160,000. Bailard Inc. bought a new position in CNB Financial during the 3rd quarter worth approximately $311,000. North Reef Capital Management LP lifted its position in shares of CNB Financial by 2.6% in the 3rd quarter. North Reef Capital Management LP now owns 81,244 shares of the bank's stock worth $1,471,000 after purchasing an additional 2,059 shares during the period. Pekin Hardy Strauss Inc. boosted its stake in shares of CNB Financial by 0.3% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 294,728 shares of the bank's stock valued at $5,338,000 after purchasing an additional 740 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of CNB Financial by 1.0% during the third quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank's stock worth $21,839,000 after buying an additional 12,300 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Company Profile

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.