CNB Financial (NASDAQ:CCNE) Upgraded by Raymond James Financial to Moderate Buy Rating

CNB Financial (NASDAQ:CCNE) was upgraded by equities research analysts at Raymond James Financial to a “moderate buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other analysts also recently issued reports on CCNE. DA Davidson increased their target price on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Wall Street Zen downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. 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 research note on Friday, July 24th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, CNB Financial presently has an average rating of “Moderate Buy” and a consensus target price of $36.75.

CNB Financial Trading Up 0.3%

CCNE stock opened at $33.97 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 10.92 and a beta of 0.63. The business has a fifty day simple moving average of $34.18 and a 200-day simple moving average of $31.39. CNB Financial has a 52 week low of $22.80 and a 52 week high of $36.17.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The firm had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. On average, equities research analysts expect that CNB Financial will post 3.58 EPS for the current year.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pinnacle Holdings LLC purchased a new position in CNB Financial in the second quarter valued at about $1,690,000. Globeflex Capital L P acquired a new position in shares of CNB Financial in the 2nd quarter valued at approximately $5,396,000. Sei Investments Co. acquired a new position in shares of CNB Financial in the 1st quarter valued at approximately $835,000. Dimensional Fund Advisors LP boosted its stake in shares of CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after buying an additional 27,236 shares during the last quarter. Finally, WNY Asset Management LLC acquired a new stake in shares of CNB Financial during the first quarter worth approximately $747,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

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.