CNB Financial (NASDAQ:CCNE) Price Target Raised to $34.00

CNB Financial (NASDAQ:CCNE) had its price objective increased by Keefe, Bruyette & Woods from $30.00 to $34.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

A number of other research analysts have also commented on the company. Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. Stephens upped their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $34.50.

CNB Financial Stock Performance

Shares of NASDAQ CCNE opened at $30.49 on Tuesday. The business has a fifty day simple moving average of $29.08 and a 200 day simple moving average of $27.14. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $903.72 million, a price-to-earnings ratio of 10.85 and a beta of 0.67. CNB Financial has a one year low of $21.19 and a one year high of $31.80.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Monday, April 20th. The bank reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $83.32 million during the quarter, compared to analyst estimates of $79.35 million. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%. Sell-side analysts expect that CNB Financial will post 3.58 EPS for the current year.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.19 per share. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, February 27th. CNB Financial’s dividend payout ratio is currently 27.05%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC acquired a new position in CNB Financial during the fourth quarter worth $27,000. Peoples Financial Services CORP. acquired a new position in CNB Financial during the third quarter worth $28,000. Founders Capital Management acquired a new position in CNB Financial during the third quarter worth $31,000. Tower Research Capital LLC TRC raised its stake 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 acquiring an additional 636 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in CNB Financial by 16,173.3% during the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after acquiring an additional 2,426 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.