CNB Financial (NASDAQ:CCNE) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

CCNE has been the topic of a number of other research reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Raymond James Financial initiated coverage on CNB Financial in a report on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price objective for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research report on Friday, September 4th. Piper Sandler began coverage on CNB Financial in a report on Thursday. They set an “overweight” rating and a $38.00 price objective on the stock. Finally, DA Davidson boosted their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.00.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $34.09 on Friday. The company’s fifty day moving average price is $34.42 and its 200-day moving average price is $32.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.96 and a beta of 0.61. CNB Financial has a one year low of $22.80 and a one year high of $36.17.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The company had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. On average, equities research analysts anticipate that CNB Financial will post 3.56 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.19 dividend. 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 (DPR) is presently 24.44%.

Institutional Trading of CNB Financial

Several institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake 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 valued at $40,000 after buying an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of CNB Financial in the 2nd quarter valued at about $44,000. Allspring Global Investments Holdings LLC boosted its holdings in 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 during the period. Quantbot Technologies LP purchased a new stake in CNB Financial during the 2nd quarter valued at about $66,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in CNB Financial by 1.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after acquiring an additional 3,123 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

About CNB Financial

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.