CNB Financial (CCNE) Rating Lowered to Sell at BidaskClub

CNB Financial (NASDAQ:CCNE) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Friday.

Separately, Zacks Investment Research lowered shares of CNB Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $31.50.

Shares of NASDAQ:CCNE opened at $30.54 on Friday. CNB Financial has a 12-month low of $24.33 and a 12-month high of $32.86. The company has a market cap of $464.22 million, a price-to-earnings ratio of 15.90 and a beta of 0.72. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.31.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Friday, July 20th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.03. CNB Financial had a net margin of 18.85% and a return on equity of 11.90%. The firm had revenue of $31.43 million for the quarter, compared to analyst estimates of $29.91 million. equities analysts expect that CNB Financial will post 2.19 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. boosted its position in shares of CNB Financial by 13.4% during the 1st quarter. Prudential Financial Inc. now owns 61,581 shares of the bank’s stock worth $1,791,000 after acquiring an additional 7,300 shares in the last quarter. Northern Trust Corp boosted its position in shares of CNB Financial by 3.0% during the 1st quarter. Northern Trust Corp now owns 186,787 shares of the bank’s stock worth $5,434,000 after acquiring an additional 5,455 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of CNB Financial by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 470,474 shares of the bank’s stock worth $13,686,000 after acquiring an additional 31,411 shares in the last quarter. Mackay Shields LLC acquired a new stake in shares of CNB Financial during the 1st quarter worth approximately $223,000. Finally, Chicago Equity Partners LLC boosted its position in shares of CNB Financial by 66.8% during the 1st quarter. Chicago Equity Partners LLC now owns 20,395 shares of the bank’s stock worth $593,000 after acquiring an additional 8,170 shares in the last quarter. Institutional investors and hedge funds own 44.61% of the company’s stock.

About CNB Financial

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. It 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.

Further Reading: Fundamental Analysis

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