Zacks: Brokerages Set $30.00 Target Price for CNB Financial Corp (NASDAQ:CCNE)

CNB Financial Corp (NASDAQ:CCNE) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating.

Analysts have set a 12 month consensus price target of $30.00 for the company and are forecasting that the company will post $0.58 earnings per share for the current quarter, according to Zacks. Zacks has also given CNB Financial an industry rank of 178 out of 256 based on the ratings given to related companies.

CCNE has been the topic of a number of research analyst reports. Boenning Scattergood reissued an “outperform” rating and issued a $47.75 price target on shares of WSFS Financial in a research note on Thursday, June 20th. BidaskClub raised YY from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 30th. Zacks Investment Research raised HAYS PLC/ADR from a “sell” rating to a “hold” rating in a research note on Tuesday, June 18th. Finally, ValuEngine raised Alleghany from a “hold” rating to a “buy” rating in a research note on Friday, April 19th.

NASDAQ:CCNE traded up $0.36 during mid-day trading on Friday, reaching $27.26. The company’s stock had a trading volume of 234 shares, compared to its average volume of 18,227. The stock’s fifty day moving average price is $26.61. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial has a twelve month low of $21.43 and a twelve month high of $32.41. The company has a market cap of $407.96 million, a PE ratio of 12.43 and a beta of 0.98.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Monday, April 15th. The bank reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. CNB Financial had a return on equity of 13.85% and a net margin of 22.37%. The firm had revenue of $33.91 million for the quarter, compared to analyst estimates of $33.38 million. On average, equities analysts predict that CNB Financial will post 2.48 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, June 15th. Stockholders of record on Saturday, June 1st were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Thursday, May 30th. CNB Financial’s dividend payout ratio is currently 30.77%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CCNE. BNP Paribas Arbitrage SA lifted its stake in shares of CNB Financial by 566.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,040 shares of the bank’s stock valued at $77,000 after purchasing an additional 2,584 shares in the last quarter. Citigroup Inc. lifted its stake in shares of CNB Financial by 13.8% in the 4th quarter. Citigroup Inc. now owns 4,425 shares of the bank’s stock valued at $102,000 after purchasing an additional 537 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in shares of CNB Financial by 428.1% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,843 shares of the bank’s stock valued at $111,000 after purchasing an additional 3,926 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of CNB Financial in the 1st quarter valued at about $184,000. Finally, First National Bank of Mount Dora Trust Investment Services acquired a new position in shares of CNB Financial in the 2nd quarter valued at about $225,000. 43.89% 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.

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