CNB Financial (NASDAQ:CCNE) Downgraded by Wall Street Zen to “Hold”

CNB Financial (NASDAQ:CCNE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other research firms have also commented on CCNE. Raymond James Financial reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of CNB Financial in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings cut CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, October 26th. DA Davidson boosted their price target 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. Finally, Piper Sandler initiated coverage on shares of CNB Financial in a research note on Thursday, September 24th. They issued an “overweight” rating and a $38.00 target price for the company. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.20.

CNB Financial Price Performance

NASDAQ:CCNE opened at $35.78 on Friday. CNB Financial has a one year low of $23.78 and a one year high of $37.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 9.42 and a beta of 0.61. The firm’s fifty day moving average is $34.41 and its two-hundred day moving average is $31.93.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $87.79 million during the quarter, compared to analysts’ expectations of $87.76 million. CNB Financial had a net margin of 23.26% and a return on equity of 13.23%. Research analysts expect that CNB Financial will post 3.58 EPS for the current year.

Institutional Trading of CNB Financial

A number of institutional investors have recently made changes to their positions in the company. Pinnacle Holdings LLC bought a new position in shares of CNB Financial during the second quarter worth about $1,690,000. Empowered Funds LLC bought a new position in CNB Financial in the 2nd quarter valued at approximately $4,918,000. Globeflex Capital L P purchased a new stake in shares of CNB Financial in the second quarter worth approximately $5,396,000. The Manufacturers Life Insurance Company bought a new position in CNB Financial in the 2nd quarter valued at $7,667,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of CNB Financial during the second quarter valued at about $1,496,000. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal banking operations, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.