CNB Financial Corporation (CCNE) – What Are Brokerages Saying About This Stock?

CNB Financial Corporation (NASDAQ:CCNE) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $37.20.

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. DA Davidson upped their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings downgraded shares of CNB Financial from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, October 26th. Keefe, Bruyette & Woods reissued 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. Finally, Piper Sandler started coverage on shares of CNB Financial in a research report on Thursday, September 24th. They issued an “overweight” rating and a $38.00 target price for the company.

CNB Financial Price Performance

Shares of CCNE opened at $35.64 on Friday. 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 stock has a 50 day simple moving average of $34.58 and a 200 day simple moving average of $32.09. CNB Financial has a 52-week low of $23.78 and a 52-week high of $37.70. The firm has a market capitalization of $1.06 billion, a PE ratio of 9.38 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $87.79 million during the quarter, compared to analyst estimates of $87.76 million. CNB Financial had a net margin of 23.26% and a return on equity of 13.15%. Sell-side analysts predict that CNB Financial will post 3.58 EPS for the current fiscal year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, December 1st. CNB Financial’s dividend payout ratio is presently 20.00%.

Insider Transactions at CNB Financial

In related news, Director Gary S. Olson sold 25,000 shares of the stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $36.19, for a total transaction of $904,750.00. Following the completion of the transaction, the director directly owned 75,056 shares of the company’s stock, valued at approximately $2,716,276.64. This represents a 24.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.92% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC raised its position in CNB Financial by 7.2% during the third quarter. Private Advisor Group LLC now owns 6,878 shares of the bank’s stock worth $229,000 after acquiring an additional 459 shares in the last quarter. Ieq Capital LLC acquired a new stake in CNB Financial in the 3rd quarter valued at about $204,000. Russell Investments Group Ltd. lifted its stake in CNB Financial by 8.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 16,726 shares of the bank’s stock valued at $557,000 after purchasing an additional 1,315 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in CNB Financial by 4.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,491 shares of the bank’s stock valued at $549,000 after purchasing an additional 648 shares during the last quarter. Finally, Alps Advisors Inc. bought a new position in CNB Financial during the third quarter worth about $558,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its subsidiary, CNB Bank, it provides banking and related financial services to individuals, businesses and organizations. Its offerings include consumer and commercial deposit accounts, loans, mortgage services, cash management and other banking services. The company also provides wealth management and trust services through its financial services businesses. CNB Bank traces its roots to 1865 and serves communities across Pennsylvania, Ohio and New York.