CNB Financial (NASDAQ:CCNE) Cut to Hold at Wall Street Zen

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

A number of other equities research analysts have also recently commented on CCNE. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, CNB Financial presently has an average rating of “Moderate Buy” and a consensus price target of $27.75.

CNB Financial Trading Up 2.1%

Shares of CCNE stock opened at $28.29 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $833.99 million, a price-to-earnings ratio of 11.64 and a beta of 0.73. CNB Financial has a 52-week low of $19.32 and a 52-week high of $28.74. The company has a 50-day simple moving average of $26.85 and a two-hundred day simple moving average of $25.42.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Tuesday, January 27th. The bank reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.11. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%.The firm had revenue of $86.36 million for the quarter, compared to the consensus estimate of $73.10 million. Research analysts anticipate that CNB Financial will post 2.04 EPS for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.5%. CNB Financial’s dividend payout ratio (DPR) is presently 29.63%.

Institutional Investors Weigh In On CNB Financial

A number of large investors have recently made changes to their positions in CCNE. Wellington Management Group LLP boosted its holdings in CNB Financial by 116.1% in the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock valued at $45,400,000 after acquiring an additional 1,007,751 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after purchasing an additional 435,300 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of CNB Financial by 37.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after purchasing an additional 406,167 shares in the last quarter. Maltese Capital Management LLC boosted its stake in shares of CNB Financial by 228.4% during the 3rd quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock valued at $11,572,000 after purchasing an additional 332,600 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of CNB Financial by 335.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank’s stock valued at $6,453,000 after buying an additional 205,464 shares during the period. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Company Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.