StockNews.com Upgrades CNB Financial (NASDAQ:CCNE) to “Buy”

CNB Financial (NASDAQ:CCNE) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

Separately, Keefe, Bruyette & Woods cut their price objective on shares of CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 17th.

CNB Financial Trading Down 2.3 %

CCNE opened at $19.83 on Tuesday. The stock has a market capitalization of $416.51 million, a P/E ratio of 8.33 and a beta of 0.71. CNB Financial has a 12 month low of $17.21 and a 12 month high of $23.40. The firm’s fifty day simple moving average is $19.53 and its 200 day simple moving average is $20.29. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, April 15th. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. The business had revenue of $54.18 million for the quarter, compared to analysts’ expectations of $55.00 million. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. As a group, research analysts anticipate that CNB Financial will post 2.23 EPS for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its position in CNB Financial by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank’s stock worth $21,839,000 after buying an additional 12,300 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of CNB Financial by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock valued at $21,463,000 after purchasing an additional 15,870 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of CNB Financial by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock valued at $19,695,000 after purchasing an additional 42,908 shares during the period. Davis Asset Management L.P. raised its holdings in shares of CNB Financial by 20.0% in the 4th quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock valued at $13,554,000 after purchasing an additional 100,000 shares during the period. Finally, Petiole USA ltd raised its holdings in shares of CNB Financial by 148.3% in the 4th quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock valued at $3,801,000 after purchasing an additional 100,471 shares during the period. 52.35% of the stock is owned by institutional investors.

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.