CNB Financial (NASDAQ:CCNE) Upgraded by StockNews.com to Buy

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

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

CNB Financial Stock Performance

CCNE stock opened at $19.97 on Thursday. The company has a market capitalization of $419.37 million, a P/E ratio of 8.39 and a beta of 0.71. The company has a 50-day simple moving average of $19.58 and a 200 day simple moving average of $20.19. CNB Financial has a fifty-two week low of $17.45 and a fifty-two week high of $23.40. The company has a quick ratio of 0.94, a current 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 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The business had revenue of $54.18 million during the quarter, compared to the consensus estimate of $55.00 million. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. Sell-side analysts predict that CNB Financial will post 2.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently bought and sold shares of CCNE. Acadian Asset Management LLC acquired a new stake in CNB Financial in the 1st quarter valued at about $81,000. New York State Common Retirement Fund lifted its holdings in CNB Financial by 14.6% in the 4th quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock valued at $178,000 after acquiring an additional 1,006 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in CNB Financial by 41.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after acquiring an additional 2,599 shares during the last quarter. Beese Fulmer Investment Management Inc. acquired a new stake in CNB Financial in the 4th quarter valued at about $212,000. Finally, SG Americas Securities LLC lifted its holdings in CNB Financial by 26.5% in the 4th quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock valued at $252,000 after acquiring an additional 2,343 shares during the last quarter. 52.35% of the stock is 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.