CNB Financial (NASDAQ:CCNE) Rating Increased to Moderate Buy at Raymond James Financial

Raymond James Financial upgraded shares of CNB Financial (NASDAQ:CCNE) to a moderate buy rating in a research note published on Wednesday morning,Zacks.com reports.

A number of other research analysts have also commented on CCNE. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. DA Davidson raised their price objective on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.75.

CNB Financial Stock Up 0.3%

CCNE stock opened at $33.97 on Wednesday. CNB Financial has a twelve month low of $22.80 and a twelve month high of $36.17. The company has a market cap of $1.01 billion, a PE ratio of 10.92 and a beta of 0.63. The business’s 50-day simple moving average is $34.18 and its 200 day simple moving average is $31.39. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The firm had revenue of $87.65 million during the quarter, compared to analysts’ expectations of $85.87 million. On average, research analysts anticipate that CNB Financial will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial’s payout ratio is currently 24.44%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently made changes to their positions in CCNE. Pinnacle Holdings LLC bought a new position in shares of CNB Financial in the second quarter valued at approximately $1,690,000. Globeflex Capital L P bought a new stake in CNB Financial during the 2nd quarter worth approximately $5,396,000. Sei Investments Co. acquired a new stake in CNB Financial during the 1st quarter valued at $835,000. Dimensional Fund Advisors LP increased its holdings in CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after purchasing an additional 27,236 shares in the last quarter. Finally, WNY Asset Management LLC bought a new position in CNB Financial in the 1st quarter valued at $747,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.