CNB Financial (NASDAQ:CCNE) Upgraded at StockNews.com

StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE) from a hold rating to a buy rating in a research report released on Tuesday morning.

Separately, Keefe, Bruyette & Woods dropped 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 report on Wednesday, April 17th.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $19.83 on Tuesday. CNB Financial has a fifty-two week low of $17.21 and a fifty-two week high of $23.40. The company’s 50-day moving average is $19.54 and its 200 day moving average is $20.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $416.43 million, a P/E ratio of 8.33 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Monday, April 15th. The bank reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. The company had revenue of $54.18 million for the quarter, compared to analysts’ expectations of $55.00 million. On average, equities research analysts forecast that CNB Financial will post 2.23 earnings per share for the current year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were paid a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.53%. CNB Financial’s payout ratio is 29.41%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CCNE. Acadian Asset Management LLC purchased a new position in shares of CNB Financial during the 1st quarter valued at $81,000. New York State Common Retirement Fund boosted its stake in CNB Financial by 14.6% in the fourth quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock worth $178,000 after buying an additional 1,006 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of CNB Financial by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new position in shares of CNB Financial in the fourth quarter worth about $212,000. Finally, SG Americas Securities LLC increased its stake in CNB Financial by 26.5% in the 4th quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock worth $252,000 after purchasing an additional 2,343 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

About CNB Financial

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.