CNB Financial (NASDAQ:CCNE) Given New $34.00 Price Target at Keefe, Bruyette & Woods

CNB Financial (NASDAQ:CCNE) had its target price upped by Keefe, Bruyette & Woods from $30.00 to $34.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. Finally, Stephens increased their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, CNB Financial currently has an average rating of “Buy” and an average price target of $34.50.

CNB Financial Stock Down 3.5%

CNB Financial stock opened at $29.90 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The firm has a market cap of $886.12 million, a P/E ratio of 10.64 and a beta of 0.67. The business has a fifty day moving average of $29.06 and a two-hundred day moving average of $27.10. CNB Financial has a twelve month low of $21.19 and a twelve month high of $31.80.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.06. The business had revenue of $83.32 million for the quarter, compared to the consensus estimate of $79.35 million. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%. On average, analysts forecast that CNB Financial will post 3.45 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, February 27th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s payout ratio is 27.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its stake in CNB Financial by 201.7% in the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock valued at $977,000 after buying an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after acquiring an additional 546 shares during the last quarter. Empowered Funds LLC grew its stake in shares of CNB Financial by 7.4% during the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after acquiring an additional 5,370 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of CNB Financial during the first quarter valued at about $714,000. Finally, Rhumbline Advisers increased its holdings in shares of CNB Financial by 5.3% during the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock valued at $728,000 after acquiring an additional 1,590 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

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.