CNB Financial (NASDAQ:CCNE) Given Market Perform Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of CNB Financial (NASDAQ:CCNE) in a report released on Friday,Benzinga reports. They currently have a $37.00 price objective on the bank’s stock, up from their prior price objective of $35.00.

CCNE has been the subject of several other reports. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. DA Davidson assumed coverage on CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.33.

CNB Financial Stock Performance

NASDAQ CCNE opened at $34.67 on Friday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 11.15 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $32.49 and a 200-day moving average of $30.10. CNB Financial has a 1-year low of $21.63 and a 1-year high of $35.24.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The firm had revenue of $88.52 million for the quarter, compared to analysts’ expectations of $85.87 million. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%. On average, equities analysts forecast that CNB Financial will post 3.53 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio is currently 27.05%.

Hedge Funds Weigh In On CNB Financial

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

About CNB Financial

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.