DA Davidson Issues Positive Forecast for CNB Financial (NASDAQ:CCNE) Stock Price

CNB Financial (NASDAQ:CCNE) had its price target lifted by DA Davidson from $34.00 to $36.00 in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have a neutral rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, CNB Financial currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

CNB Financial Stock Down 0.5%

Shares of CCNE stock opened at $34.51 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. CNB Financial has a 12 month low of $21.63 and a 12 month high of $35.24. The stock has a market cap of $1.02 billion, a P/E ratio of 11.10 and a beta of 0.63. The company has a 50 day simple moving average of $32.58 and a two-hundred day simple moving average of $30.19.

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

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, June 1st. CNB Financial’s dividend payout ratio is presently 24.44%.

Institutional Trading of CNB Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Alliance Wealth Advisors LLC purchased a new position in shares of CNB Financial during the 2nd quarter valued at $231,000. Parallel Advisors LLC increased its stake in CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after buying an additional 1,220 shares in the last quarter. WNY Asset Management LLC purchased a new stake in CNB Financial in the 1st quarter worth $747,000. Bank of America Corp DE raised its holdings in CNB Financial by 8.9% during the first quarter. Bank of America Corp DE now owns 42,815 shares of the bank’s stock valued at $1,240,000 after acquiring an additional 3,485 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in CNB Financial by 42.5% during the first quarter. Quantinno Capital Management LP now owns 30,120 shares of the bank’s stock valued at $872,000 after acquiring an additional 8,980 shares during the period. 52.35% of the stock is owned by hedge funds and other 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.