Wall Street Zen Downgrades CNB Financial (NASDAQ:CCNE) to Hold

CNB Financial (NASDAQ:CCNE) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Several other research firms have also issued reports on CCNE. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.75.

CNB Financial Stock Performance

Shares of CCNE opened at $27.70 on Friday. The stock has a market capitalization of $816.60 million, a price-to-earnings ratio of 11.40 and a beta of 0.73. CNB Financial has a 12 month low of $19.32 and a 12 month high of $28.60. The firm has a fifty day simple moving average of $26.79 and a 200 day simple moving average of $25.37. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.77 by $0.11. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. The firm had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $73.10 million. Research analysts forecast that CNB Financial will post 2.04 EPS for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue boosted its holdings in shares of CNB Financial by 276.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank’s stock worth $81,000 after buying an additional 2,320 shares during the period. Flagship Harbor Advisors LLC bought a new position in CNB Financial in the 4th quarter valued at about $27,000. JPMorgan Chase & Co. lifted its position in CNB Financial by 67.6% during the third quarter. JPMorgan Chase & Co. now owns 259,165 shares of the bank’s stock worth $6,272,000 after acquiring an additional 104,516 shares during the last quarter. Maltese Capital Management LLC boosted its holdings in shares of CNB Financial by 228.4% during the third quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock worth $11,572,000 after acquiring an additional 332,600 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of CNB Financial during the third quarter worth approximately $444,000. 52.35% of the stock is 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.