CNB Financial (NASDAQ:CCNE) PT Lowered to $22.00 at Keefe, Bruyette & Woods

CNB Financial (NASDAQ:CCNE) had its target price cut by Keefe, Bruyette & Woods from $23.00 to $22.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

CNB Financial Price Performance

CNB Financial stock opened at $18.74 on Wednesday. The firm has a market capitalization of $393.91 million, a P/E ratio of 7.87 and a beta of 0.78. CNB Financial has a 1 year low of $16.43 and a 1 year high of $23.40. The business has a 50-day moving average of $19.89 and a 200-day moving average of $20.32. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Tuesday, January 23rd. The bank reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $56.83 million during the quarter, compared to analyst estimates of $55.10 million. CNB Financial had a return on equity of 10.85% and a net margin of 15.96%. On average, equities analysts anticipate that CNB Financial will post 2.4 EPS for the current year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.70 annualized dividend and a dividend yield of 3.74%. CNB Financial’s payout ratio is currently 29.41%.

Hedge Funds Weigh In On CNB Financial

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its position in shares of CNB Financial by 5.2% in the 2nd quarter. BlackRock Inc. now owns 1,527,708 shares of the bank’s stock valued at $26,964,000 after purchasing an additional 75,156 shares during the period. Wellington Management Group LLP grew its position in shares of CNB Financial by 1.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank’s stock valued at $21,839,000 after purchasing an additional 12,300 shares during the period. Vanguard Group Inc. grew its position in shares of CNB Financial by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 1,036,754 shares of the bank’s stock valued at $23,420,000 after purchasing an additional 36,096 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock valued at $19,695,000 after purchasing an additional 42,908 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.