CNB Financial (NASDAQ:CCNE) Rating Lowered to Hold at StockNews.com

CNB Financial (NASDAQ:CCNE) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Separately, Keefe, Bruyette & Woods decreased their target price on CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 17th.

CNB Financial Stock Performance

Shares of NASDAQ:CCNE traded down $0.09 during midday trading on Friday, hitting $22.30. The company’s stock had a trading volume of 24,766 shares, compared to its average volume of 46,956. The stock has a market capitalization of $468.39 million, a price-to-earnings ratio of 9.37 and a beta of 0.70. The stock’s 50 day simple moving average is $21.32 and its 200 day simple moving average is $20.48. CNB Financial has a fifty-two week low of $17.45 and a fifty-two week high of $26.87. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. The company had revenue of $89.52 million for the quarter, compared to the consensus estimate of $55.30 million. CNB Financial had a return on equity of 10.47% and a net margin of 15.30%. As a group, research analysts anticipate that CNB Financial will post 2.25 earnings per share for the current year.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in CNB Financial during the first quarter valued at approximately $81,000. New York State Common Retirement Fund boosted its holdings in CNB Financial by 14.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock valued at $178,000 after purchasing an additional 1,006 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in CNB Financial by 41.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares in the last quarter. Staley Capital Advisers Inc. acquired a new stake in CNB Financial during the fourth quarter valued at approximately $258,000. Finally, BNP Paribas Financial Markets boosted its holdings in CNB Financial by 21.0% during the fourth quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock valued at $385,000 after purchasing an additional 2,957 shares in the last quarter. 52.35% of the stock is 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.