Zacks Investment Research Lowers CNB Financial (CCNE) to Hold
Zacks Investment Research cut shares of CNB Financial (NASDAQ:CCNE) from a strong-buy rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “CNB Financial Corporation is a bank holding company headquartered in Clearfield, PA. It conducts business principally through County National Bank whose market area includes twenty convenient office locations in Pennsylvania. “
Several other research analysts have also recently weighed in on the company. Boenning Scattergood reiterated a buy rating on shares of CNB Financial in a research report on Friday, October 20th. BidaskClub lowered CNB Financial from a hold rating to a sell rating in a research note on Saturday, December 16th. Finally, ValuEngine lowered CNB Financial from a strong-buy rating to a buy rating in a research note on Tuesday, November 14th.
Shares of CNB Financial (NASDAQ:CCNE) traded down $0.80 during mid-day trading on Wednesday, hitting $27.07. The stock had a trading volume of 37,258 shares, compared to its average volume of 32,024. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.11. The company has a market cap of $401.85, a PE ratio of 16.02 and a beta of 0.84. CNB Financial has a one year low of $20.91 and a one year high of $29.76.
CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.47 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.08. CNB Financial had a return on equity of 10.94% and a net margin of 20.28%. The business had revenue of $28.55 million during the quarter, compared to analyst estimates of $28.52 million. analysts anticipate that CNB Financial will post 1.54 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.66 annualized dividend and a dividend yield of 2.44%. CNB Financial’s dividend payout ratio is 39.05%.
A number of hedge funds have recently bought and sold shares of CCNE. Brandywine Global Investment Management LLC increased its holdings in shares of CNB Financial by 38.7% in the second quarter. Brandywine Global Investment Management LLC now owns 4,952 shares of the bank’s stock worth $119,000 after purchasing an additional 1,382 shares during the last quarter. SG Americas Securities LLC purchased a new stake in CNB Financial during the third quarter worth $208,000. State Board of Administration of Florida Retirement System purchased a new stake in CNB Financial during the third quarter worth $215,000. Wells Fargo & Company MN increased its position in shares of CNB Financial by 2.0% during the second quarter. Wells Fargo & Company MN now owns 11,175 shares of the bank’s stock worth $268,000 after purchasing an additional 217 shares in the last quarter. Finally, Voya Investment Management LLC increased its position in shares of CNB Financial by 8.6% during the second quarter. Voya Investment Management LLC now owns 12,661 shares of the bank’s stock worth $303,000 after purchasing an additional 1,001 shares in the last quarter. 42.85% of the stock is currently owned by institutional investors and hedge funds.
CNB Financial Company Profile
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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