CNB Financial Corporation (NASDAQ:CCNE) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of CNB Financial Corporation (NASDAQ:CCNE) from a hold rating to a buy rating in a research report sent to investors on Monday, July 24th. They currently have $28.00 price target on the bank’s stock.

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. “

CNB Financial Corporation (NASDAQ:CCNE) opened at 24.08 on Monday. The firm has a 50-day moving average price of $25.03 and a 200 day moving average price of $24.06. The stock has a market cap of $365.68 million, a PE ratio of 14.49 and a beta of 0.84. CNB Financial Corporation has a 52-week low of $18.01 and a 52-week high of $28.43.

CNB Financial Corporation (NASDAQ:CCNE) last posted its quarterly earnings data on Friday, July 21st. The bank reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.12. CNB Financial Corporation had a return on equity of 10.92% and a net margin of 20.21%. The company had revenue of $28.08 million during the quarter, compared to analyst estimates of $27.14 million. On average, analysts forecast that CNB Financial Corporation will post $1.60 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.66 annualized dividend and a yield of 2.74%. CNB Financial Corporation’s dividend payout ratio is 39.76%.

In other CNB Financial Corporation news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $26.56, for a total transaction of $53,120.00. Following the sale, the director now directly owns 49,570 shares in the company, valued at approximately $1,316,579.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.40% of the company’s stock.

A number of hedge funds have recently modified their holdings of CCNE. Alliancebernstein L.P. increased its stake in shares of CNB Financial Corporation by 4.8% in the first quarter. Alliancebernstein L.P. now owns 10,940 shares of the bank’s stock valued at $261,000 after buying an additional 500 shares in the last quarter. American International Group Inc. increased its stake in shares of CNB Financial Corporation by 7.4% in the first quarter. American International Group Inc. now owns 8,543 shares of the bank’s stock valued at $204,000 after buying an additional 585 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of CNB Financial Corporation during the first quarter valued at approximately $169,000. Stifel Financial Corp increased its stake in shares of CNB Financial Corporation by 4.1% in the first quarter. Stifel Financial Corp now owns 184,547 shares of the bank’s stock valued at $4,413,000 after buying an additional 7,257 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of CNB Financial Corporation by 1.3% in the first quarter. Prudential Financial Inc. now owns 35,500 shares of the bank’s stock valued at $848,000 after buying an additional 440 shares in the last quarter. Institutional investors and hedge funds own 41.60% of the company’s stock.

CNB Financial Corporation 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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