CNB Financial (CCNE) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of CNB Financial (NASDAQ:CCNE) from a strong-buy rating to a hold rating in a report issued 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. “

A number of other equities analysts have also commented on the stock. BidaskClub lowered shares of CNB Financial from a hold rating to a sell rating in a research report on Saturday, December 16th. ValuEngine lowered shares of CNB Financial from a strong-buy rating to a buy rating in a research report on Tuesday, November 14th. Finally, Boenning Scattergood reaffirmed a buy rating on shares of CNB Financial in a research report on Friday, October 20th.

CNB Financial (CCNE) traded down $0.22 during trading hours on Wednesday, hitting $27.91. 22,000 shares of the stock were exchanged, compared to its average volume of 35,094. CNB Financial has a 12 month low of $20.91 and a 12 month high of $29.76. The company has a market capitalization of $429.93, a price-to-earnings ratio of 16.65 and a beta of 0.84. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.96 and a current ratio of 0.96.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.08. CNB Financial had a net margin of 20.28% and a return on equity of 10.94%. The company had revenue of $28.55 million for the quarter, compared to analyst estimates of $28.52 million. research analysts expect that CNB Financial will post 1.67 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Thursday, November 30th. CNB Financial’s dividend payout ratio (DPR) is currently 39.05%.

A number of hedge funds have recently made changes to their positions in CCNE. Brandywine Global Investment Management LLC increased its position in CNB Financial by 38.7% during the second quarter. Brandywine Global Investment Management LLC now owns 4,952 shares of the bank’s stock worth $119,000 after acquiring an additional 1,382 shares during the period. SG Americas Securities LLC bought a new position in CNB Financial during the third quarter worth $208,000. State Board of Administration of Florida Retirement System bought a new position in CNB Financial during the third quarter worth $215,000. Wells Fargo & Company MN increased its position in 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 acquiring an additional 217 shares during the period. Finally, Voya Investment Management LLC increased its position in 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 acquiring an additional 1,001 shares during the period. 42.85% of the stock is currently owned by institutional investors and hedge funds.

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About CNB Financial

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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