BidaskClub Downgrades CNB Financial (NASDAQ:CCNE) to Sell

CNB Financial (NASDAQ:CCNE) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Tuesday, BidAskClub reports.

CCNE has been the subject of several other reports. Zacks Investment Research cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Monday, December 23rd. Janney Montgomery Scott assumed coverage on shares of CNB Financial in a report on Tuesday, January 7th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $33.50.

CCNE stock traded up $0.19 during midday trading on Tuesday, hitting $31.51. The stock had a trading volume of 1,278 shares, compared to its average volume of 17,127. The firm has a market cap of $477.17 million, a PE ratio of 14.26 and a beta of 0.98. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.96 and a quick ratio of 0.96. CNB Financial has a 12-month low of $23.40 and a 12-month high of $33.78. The company’s 50-day moving average price is $32.24 and its 200 day moving average price is $29.56.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, October 17th. The bank reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.05. The firm had revenue of $36.18 million during the quarter, compared to analysts’ expectations of $35.52 million. CNB Financial had a net margin of 22.01% and a return on equity of 13.75%. As a group, sell-side analysts anticipate that CNB Financial will post 2.63 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wedge Capital Management L L P NC boosted its holdings in shares of CNB Financial by 8.1% in the 4th quarter. Wedge Capital Management L L P NC now owns 28,335 shares of the bank’s stock valued at $926,000 after purchasing an additional 2,125 shares during the last quarter. Boenning & Scattergood Inc. acquired a new position in shares of CNB Financial during the 4th quarter valued at $204,000. Zebra Capital Management LLC acquired a new position in shares of CNB Financial during the 3rd quarter valued at $208,000. State Street Corp lifted its holdings in shares of CNB Financial by 0.9% during the 3rd quarter. State Street Corp now owns 267,209 shares of the bank’s stock valued at $7,669,000 after acquiring an additional 2,443 shares in the last quarter. Finally, CNB Bank lifted its holdings in shares of CNB Financial by 1.0% during the 3rd quarter. CNB Bank now owns 156,713 shares of the bank’s stock valued at $4,497,000 after acquiring an additional 1,574 shares in the last quarter. Institutional investors own 44.50% of the company’s stock.

CNB Financial Company Profile

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.

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