CNB Financial Corporation (CCNE) Cut to “Hold” at Zacks Investment Research
CNB Financial Corporation (NASDAQ:CCNE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
Separately, BidaskClub downgraded shares of CNB Financial Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st.
Shares of CNB Financial Corporation (CCNE) traded down 1.36% during trading on Tuesday, hitting $26.03. The stock had a trading volume of 21,215 shares. CNB Financial Corporation has a 52-week low of $18.01 and a 52-week high of $28.43. The stock has a 50 day moving average of $24.83 and a 200 day moving average of $24.03. The firm has a market cap of $395.29 million, a PE ratio of 15.66 and a beta of 0.85.
CNB Financial Corporation (NASDAQ:CCNE) last announced its earnings results 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. The business had revenue of $28.08 million during the quarter, compared to the consensus estimate of $27.14 million. CNB Financial Corporation had a net margin of 20.21% and a return on equity of 10.92%. On average, equities analysts anticipate that CNB Financial Corporation will post $1.60 EPS for the current year.
In related news, Director Dennis L. Merrey sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $26.56, for a total transaction of $53,120.00. Following the completion of the sale, the director now owns 49,570 shares of the company’s stock, valued at $1,316,579.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in CCNE. Bank of New York Mellon Corp increased its position in shares of CNB Financial Corporation by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 96,284 shares of the bank’s stock valued at $2,300,000 after acquiring an additional 5,107 shares in the last quarter. Prudential Financial Inc. increased its position in shares of CNB Financial Corporation by 1.3% during the first quarter. Prudential Financial Inc. now owns 35,500 shares of the bank’s stock valued at $848,000 after acquiring an additional 440 shares in the last quarter. Stifel Financial Corp increased its position in shares of CNB Financial Corporation by 4.1% during the first quarter. Stifel Financial Corp now owns 184,547 shares of the bank’s stock valued at $4,413,000 after acquiring an additional 7,257 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of CNB Financial Corporation during the first quarter valued at approximately $169,000. Finally, American International Group Inc. increased its position in shares of CNB Financial Corporation by 7.4% during the first quarter. American International Group Inc. now owns 8,543 shares of the bank’s stock valued at $204,000 after acquiring an additional 585 shares in the last quarter. 42.36% of the stock is owned by institutional investors.
About CNB Financial Corporation
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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