CNB Financial Corporation (CCNE) Upgraded to Strong-Buy by Zacks Investment Research
CNB Financial Corporation (NASDAQ:CCNE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday. The brokerage presently has a $32.00 price target on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.41% from the company’s previous close.
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 brokerages also recently weighed in on CCNE. BidaskClub downgraded shares of CNB Financial Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Boenning Scattergood reissued a “buy” rating on shares of CNB Financial Corporation in a report on Friday.
CNB Financial Corporation (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.08. CNB Financial Corporation had a net margin of 20.28% and a return on equity of 11.13%. The firm had revenue of $28.55 million during the quarter, compared to the consensus estimate of $28.52 million. Analysts forecast that CNB Financial Corporation will post $1.60 EPS for the current fiscal year.
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In other news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $26.56, for a total value of $53,120.00. Following the completion of the transaction, the director now owns 49,570 shares in the company, valued at approximately $1,316,579.20. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of CNB Financial Corporation by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 17,406 shares of the bank’s stock valued at $417,000 after buying an additional 120 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of CNB Financial Corporation by 2.0% in the 2nd quarter. Wells Fargo & Company MN now owns 11,175 shares of the bank’s stock valued at $268,000 after buying an additional 217 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of CNB Financial Corporation by 1.3% in the 1st 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. Alliancebernstein L.P. raised its stake in shares of CNB Financial Corporation by 4.8% in the 1st 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. Finally, American International Group Inc. raised its stake in shares of CNB Financial Corporation by 7.4% in the 1st 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. Institutional investors own 42.36% 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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