Keefe, Bruyette & Woods Reiterates Market Perform Rating for CNB Financial (NASDAQ:CCNE)

CNB Financial (NASDAQ:CCNE)‘s stock had its “market perform” rating reaffirmed by equities research analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday,Benzinga reports. They presently have a $37.00 target price on the bank’s stock, up from their previous target price of $35.00. Keefe, Bruyette & Woods’ price target points to a potential upside of 6.72% from the company’s current price.

A number of other brokerages have also recently commented on CCNE. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Finally, DA Davidson initiated coverage on shares of CNB Financial in a research note on Friday, May 15th. They set a “neutral” rating and a $34.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.33.

CNB Financial Stock Up 2.2%

Shares of CCNE opened at $34.67 on Friday. The stock has a 50 day moving average price of $32.49 and a 200 day moving average price of $30.10. CNB Financial has a one year low of $21.63 and a one year high of $35.24. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 11.15 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $88.52 million for the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%. Equities research analysts forecast that CNB Financial will post 3.53 earnings per share for the current fiscal year.

Institutional Trading of CNB Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Flagship Harbor Advisors LLC purchased a new position in shares of CNB Financial during the 4th quarter worth $27,000. Parallel Advisors LLC increased its position in CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares during the last quarter. Tower Research Capital LLC TRC increased its position in CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after purchasing an additional 636 shares during the last quarter. Russell Investments Group Ltd. increased its position in CNB Financial by 16,173.3% during the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after purchasing an additional 2,426 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in CNB Financial by 35.5% during the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after purchasing an additional 679 shares during the period. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.