CNB Financial (CCNE) Earns Buy Rating from Boenning Scattergood
CNB Financial (NASDAQ:CCNE)‘s stock had its “buy” rating reissued by equities researchers at Boenning Scattergood in a research report issued on Tuesday.
The analysts wrote, “We view an investment in CCNE shares as a compelling purchase. We believe the move back to a build versus a buy model is likely to yield a higher return in invested capital than acquisitions. By sticking to a tried-and-true strategy with a history of positive execution we suspect growth will smooth from recent lumpiness. The shares trade at a discount to peers on a P/E basis (13.4x vs. 14.1x), but a premium on tangible book (2.2x vs. 1.7x); we believe the split is caused by CNB’s relative capital position, but that P/E can expand as capital builds organically through an ROA in the 1.15% range through the modeling period. Investors can achieve a 2.3% capitalized dividend yield at current share price levels while they wait for earnings acceleration. Our $31.25 target price is based on a blend of peer multiples and a discount acquisition analysis.””
CCNE has been the subject of a number of other research reports. BidaskClub raised shares of CNB Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, February 21st. Zacks Investment Research raised shares of CNB Financial from a “hold” rating to a “strong-buy” rating and set a $30.00 target price for the company in a research note on Tuesday, January 2nd. ValuEngine raised shares of CNB Financial from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 2nd. Finally, Keefe, Bruyette & Woods assumed coverage on shares of CNB Financial in a research note on Tuesday, April 10th. They set a “market perform” rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $31.50.
CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Friday, February 2nd. The bank reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.13. CNB Financial had a net margin of 18.31% and a return on equity of 11.16%. The firm had revenue of $29.34 million during the quarter, compared to the consensus estimate of $29.26 million. research analysts predict that CNB Financial will post 2.16 EPS for the current year.
In related news, Director Joel E. Peterson sold 2,000 shares of CNB Financial stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $30.21, for a total transaction of $60,420.00. Following the completion of the transaction, the director now owns 7,751 shares of the company’s stock, valued at $234,157.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Francis X. Straub III bought 1,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were purchased at an average cost of $26.91 per share, with a total value of $26,910.00. The disclosure for this purchase can be found here. Insiders have sold 2,414 shares of company stock valued at $72,624 in the last three months. 4.20% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the business. California Public Employees Retirement System grew its holdings in CNB Financial by 11.2% in the third quarter. California Public Employees Retirement System now owns 46,362 shares of the bank’s stock worth $1,267,000 after purchasing an additional 4,662 shares during the period. Renaissance Technologies LLC grew its holdings in CNB Financial by 2.2% in the fourth quarter. Renaissance Technologies LLC now owns 220,300 shares of the bank’s stock worth $5,781,000 after purchasing an additional 4,800 shares during the period. Macquarie Group Ltd. acquired a new stake in CNB Financial in the fourth quarter worth $129,000. Wells Fargo & Company MN grew its holdings in CNB Financial by 33.3% in the fourth quarter. Wells Fargo & Company MN now owns 22,799 shares of the bank’s stock worth $598,000 after purchasing an additional 5,696 shares during the period. Finally, MetLife Investment Advisors LLC acquired a new stake in CNB Financial in the fourth quarter worth $178,000. Institutional investors and hedge funds own 42.84% of the company’s stock.
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About CNB Financial
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. It 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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