CNB Financial Corp (CCNE) Receives Consensus Rating of “Buy” from Brokerages
Shares of CNB Financial Corp (NASDAQ:CCNE) have been given an average broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company.
Analysts have set a 12 month consensus price objective of $33.50 for the company and are expecting that the company will post $0.62 earnings per share for the current quarter, according to Zacks. Zacks has also assigned CNB Financial an industry rank of 104 out of 257 based on the ratings given to related companies.
Several analysts recently issued reports on CCNE shares. Boenning Scattergood reiterated a “buy” rating on shares of CNB Financial in a research report on Monday, October 22nd. ValuEngine lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. BidaskClub upgraded shares of CNB Financial from a “sell” rating to a “hold” rating in a research report on Saturday, September 8th. Finally, Zacks Investment Research downgraded shares of CNB Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th.
CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Friday, October 19th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. The business had revenue of $32.81 million for the quarter, compared to analyst estimates of $31.80 million. CNB Financial had a net margin of 19.33% and a return on equity of 12.58%. On average, equities research analysts forecast that CNB Financial will post 2.24 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.61%. The ex-dividend date is Thursday, November 29th. CNB Financial’s payout ratio is 38.42%.
A number of large investors have recently modified their holdings of CCNE. Citadel Advisors LLC bought a new position in CNB Financial in the 3rd quarter valued at approximately $230,000. MetLife Investment Advisors LLC lifted its stake in CNB Financial by 57.9% in the 3rd quarter. MetLife Investment Advisors LLC now owns 10,708 shares of the bank’s stock valued at $309,000 after purchasing an additional 3,926 shares during the last quarter. Maltese Capital Management LLC bought a new position in CNB Financial in the 2nd quarter valued at approximately $651,000. First Trust Advisors LP lifted its stake in CNB Financial by 19.7% in the 2nd quarter. First Trust Advisors LP now owns 37,889 shares of the bank’s stock valued at $1,139,000 after purchasing an additional 6,233 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in CNB Financial by 33.9% in the 3rd quarter. Wells Fargo & Company MN now owns 47,667 shares of the bank’s stock valued at $1,376,000 after purchasing an additional 12,057 shares during the last quarter. 44.94% of the stock is owned by institutional investors and hedge funds.
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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