CNB Financial (NASDAQ:CCNE – Get Free Report) was upgraded by Raymond James Financial to a “moderate buy” rating in a report issued on Wednesday,Zacks.com reports.
CCNE has been the topic of a number of other reports. DA Davidson raised their price target on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Wall Street Zen downgraded CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.75.
Check Out Our Latest Research Report on CCNE
CNB Financial Trading Up 0.3%
CNB Financial (NASDAQ:CCNE – Get Free Report) last issued its quarterly earnings results 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. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The business had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. On average, analysts anticipate that CNB Financial will post 3.58 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new position in shares of CNB Financial during the second quarter valued at approximately $564,000. California State Teachers Retirement System lifted its position in CNB Financial by 70,827.3% in the second quarter. California State Teachers Retirement System now owns 1,122,779 shares of the bank’s stock worth $37,849,000 after purchasing an additional 1,121,196 shares during the period. Susquehanna Fundamental Investments LLC boosted its stake in CNB Financial by 34.6% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 22,234 shares of the bank’s stock valued at $750,000 after purchasing an additional 5,718 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of CNB Financial during the 2nd quarter valued at $4,918,000. Finally, WNY Asset Management LLC bought a new stake in shares of CNB Financial in the 2nd quarter worth $835,000. 52.35% of the stock is currently owned by institutional investors.
CNB Financial Company Profile
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.
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