CNB Financial (NASDAQ:CCNE) Upgraded to “Strong-Buy” by StockNews.com

Posted by on May 14th, 2022

StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE – Get Rating) from a buy rating to a strong-buy rating in a report published on Friday.

Separately, Zacks Investment Research upgraded shares of CNB Financial from a hold rating to a buy rating and set a $29.00 price target on the stock in a report on Wednesday, April 20th.

CNB Financial stock traded down $0.10 during mid-day trading on Friday, reaching $24.76. 20,295 shares of the company’s stock traded hands, compared to its average volume of 25,185. The company has a market cap of $417.45 million, a price-to-earnings ratio of 7.69 and a beta of 0.90. The stock has a 50 day moving average of $25.95 and a two-hundred day moving average of $26.56. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.28. CNB Financial has a 12-month low of $22.08 and a 12-month high of $28.59.

CNB Financial (NASDAQ:CCNE – Get Rating) last released its quarterly earnings results on Monday, April 18th. The bank reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.09. CNB Financial had a net margin of 27.16% and a return on equity of 15.62%. As a group, sell-side analysts forecast that CNB Financial will post 3.31 earnings per share for the current year.

In related news, COO Michael D. Peduzzi acquired 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The stock was purchased at an average cost of $26.41 per share, with a total value of $66,025.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joel E. Peterson acquired 4,507 shares of the firm’s stock in a transaction that occurred on Monday, March 7th. The stock was bought at an average cost of $25.79 per share, with a total value of $116,235.53. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 10,055 shares of company stock valued at $263,111. Insiders own 3.09% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in CNB Financial by 19.4% in the 4th quarter. BlackRock Inc. now owns 1,115,215 shares of the bank’s stock worth $29,553,000 after buying an additional 181,422 shares during the period. Dimensional Fund Advisors LP increased its holdings in CNB Financial by 3.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 633,297 shares of the bank’s stock worth $16,669,000 after buying an additional 18,369 shares during the period. Banc Funds Co. LLC grew its stake in shares of CNB Financial by 23.3% during the 1st quarter. Banc Funds Co. LLC now owns 294,957 shares of the bank’s stock worth $7,763,000 after purchasing an additional 55,797 shares during the period. Emerald Advisers LLC increased its holdings in shares of CNB Financial by 8.7% during the 4th quarter. Emerald Advisers LLC now owns 286,026 shares of the bank’s stock valued at $7,580,000 after purchasing an additional 22,849 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of CNB Financial by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 277,476 shares of the bank’s stock valued at $6,753,000 after purchasing an additional 4,143 shares in the last quarter. Institutional investors own 42.24% of the company’s stock.

About CNB Financial (Get Rating)

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. The company 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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