CNB Financial (CCNE) Rating Lowered to Sell at Zacks Investment Research

CNB Financial (NASDAQ:CCNE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

According to Zacks, “CNB Financial Corporation is a bank holding company headquartered in Clearfield, PA. It conducts business principally through County National Bank whose market area includes twenty convenient office locations in Pennsylvania. “

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Several other research analysts have also issued reports on CCNE. Boenning Scattergood reiterated a “buy” rating on shares of CNB Financial in a research note on Tuesday. BidaskClub lowered shares of CNB Financial from a “sell” rating to a “strong sell” rating in a research note on Saturday, February 3rd. ValuEngine upgraded 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 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $31.50.

Shares of CNB Financial stock opened at $28.98 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $440.80, a P/E ratio of 16.37 and a beta of 0.74. CNB Financial has a 1 year low of $20.91 and a 1 year high of $31.46.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Friday, February 2nd. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.13. The company had revenue of $29.34 million during the quarter, compared to analyst estimates of $29.26 million. CNB Financial had a net margin of 18.33% and a return on equity of 11.32%. equities research analysts expect that CNB Financial will post 2.13 earnings per share for the current fiscal year.

In other CNB Financial news, Director Joel E. Peterson sold 2,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 7,751 shares in the company, valued at approximately $234,157.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Francis X. Straub III acquired 1,000 shares of CNB Financial stock in a transaction on Wednesday, February 7th. The shares were purchased at an average price of $26.91 per share, with a total value of $26,910.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 2,414 shares of company stock valued at $72,624. 4.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System boosted its holdings in shares of CNB Financial by 10.3% during the 4th quarter. California Public Employees Retirement System now owns 51,137 shares of the bank’s stock valued at $1,342,000 after acquiring an additional 4,775 shares during the last quarter. CNB Bank purchased a new stake in shares of CNB Financial during the 4th quarter valued at about $4,420,000. Martingale Asset Management L P purchased a new stake in shares of CNB Financial during the 4th quarter valued at about $1,883,000. Wells Fargo & Company MN boosted its holdings in shares of CNB Financial by 53.0% during the 3rd quarter. Wells Fargo & Company MN now owns 17,103 shares of the bank’s stock valued at $468,000 after acquiring an additional 5,928 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of CNB Financial by 1.0% during the 4th quarter. BlackRock Inc. now owns 730,791 shares of the bank’s stock valued at $19,176,000 after acquiring an additional 7,241 shares during the last quarter. 42.84% of the stock is currently owned by hedge funds and other institutional investors.

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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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