CNB Financial (NASDAQ:CCNE) Price Target Cut to $22.00 by Analysts at Keefe, Bruyette & Woods

CNB Financial (NASDAQ:CCNE) had its target price reduced by research analysts at Keefe, Bruyette & Woods from $23.00 to $22.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 20.88% from the stock’s previous close.

CNB Financial Trading Down 1.4 %

Shares of CCNE stock traded down $0.26 during trading hours on Wednesday, reaching $18.20. 29,017 shares of the stock traded hands, compared to its average volume of 48,990. The business has a fifty day moving average price of $20.01 and a 200 day moving average price of $20.35. CNB Financial has a 1-year low of $16.43 and a 1-year high of $23.40. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $382.56 million, a PE ratio of 7.66 and a beta of 0.78.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Tuesday, January 23rd. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. CNB Financial had a net margin of 15.96% and a return on equity of 10.85%. The company had revenue of $56.83 million for the quarter, compared to the consensus estimate of $55.10 million. On average, equities research analysts forecast that CNB Financial will post 2.4 EPS for the current year.

Hedge Funds Weigh In On CNB Financial

Several institutional investors and hedge funds have recently modified their holdings of CCNE. PNC Financial Services Group Inc. lifted its holdings in shares of CNB Financial by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after buying an additional 2,599 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of CNB Financial by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 1,036,754 shares of the bank’s stock valued at $23,420,000 after purchasing an additional 36,096 shares in the last quarter. Davis Asset Management L.P. lifted its stake in shares of CNB Financial by 20.0% in the 4th quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock valued at $13,554,000 after purchasing an additional 100,000 shares during the last quarter. Barclays PLC boosted its holdings in CNB Financial by 327.5% in the fourth quarter. Barclays PLC now owns 28,543 shares of the bank’s stock worth $645,000 after purchasing an additional 21,867 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in CNB Financial by 27.3% during the fourth quarter. Nuveen Asset Management LLC now owns 46,752 shares of the bank’s stock worth $1,056,000 after buying an additional 10,038 shares during the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Company Profile

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.