CNB Financial (NASDAQ:CCNE) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research report released on Friday morning.

Separately, Keefe, Bruyette & Woods cut their price objective on shares of CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th.

CNB Financial Price Performance

Shares of NASDAQ CCNE opened at $26.13 on Friday. CNB Financial has a fifty-two week low of $17.74 and a fifty-two week high of $29.29. The firm’s 50-day simple moving average is $25.36 and its 200 day simple moving average is $25.08. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19. The stock has a market cap of $548.47 million, a P/E ratio of 10.98 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Tuesday, January 28th. The bank reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. CNB Financial had a net margin of 14.97% and a return on equity of 10.24%. Equities analysts expect that CNB Financial will post 2.04 EPS for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Friday, February 28th. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

Institutional Investors Weigh In On CNB Financial

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its position in CNB Financial by 618.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank’s stock worth $52,000 after acquiring an additional 1,807 shares in the last quarter. SG Americas Securities LLC bought a new stake in CNB Financial in the third quarter worth about $181,000. State of Tennessee Department of Treasury purchased a new position in CNB Financial in the 4th quarter worth about $196,000. Intech Investment Management LLC purchased a new position in CNB Financial in the 4th quarter worth about $203,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in CNB Financial in the 4th quarter worth about $211,000. 52.35% of the stock is currently owned by institutional investors.

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. 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.