Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for CNB Financial (NASDAQ:CCNE) Stock

CNB Financial (NASDAQ:CCNE) had its price objective boosted by equities researchers at Keefe, Bruyette & Woods from $27.00 to $30.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 8.15% from the stock’s previous close.

Separately, StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

CNB Financial Stock Performance

Shares of NASDAQ CCNE opened at $27.74 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19. CNB Financial has a 52-week low of $17.74 and a 52-week high of $29.29. The stock has a market capitalization of $582.26 million, a price-to-earnings ratio of 11.91 and a beta of 0.70. The stock’s fifty day simple moving average is $25.90 and its 200 day simple moving average is $23.36.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The firm had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. As a group, sell-side analysts forecast that CNB Financial will post 2.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CNB Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its stake in shares of CNB Financial by 0.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock valued at $3,460,000 after acquiring an additional 390 shares during the last quarter. AQR Capital Management LLC grew its stake in CNB Financial by 5.7% in the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after purchasing an additional 568 shares in the last quarter. Martingale Asset Management L P lifted its stake in CNB Financial by 1.6% in the third quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock valued at $1,505,000 after acquiring an additional 1,013 shares during the last quarter. Empowered Funds LLC lifted its stake in CNB Financial by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock valued at $1,659,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in CNB Financial by 11.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock valued at $1,128,000 after acquiring an additional 4,850 shares during the period. Institutional investors own 52.35% of the company’s stock.

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.