CNB Financial (NASDAQ:CCNE) Price Target Cut to $28.00 by Analysts at Keefe, Bruyette & Woods

CNB Financial (NASDAQ:CCNE) had its price objective decreased by Keefe, Bruyette & Woods from $30.00 to $28.00 in a research report sent to investors on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

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

CNB Financial Price Performance

NASDAQ:CCNE opened at $23.32 on Monday. CNB Financial has a 12-month low of $17.74 and a 12-month high of $29.29. The firm has a market capitalization of $489.58 million, a price-to-earnings ratio of 9.97 and a beta of 0.71. The stock’s 50 day moving average price is $26.60 and its two-hundred day moving average price is $24.62. 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 (NASDAQ:CCNE) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The business had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. On average, analysts anticipate that CNB Financial will post 2.3 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.09%. CNB Financial’s dividend payout ratio (DPR) is currently 30.77%.

Institutional Trading of CNB Financial

Institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its holdings in shares of CNB Financial by 16.7% during the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after buying an additional 51,080 shares in the last quarter. Unison Advisors LLC bought a new position in CNB Financial during the third quarter worth about $692,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in CNB Financial in the 3rd quarter worth about $640,000. Wealth Enhancement Advisory Services LLC boosted its holdings in CNB Financial by 19.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock valued at $3,616,000 after purchasing an additional 24,883 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after purchasing an additional 24,666 shares in the last quarter. 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.