Keefe, Bruyette & Woods Issues Pessimistic Forecast for CNB Financial (NASDAQ:CCNE) Stock Price

CNB Financial (NASDAQ:CCNE - Free Report) had its price target cut by Keefe, Bruyette & Woods from $30.00 to $28.00 in a research note published on Monday morning,Benzinga reports. They currently have a market perform rating on the bank's stock.

Separately, StockNews.com cut CNB Financial from a "buy" rating to a "hold" rating in a research report on Wednesday, October 30th.

CNB Financial Price Performance

CCNE stock traded up $0.07 during trading hours on Monday, hitting $23.32. 129,602 shares of the stock traded hands, compared to its average volume of 66,243. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a 50-day simple moving average of $26.60 and a 200 day simple moving average of $24.62. CNB Financial has a one year low of $17.74 and a one year high of $29.29. The company has a market cap of $489.58 million, a P/E ratio of 9.97 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. The company had revenue of $94.21 million for the quarter, compared to analysts' expectations of $55.40 million. Equities analysts forecast that CNB Financial will post 2.3 earnings per share for the current year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.18 dividend. The ex-dividend date of this dividend 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 is currently 30.77%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CCNE. Bank of New York Mellon Corp grew its holdings in CNB Financial by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank's stock valued at $2,698,000 after purchasing an additional 4,973 shares during the last quarter. Acadian Asset Management LLC raised its holdings in CNB Financial by 131.1% in the 2nd quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank's stock worth $188,000 after acquiring an additional 5,263 shares during the period. American Century Companies Inc. lifted its position in CNB Financial by 16.7% during the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank's stock worth $7,289,000 after acquiring an additional 51,080 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in CNB Financial by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank's stock valued at $19,280,000 after acquiring an additional 24,666 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of 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 during the last quarter. Institutional investors and hedge funds 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.