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CNB Financial (NASDAQ:CCNE) Raised to Buy at StockNews.com

CNB Financial logo with Finance background

CNB Financial (NASDAQ:CCNE - Get Free Report) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating in a research note issued to investors on Tuesday.

CNB Financial Stock Up 6.5 %

CCNE stock traded up $1.54 during mid-day trading on Tuesday, reaching $25.35. The company had a trading volume of 29,671 shares, compared to its average volume of 45,292. The firm has a fifty day simple moving average of $23.74 and a 200 day simple moving average of $21.64. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $532.45 million, a price-to-earnings ratio of 10.65 and a beta of 0.69. CNB Financial has a fifty-two week low of $17.45 and a fifty-two week high of $26.87.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The firm had revenue of $94.21 million for the quarter, compared to analysts' expectations of $55.40 million. Analysts forecast that CNB Financial will post 2.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CCNE. Creative Planning lifted its stake in CNB Financial by 82.3% during the third quarter. Creative Planning now owns 18,440 shares of the bank's stock worth $444,000 after purchasing an additional 8,327 shares during the last quarter. Unison Advisors LLC acquired a new stake in CNB Financial during the third quarter worth approximately $692,000. SG Americas Securities LLC purchased a new stake in shares of CNB Financial during the 3rd quarter worth approximately $181,000. AQR Capital Management LLC boosted its holdings in shares of CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank's stock valued at $215,000 after buying an additional 568 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank's stock valued at $19,280,000 after buying an additional 24,666 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company's stock.

About CNB Financial

(Get Free Report)

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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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