CNB Financial (NASDAQ:CCNE) lifted to “buy” Zacks Investment Research

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CNB Financial (NASDAQ:CCNE – Get a Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Friday, Zacks.com reports. The brokerage currently has a target price of $28.00 on the bank’s shares. Zacks Investment Research’s price target points to a potential upside of 17.55% from the company’s previous close.

According to Zacks, “CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. It conducts its business primarily through County National Bank, whose market includes twenty convenience offices in Pennsylvania.”

Separately, StockNews.com downgraded shares of CNB Financial from a “strong buy” rating to a “buy” rating in a Saturday, May 21 research report.

NASDAQ:CCNE shares were down $1.03 during Friday trading hours, hitting $23.82. The stock recorded trading volume of 8,033 shares, compared to an average trading volume of 25,785 shares. CNB Financial has a 1-year low of $22.08 and a 1-year high of $28.59. The company’s 50-day moving average is $25.20 and its 200-day moving average is $26.28. The company has a debt ratio of 0.28, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $401.61 million, a price-earnings ratio of 7.40 and a beta of 0.90.

CNB Financial (NASDAQ:CCNE – Get Rating) last reported quarterly earnings data on Monday, April 18. The bank reported EPS of $0.84 for the quarter, beating consensus analyst estimates of $0.76 by $0.08. CNB Financial posted a net margin of 27.16% and a return on equity of 15.62%. The company posted revenue of $52.27 million for the quarter, versus a consensus estimate of $50.22 million. Analysts expect CNB Financial to post EPS of 3.31 for the current year.

Separately, COO Michael D. Peduzzi purchased 2,500 shares of the company in a trade on Friday, April 22. The shares were purchased at an average cost of $26.75 per share, with a total value of $66,875.00. Following the purchase, the COO now directly owns 13,845 shares of the company, valued at $370,353.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Company insiders own 3.09% of the company’s shares.

Institutional investors have recently increased or reduced their stake in the company. Citigroup Inc. increased its position in CNB Financial shares by 127.3% in the third quarter. Citigroup Inc. now owns 1,834 shares of the bank worth $45,000 after acquiring 1,027 additional shares in the last quarter. Lazard Asset Management LLC increased its position in CNB Financial shares by 60.5% in the fourth quarter. Lazard Asset Management LLC now owns 2,776 shares of the bank worth $73,000 after acquiring 1,046 additional shares in the last quarter. BNP Paribas Arbitrage SA increased its position in CNB Financial shares by 88.8% in the third quarter. BNP Paribas Arbitrage SA now owns 4,499 shares in the bank worth $110,000 after acquiring 2,116 additional shares in the last quarter. Cornerstone Advisory LLC acquired a new stake in shares of CNB Financial in the fourth quarter worth approximately $120,000. Finally, Acadian Asset Management LLC increased its position in CNB Financial shares by 235.0% in the fourth quarter. Acadian Asset Management LLC now owns 5,183 shares of the bank worth $135,000 after acquiring 3,636 additional shares in the last quarter. 42.24% of the shares are currently held by institutional investors.

CNB Financial Company Profile (Get an assessment)

CNB Financial Corporation is the banking holding company of CNB Bank which provides a range of banking products and services to retail, business, government and institutional clients. The company accepts checking, savings and term deposit accounts; and offers real estate, commercial, industrial, residential and consumer loans, as well as various other specialized financial services.

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