Keefe, Bruyette & Woods Has Lowered Expectations for CNB Financial (NASDAQ:CCNE) Stock Price

CNB Financial (NASDAQ:CCNE) had its price target reduced by equities research analysts at Keefe, Bruyette & Woods from $30.00 to $28.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 20.33% from the stock’s previous close.

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

CNB Financial Stock Performance

CCNE traded up $0.02 on Monday, hitting $23.27. The company had a trading volume of 61,308 shares, compared to its average volume of 56,040. CNB Financial has a 1-year low of $17.74 and a 1-year high of $29.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94. The company’s fifty day moving average price is $26.64 and its 200 day moving average price is $24.59. The stock has a market cap of $488.53 million, a price-to-earnings ratio of 9.94 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last posted 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 business had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million. Equities analysts predict that CNB Financial will post 2.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CNB Financial

Several large investors have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC grew its position in CNB Financial by 0.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock worth $3,460,000 after purchasing an additional 390 shares during the last quarter. AQR Capital Management LLC grew its position in CNB Financial by 5.7% during the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after buying an additional 568 shares in the last quarter. Martingale Asset Management L P increased its stake in CNB Financial by 1.6% during 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 period. Empowered Funds LLC raised its holdings 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 acquiring an additional 3,484 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of CNB Financial by 11.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock worth $1,128,000 after acquiring an additional 4,850 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

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.