CNB Financial (NASDAQ:CCNE – Free Report) had its price target lowered by 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.
Separately, StockNews.com downgraded CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.
Get Our Latest Research Report on CNB Financial
CNB Financial Stock Up 0.3 %
CNB Financial (NASDAQ:CCNE – Get Free Report) last issued its earnings results on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. The company had revenue of $94.21 million during the quarter, compared to analysts’ expectations of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. Sell-side analysts anticipate that CNB Financial will post 2.3 EPS for the current fiscal year.
CNB Financial Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.18 dividend. 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 Investors Weigh In On CNB Financial
Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in CNB Financial in the third quarter valued at approximately $181,000. PDT Partners LLC bought a new position in shares of CNB Financial in the 3rd quarter valued at $221,000. Acadian Asset Management LLC boosted its holdings in shares of CNB Financial by 131.1% during the 2nd quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock valued at $188,000 after acquiring an additional 5,263 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new stake in CNB Financial during the 3rd quarter worth $226,000. Finally, AQR Capital Management LLC increased its holdings in CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after purchasing an additional 568 shares in the last quarter. 52.35% of the stock is owned by institutional investors.
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.
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