CNB Financial (NASDAQ:CCNE) Lowered to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of CNB Financial (NASDAQ:CCNE) from a buy rating to a hold rating in a research note released on Wednesday.

CNB Financial Price Performance

Shares of CCNE opened at $25.80 on Wednesday. The stock has a 50 day simple moving average of $24.11 and a 200 day simple moving average of $21.93. CNB Financial has a 52-week low of $17.74 and a 52-week high of $26.87. 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 firm has a market capitalization of $541.90 million, a PE ratio of 10.84 and a beta of 0.69.

CNB Financial (NASDAQ:CCNE) last released its quarterly 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 company had revenue of $94.21 million during the quarter, compared to analysts’ expectations of $55.40 million. Sell-side analysts predict that CNB Financial will post 2.25 EPS for the current fiscal year.

CNB Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.18 per share. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Friday, August 30th. CNB Financial’s dividend payout ratio is currently 30.25%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in CNB Financial during the 1st quarter worth approximately $81,000. SG Americas Securities LLC acquired a new position in CNB Financial during the third quarter worth $181,000. PNC Financial Services Group Inc. grew its position in CNB Financial by 41.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares in the last quarter. Beese Fulmer Investment Management Inc. acquired a new stake in CNB Financial in the 3rd quarter valued at $226,000. Finally, AQR Capital Management LLC lifted its position in CNB Financial by 5.7% during the 2nd 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. Institutional investors and hedge funds own 52.35% of the company’s stock.

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.