CNB Financial (NASDAQ:CCNE) PT Lowered to $22.00 at Keefe, Bruyette & Woods

CNB Financial (NASDAQ:CCNE) had its price target decreased by Keefe, Bruyette & Woods from $23.00 to $22.00 in a research report released on Wednesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $18.74 on Wednesday. CNB Financial has a twelve month low of $16.43 and a twelve month high of $23.40. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $19.89 and a 200-day moving average of $20.32. The firm has a market cap of $393.91 million, a price-to-earnings ratio of 7.87 and a beta of 0.78.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. CNB Financial had a net margin of 15.96% and a return on equity of 10.85%. The company had revenue of $56.83 million during the quarter, compared to analyst estimates of $55.10 million. Analysts forecast that CNB Financial will post 2.4 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Thursday, February 29th. CNB Financial’s payout ratio is 29.41%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank boosted its holdings in shares of CNB Financial by 30.0% in the fourth quarter. Amalgamated Bank now owns 2,653 shares of the bank’s stock worth $63,000 after buying an additional 612 shares during the period. JPMorgan Chase & Co. lifted its position in shares of CNB Financial by 4.0% in the second quarter. JPMorgan Chase & Co. now owns 16,478 shares of the bank’s stock worth $291,000 after purchasing an additional 632 shares in the last quarter. Royal Bank of Canada lifted its position in shares of CNB Financial by 5.7% in the third quarter. Royal Bank of Canada now owns 13,029 shares of the bank’s stock worth $308,000 after purchasing an additional 705 shares in the last quarter. Pekin Hardy Strauss Inc. lifted its position in shares of CNB Financial by 0.3% in the third quarter. Pekin Hardy Strauss Inc. now owns 294,728 shares of the bank’s stock worth $5,338,000 after purchasing an additional 740 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of CNB Financial by 9.8% in the first quarter. First Trust Advisors LP now owns 8,605 shares of the bank’s stock worth $226,000 after purchasing an additional 766 shares in the last quarter. 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.