Keefe, Bruyette & Woods Cuts CNB Financial (NASDAQ:CCNE) Price Target to $28.00

CNB Financial (NASDAQ:CCNE) had its target price lowered by Keefe, Bruyette & Woods from $30.00 to $28.00 in a report released on Monday,Benzinga reports. The firm currently has a market perform rating on the bank’s stock.

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

CNB Financial Price Performance

NASDAQ CCNE opened at $23.89 on Monday. The company has a 50 day moving average price of $26.55 and a two-hundred day moving average price of $24.64. CNB Financial has a 12-month low of $17.74 and a 12-month high of $29.29. The stock has a market capitalization of $501.55 million, a PE ratio of 10.21 and a beta of 0.71. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. As a group, equities analysts predict that CNB Financial will post 2.3 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Friday, November 29th. CNB Financial’s dividend payout ratio is currently 30.77%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after purchasing an additional 24,666 shares during the last quarter. Geode Capital Management LLC boosted its stake in CNB Financial by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 474,032 shares of the bank’s stock valued at $11,408,000 after purchasing an additional 9,359 shares during the period. State Street Corp boosted its stake in CNB Financial by 2.2% during the 3rd quarter. State Street Corp now owns 424,579 shares of the bank’s stock valued at $10,215,000 after purchasing an additional 8,942 shares during the period. American Century Companies Inc. grew its holdings in CNB Financial by 16.7% in the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock valued at $7,289,000 after buying an additional 51,080 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in CNB Financial by 11.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 155,801 shares of the bank’s stock worth $3,749,000 after buying an additional 15,714 shares during the period. Institutional investors 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.