StockNews.com upgraded shares of CNB Financial (NASDAQ:CCNE – Free Report) from a hold rating to a buy rating in a research report released on Thursday morning.
Separately, Keefe, Bruyette & Woods cut their target price on CNB Financial from $23.00 to $22.00 and set a market perform rating for the company in a research note on Wednesday, April 17th.
Check Out Our Latest Research Report on CNB Financial
CNB Financial Trading Up 0.2 %
CNB Financial (NASDAQ:CCNE – Get Free Report) last announced its earnings results on Monday, April 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. CNB Financial had a return on equity of 10.73% and a net margin of 15.96%. The firm had revenue of $54.18 million during the quarter, compared to analysts’ expectations of $55.00 million. On average, research analysts predict that CNB Financial will post 2.22 earnings per share for the current fiscal year.
CNB Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Friday, May 31st. CNB Financial’s dividend payout ratio is currently 29.41%.
Institutional Investors Weigh In On CNB Financial
A number of hedge funds and other institutional investors have recently bought and sold shares of CCNE. BHZ Capital Management LP boosted its stake in CNB Financial by 1.4% in the 4th quarter. BHZ Capital Management LP now owns 57,904 shares of the bank’s stock valued at $1,308,000 after purchasing an additional 791 shares during the period. New York State Common Retirement Fund lifted its position in shares of CNB Financial by 14.6% during the 4th quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock valued at $178,000 after acquiring an additional 1,006 shares during the period. SG Americas Securities LLC lifted its position in shares of CNB Financial by 26.5% during the 4th quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock worth $252,000 after buying an additional 2,343 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of CNB Financial by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after buying an additional 2,599 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of CNB Financial by 21.0% during the 4th quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock worth $385,000 after buying an additional 2,957 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.
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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