CNB Financial Corporation (CCNE) Lowered to Hold at BidaskClub

CNB Financial Corporation (NASDAQ:CCNE) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, July 31st.

Separately, Zacks Investment Research upgraded CNB Financial Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, April 25th.

Shares of CNB Financial Corporation (NASDAQ CCNE) traded up 1.47% during trading on Monday, reaching $24.08. The company’s stock had a trading volume of 50,300 shares. CNB Financial Corporation has a 52 week low of $18.01 and a 52 week high of $28.43. The company has a 50 day moving average price of $25.03 and a 200 day moving average price of $24.06. The firm has a market capitalization of $365.68 million, a P/E ratio of 14.49 and a beta of 0.84.

CNB Financial Corporation (NASDAQ:CCNE) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.12. The business had revenue of $28.08 million during the quarter, compared to the consensus estimate of $27.14 million. CNB Financial Corporation had a return on equity of 10.92% and a net margin of 20.21%. On average, equities research analysts expect that CNB Financial Corporation will post $1.60 EPS for the current fiscal year.

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In other news, Director Dennis L. Merrey sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $26.56, for a total transaction of $53,120.00. Following the completion of the sale, the director now directly owns 49,570 shares in the company, valued at approximately $1,316,579.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial Corporation by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 309,677 shares of the bank’s stock valued at $8,282,000 after buying an additional 19,107 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of CNB Financial Corporation during the fourth quarter valued at about $210,000. State Street Corp increased its stake in shares of CNB Financial Corporation by 12.5% in the fourth quarter. State Street Corp now owns 256,213 shares of the bank’s stock valued at $6,853,000 after buying an additional 28,536 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in shares of CNB Financial Corporation by 204.4% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 153,402 shares of the bank’s stock valued at $3,665,000 after buying an additional 103,000 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of CNB Financial Corporation by 1.3% in the first quarter. Prudential Financial Inc. now owns 35,500 shares of the bank’s stock valued at $848,000 after buying an additional 440 shares in the last quarter. Institutional investors and hedge funds own 41.60% of the company’s stock.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.

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