CNB Financial (NASDAQ:CCNE) Raised to Buy at StockNews.com

CNB Financial (NASDAQ:CCNE) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

CNB Financial Stock Up 6.5 %

CCNE stock traded up $1.54 during mid-day trading on Tuesday, reaching $25.35. The company had a trading volume of 29,671 shares, compared to its average volume of 45,292. The firm has a fifty day simple moving average of $23.74 and a 200 day simple moving average of $21.64. 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 company has a market capitalization of $532.45 million, a price-to-earnings ratio of 10.65 and a beta of 0.69. CNB Financial has a fifty-two week low of $17.45 and a fifty-two week high of $26.87.

CNB Financial (NASDAQ:CCNE) last issued its 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 firm had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. Analysts forecast that CNB Financial will post 2.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CCNE. Creative Planning lifted its stake in CNB Financial by 82.3% during the third quarter. Creative Planning now owns 18,440 shares of the bank’s stock worth $444,000 after purchasing an additional 8,327 shares during the last quarter. Unison Advisors LLC acquired a new stake in CNB Financial during the third quarter worth approximately $692,000. SG Americas Securities LLC purchased a new stake in shares of CNB Financial during the 3rd quarter worth approximately $181,000. AQR Capital Management LLC boosted its holdings in shares of CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after buying an additional 568 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after buying an additional 24,666 shares during the last quarter. Hedge funds and other 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.