In a report released today, Matthew Schultheis from Boenning & Scattergood maintained a Buy rating on Cnb Financial Corp (CCNE), with a price target of $31. The company’s shares closed yesterday at $26.88.
Schultheis wrote:
“We view an investment in CCNE shares as a compelling purchase. We believe the move back to a build versus a buy model is likely to yield a higher return on invested capital than acquisitions. By sticking to a tried-and-true strategy with a history of positive execution, we suspect growth will smooth from recent lumpiness. The shares trade at a modest discount to peers on a 2019 P/E basis (11.1x [B&S revised] vs. 11.4x), but at a premium on tangible book (1.8x vs. 1.6x); we believe the split is caused by CNB’s relative capital position. To a certain extent, we believe the market is pricing in a capital raise, but we note that tangible book value is expected to build at an 11.9% CAGR from 2017 through 2020 − 14.3% in 2019 alone.”
According to TipRanks.com, Schultheis is a 3-star analyst with an average return of 3.2% and a 55.2% success rate. Schultheis covers the Financial sector, focusing on stocks such as Orrstown Financial Services Inc, Citizens Financial Services Inc, and Union Bankshares Corporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cnb Financial Corp with a $31 average price target.
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The company has a one-year high of $32.86 and a one-year low of $21.43. Currently, Cnb Financial Corp has an average volume of 16.78K.
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CNB Financial Corp. (Pennsylvania) is a financial holding company, which engages in the provision of banking and financial solutions. It operates through Reviewed and Homogeneous segments. The Reviewed Pool segment include commercial, industrial, and agricultural; and commercial mortgages.
