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HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50.1GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
6.8%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CNB FINANCIAL CORP/PA (CCNE) receives a "Hold" rating with a composite score of 53.0/100, ranked #229 out of 4446 stocks. Key factor scores: Quality 50/100, Value 71/100, Momentum 58/100. This is quantitative analysis only — not investment advice.
CNB FINANCIAL CORP/PA (CCNE) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CNB FINANCIAL CORP/PA Do?
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. It also provides wealth and asset management services, including the administration of trusts and estates, retirement plans, and other employee benefit plans, as well as a range of wealth management services. In addition, the company invests in debt and equity securities; sells nonproprietary annuities and other insurance products; and small balance unsecured loans and secured loans primarily collateralized by automobiles and equipment. As of February 8, 2022, the company operated a private banking division; three loan production office; one drive-up office; and 45 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Financial Corporation was founded in 1865 and is headquartered in Clearfield, Pennsylvania. CNB FINANCIAL CORP/PA (CCNE) is classified as a small-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Joseph B. Bower and employs approximately 760 people, headquartered in CLEARFIELD, Pennsylvania. With a market capitalization of $869M, CCNE is one of the notable companies in the Financials sector.
CNB FINANCIAL CORP/PA (CCNE) Stock Rating — Hold (April 2026)
As of April 2026, CNB FINANCIAL CORP/PA receives a Hold rating with a composite score of 53.0/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CCNE ranks #229 out of 4,446 stocks in our coverage universe. Within the Financials sector, CNB FINANCIAL CORP/PA ranks #86 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CCNE Stock Price and 52-Week Range
CNB FINANCIAL CORP/PA (CCNE) currently trades at $31.20. The stock lost $0.11 (0.4%) in the most recent trading session. The 52-week high for CCNE is $30.84, which means the stock is currently trading 1.2% from its annual peak. The 52-week low is $19.32, putting the stock 61.5% above its annual trough. Recent trading volume was 127K shares, suggesting relatively thin trading activity.
Is CCNE Overvalued or Undervalued? — Valuation Analysis
CNB FINANCIAL CORP/PA (CCNE) carries a value factor score of 71/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 15.36x, compared to the Financials sector average of 14.88x — a premium of 3%. The price-to-book ratio stands at 1.05x, versus the sector average of 1.22x. The price-to-sales ratio is 2.53x, compared to 0.90x for the average Financials stock. On an enterprise value basis, CCNE trades at 15.74x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, CNB FINANCIAL CORP/PA appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
CNB FINANCIAL CORP/PA Profitability — ROE, Margins, and Quality Score
CNB FINANCIAL CORP/PA (CCNE) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 6.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.7% versus the sector average of 1.2%.
On a margin basis, CNB FINANCIAL CORP/PA reports gross margins of 0.0%. The operating margin is 16.7% (sector: 21.8%). Net profit margin stands at 16.3%, versus 17.7% for the average Financials stock. Revenue growth is running at 34.7% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
CCNE Debt, Balance Sheet, and Financial Health
CNB FINANCIAL CORP/PA has a debt-to-equity ratio of 863.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.12x, suggesting adequate working capital coverage. Total debt on the balance sheet is $287M. Cash and equivalents stand at $80M.
CCNE has a beta of 0.73, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CNB FINANCIAL CORP/PA is 84/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CNB FINANCIAL CORP/PA Revenue and Earnings History — Quarterly Trend
In TTM 2026, CNB FINANCIAL CORP/PA reported revenue of $360M and earnings per share (EPS) of $2.50. Net income for the quarter was $59M. Gross margin was 0.0%. Operating income came in at $58M.
In FY 2025, CNB FINANCIAL CORP/PA reported revenue of $392M and earnings per share (EPS) of $2.50. Net income for the quarter was $66M. Revenue grew 20.5% year-over-year compared to FY 2024. Operating income came in at $82M.
In Q3 2025, CNB FINANCIAL CORP/PA reported revenue of $109M and earnings per share (EPS) of $0.69. Net income for the quarter was $20M. Revenue grew 30.5% year-over-year compared to Q3 2024. Operating income came in at $9M.
In Q2 2025, CNB FINANCIAL CORP/PA reported revenue of $86M and earnings per share (EPS) of $0.61. Net income for the quarter was $14M. Revenue grew 6.3% year-over-year compared to Q2 2024. Operating income came in at $17M.
Over the past 8 quarters, CNB FINANCIAL CORP/PA has demonstrated a growth trajectory, with revenue expanding from $81M to $360M. Investors analyzing CCNE stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CCNE Dividend Yield and Income Analysis
CNB FINANCIAL CORP/PA (CCNE) does not currently pay a dividend. This is common among smaller companies in the Banking industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
CCNE Momentum and Technical Analysis Profile
CNB FINANCIAL CORP/PA (CCNE) has a momentum factor score of 58/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 21/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CCNE vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing CCNE against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CCNE vs S&P 500 (SPY) comparison to assess how CNB FINANCIAL CORP/PA stacks up against the broader market across all factor dimensions.
CCNE Next Earnings Date
No upcoming earnings date has been announced for CNB FINANCIAL CORP/PA (CCNE) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CCNE? — Investment Thesis Summary
CNB FINANCIAL CORP/PA presents a balanced picture with arguments on both sides. The value score of 71/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 84/100) reduces downside risk.
In summary, CNB FINANCIAL CORP/PA (CCNE) earns a Hold rating with a composite score of 53.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CCNE stock.
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Institutional Research Dossier
CNB FINANCIAL CORP/PA (CCNE) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
CNB Financial Corporation (CCNE) receives a Hold rating, reflecting a balanced view of its financial performance and valuation. While the company exhibits attractive value metrics and solid stability, concerns regarding its capital allocation and relatively lower profitability compared to the sector temper enthusiasm. The key takeaway is that CCNE presents a mixed bag, requiring careful consideration of its strengths and weaknesses before making an investment decision.
The company's strong revenue growth and attractive valuation multiples are counterbalanced by a high debt-to-equity ratio and lower-than-average profitability metrics. The Hold rating acknowledges the potential upside from continued revenue growth and efficient operations, but also recognizes the risks associated with its capital structure and competitive landscape. Investors should closely monitor the company's ability to improve profitability and manage its debt burden to determine if a more bullish stance is warranted.
Business Strategy & Overview
CNB Financial Corporation operates as a bank holding company, primarily serving individual, business, governmental, and institutional customers through its subsidiary, CNB Bank. The core of its business revolves around traditional banking activities, including accepting deposits and originating loans. These loans span various categories, such as real estate, commercial, industrial, residential, and consumer loans, reflecting a diversified lending portfolio. The company also offers specialized financial services, catering to specific customer needs and market segments.
Beyond traditional banking, CNB Financial has expanded into wealth and asset management services. This includes administering trusts and estates, managing retirement plans and other employee benefit plans, and providing a range of wealth management services. This diversification allows CNB to capture a broader share of its customers' financial needs and generate fee income, which is less sensitive to interest rate fluctuations than traditional lending.
CNB Financial's geographic footprint extends across Pennsylvania, Ohio, New York, and Virginia, with a network of full-service offices, loan production offices, and a drive-up office. This multi-state presence allows the company to tap into diverse economic environments and customer bases. The company also operates a private banking division, catering to high-net-worth individuals with personalized financial services.
The company's strategy appears to be focused on organic growth within its existing markets, supplemented by strategic expansion into new geographic areas. The loan production offices suggest a targeted approach to expanding its lending activities without the full overhead of a traditional branch. The company's investment in wealth management services indicates a focus on diversifying its revenue streams and building long-term customer relationships. The company's revenue growth of 34.7% significantly outpaces the sector average of 9.3%, suggesting that the company's strategy is effective in generating growth.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
34.7%
Sector: 9.4%
+270% VS SCTR
Economic Moat Analysis
CNB Financial's economic moat can be classified as Narrow. While the company benefits from certain advantages, they are not strong enough to create a wide and sustainable competitive edge. The primary source of its narrow moat stems from its established presence and reputation within its local markets.
Community banks like CNB often benefit from strong customer relationships and local market knowledge. These relationships can create a degree of customer loyalty and reduce customer churn. However, these advantages are increasingly challenged by larger regional and national banks with greater resources and technological capabilities. The rise of online banking and fintech companies further erodes the advantages of local presence.
Switching costs for banking customers can be moderate. While some customers may be reluctant to switch banks due to the hassle of transferring accounts and setting up new payment arrangements, these costs are not insurmountable. Larger banks often offer incentives to attract new customers, further reducing switching costs.
CNB Financial's intangible assets, such as its brand reputation, are likely localized and not as strong as those of larger, national banks. This limits its ability to command premium pricing or attract customers from outside its core markets. The company does not appear to possess any significant cost advantages or benefit from efficient scale, as its profitability metrics are below the sector average. While the company's stability score is high (80/100), this does not directly translate into a moat, but rather reflects the relative predictability of its earnings and balance sheet.
The company's ability to maintain its narrow moat will depend on its ability to continue building strong customer relationships, adapt to changing technological landscape, and differentiate itself from larger competitors. Failure to do so could lead to erosion of its competitive advantages and reduced profitability.
Financial Health & Profitability
CNB Financial's financial health presents a mixed picture. The company has demonstrated strong revenue growth, with TTM revenue of $392.35 million representing a 34.7% increase compared to the sector average of 9.3%. This growth is evident in the quarterly financial history, with consistent revenue increases over the past several quarters. However, this revenue growth has not fully translated into improved profitability.
The company's profitability metrics, such as ROE (6.8%) and operating margin (16.7%), are below the sector averages of 8.5% and 22.0%, respectively. This suggests that the company is not as efficient as its peers in converting revenue into profits. The net margin of 16.3% is slightly below the sector average of 17.8%. The quarterly operating margins show some volatility, ranging from 8.4% to 30.6%, indicating potential fluctuations in operating expenses or revenue mix.
CNB Financial's balance sheet exhibits a high level of leverage, with a debt-to-equity ratio of 863.00, significantly higher than the sector average of 115.00. This high leverage could increase the company's vulnerability to interest rate fluctuations and economic downturns. The current ratio of 1.12 indicates adequate liquidity to meet short-term obligations.
The company's free cash flow is negative, with a TTM value of $-412.68 million. This negative free cash flow is a concern, as it suggests that the company is not generating enough cash from its operations to cover its capital expenditures and other cash needs. The company's total cash balance of $79.77 million provides some cushion, but the negative free cash flow trend needs to be addressed.
Overall, CNB Financial's financial health is characterized by strong revenue growth but weaker profitability and high leverage. The negative free cash flow is a significant concern that warrants close monitoring. The company needs to improve its efficiency and manage its debt burden to strengthen its financial position.
Valuation Assessment
CNB Financial's valuation presents an interesting case, with some metrics suggesting undervaluation while others indicate a fair price. The company's P/E ratio of 11.0x is significantly lower than the sector average of 15.5x, suggesting that the stock may be undervalued relative to its earnings. Similarly, the EV/EBITDA ratio of 2.5x is also lower than the sector average of 3.5x, further supporting the undervaluation thesis.
However, it's crucial to consider the company's growth prospects and financial health when assessing its valuation. While the company has demonstrated strong revenue growth, its profitability metrics are below the sector average, which could justify a lower valuation multiple. The high debt-to-equity ratio also adds risk and could warrant a discount to the company's valuation.
The negative free cash flow is another factor that needs to be considered. A company with negative free cash flow may not be able to sustain its current earnings level or invest in future growth, which could negatively impact its valuation. The company's investment score of 24/100 reflects these concerns about capital allocation and growth prospects.
Given the mixed signals, CNB Financial's valuation appears to be fair. The company's attractive valuation multiples are offset by its lower profitability, high leverage, and negative free cash flow. The market may be discounting the stock due to these concerns, resulting in a lower valuation multiple. Investors should carefully consider these factors when evaluating the stock's potential upside.
A discounted cash flow (DCF) analysis, which is beyond the scope of the provided data, would be helpful in determining a more precise intrinsic value for the stock. However, based on the available data, the current valuation appears to be reasonable, reflecting both the company's strengths and weaknesses.
Risk & Uncertainty
CNB Financial faces several risks and uncertainties that could impact its financial performance and stock price. One of the primary risks is interest rate risk. As a bank, CNB Financial's profitability is sensitive to changes in interest rates. A rising interest rate environment could increase the company's borrowing costs and reduce demand for loans, while a falling interest rate environment could compress its net interest margin. The company's high debt-to-equity ratio exacerbates this risk, as higher interest rates could significantly increase its interest expense.
Another significant risk is credit risk. CNB Financial's loan portfolio is exposed to the risk of borrowers defaulting on their loans. An economic downturn or industry-specific challenges could increase the default rate and negatively impact the company's earnings. The company's loan portfolio is diversified across various sectors, but certain sectors may be more vulnerable to economic shocks than others.
Competition is also a key risk. The banking industry is highly competitive, with numerous regional and national banks vying for customers. CNB Financial faces competition from larger banks with greater resources and technological capabilities, as well as from online lenders and fintech companies. The company needs to continuously innovate and differentiate itself to maintain its market share.
Regulatory risk is another factor to consider. The banking industry is heavily regulated, and changes in regulations could impact CNB Financial's operations and profitability. For example, changes in capital requirements or lending regulations could increase the company's compliance costs or restrict its lending activities.
Finally, geographic concentration poses a risk. While CNB Financial operates in multiple states, its primary market is still Pennsylvania. A downturn in the Pennsylvania economy could disproportionately impact the company's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCNB Financial's strong revenue growth significantly outpaces the sector, indicating effective market penetration and a successful growth strategy.
BULL VIEWThe company's low P/E and EV/EBITDA ratios suggest that the stock is undervalued, offering potential upside as the market recognizes its growth potential.
BULL VIEWCNB Financial's high stability score indicates a well-managed balance sheet and predictable earnings, providing a safe haven for investors in volatile market conditions.
The Bear Case
BEAR VIEWCNB Financial's high debt-to-equity ratio exposes the company to significant financial risk, particularly in a rising interest rate environment.
BEAR VIEWThe company's negative free cash flow raises concerns about its ability to fund future growth and maintain its current dividend payout.
BEAR VIEWCNB Financial's below-average profitability metrics indicate operational inefficiencies and a lack of competitive advantage compared to its peers.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CCNE and 4,400+ other equities.
CNB FINANCIAL CORP/PA exhibits a 138% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.7%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
16.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
16.3%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
