Wellington Management Group LLP reduced its position in CNB Financial Corporation (NASDAQ:CCNE – Free Report) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,424,759 shares of the bank’s stock after selling 87,448 shares during the quarter. Wellington Management Group LLP owned 0.08% of CNB Financial worth $81,739,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in CNB Financial during the 2nd quarter valued at about $4,918,000. WNY Asset Management LLC purchased a new stake in shares of CNB Financial in the 2nd quarter worth approximately $835,000. Bank of America Corp DE bought a new position in shares of CNB Financial during the second quarter valued at approximately $1,379,000. Man Group plc bought a new position in shares of CNB Financial during the second quarter valued at approximately $271,000. Finally, Jupiter Topco LLC bought a new position in shares of CNB Financial during the second quarter valued at approximately $287,000. 52.35% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on CCNE. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Raymond James Financial started coverage on CNB Financial in a report on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price target on the stock. DA Davidson upped their price objective on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.75.
CNB Financial Trading Up 2.1%
NASDAQ:CCNE opened at $34.11 on Thursday. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.97 and a beta of 0.61. CNB Financial Corporation has a 52 week low of $22.80 and a 52 week high of $36.17. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average of $34.26 and a 200 day moving average of $31.51.
CNB Financial (NASDAQ:CCNE – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The firm had revenue of $87.65 million during the quarter, compared to analysts’ expectations of $85.87 million. As a group, sell-side analysts anticipate that CNB Financial Corporation will post 3.56 earnings per share for the current fiscal year.
CNB Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 1st. CNB Financial’s dividend payout ratio (DPR) is currently 24.44%.
About CNB Financial
CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.
The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.
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