CNB Financial Corporation $CCNE Stake Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in CNB Financial Corporation (NASDAQ:CCNE) by 67.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 259,165 shares of the bank’s stock after buying an additional 104,516 shares during the period. JPMorgan Chase & Co.’s holdings in CNB Financial were worth $6,272,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in shares of CNB Financial by 116.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after purchasing an additional 1,007,751 shares during the last quarter. Vanguard Group Inc. grew its stake in CNB Financial by 38.3% in the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after purchasing an additional 435,300 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in CNB Financial by 37.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after buying an additional 406,167 shares during the last quarter. American Century Companies Inc. increased its holdings in CNB Financial by 11.4% in the third quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock valued at $14,650,000 after buying an additional 61,898 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in CNB Financial by 5.0% during the second quarter. Geode Capital Management LLC now owns 506,116 shares of the bank’s stock valued at $11,572,000 after buying an additional 24,327 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CCNE has been the topic of a number of research analyst reports. Weiss Ratings raised CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. Stephens upped their price target on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $32.00.

CNB Financial Stock Performance

Shares of CCNE stock opened at $28.96 on Wednesday. The company has a market cap of $858.26 million, a P/E ratio of 11.92 and a beta of 0.71. The business has a 50 day moving average of $28.35 and a two-hundred day moving average of $26.53. CNB Financial Corporation has a 52 week low of $19.32 and a 52 week high of $30.84. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. The business had revenue of $87.16 million for the quarter, compared to analysts’ expectations of $73.10 million. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%. As a group, analysts anticipate that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.19 dividend. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, February 27th. CNB Financial’s dividend payout ratio is 31.28%.

CNB Financial Company Profile

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.