Globeflex Capital L P Buys New Position in CNB Financial Corporation $CCNE

Globeflex Capital L P purchased a new position in CNB Financial Corporation (NASDAQ:CCNE) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 160,083 shares of the bank’s stock, valued at approximately $5,396,000. Globeflex Capital L P owned 0.54% of CNB Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CCNE. AQR Capital Management LLC grew its position in shares of CNB Financial by 201.7% during the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock valued at $977,000 after acquiring an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after purchasing an additional 546 shares during the period. Empowered Funds LLC raised its holdings in CNB Financial by 7.4% in the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock worth $1,731,000 after purchasing an additional 5,370 shares during the period. Jane Street Group LLC purchased a new position in CNB Financial during the first quarter valued at $714,000. Finally, Rhumbline Advisers grew its holdings in CNB Financial by 5.3% during the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock valued at $728,000 after purchasing an additional 1,590 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Performance

Shares of CCNE stock opened at $33.84 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a fifty day simple moving average of $34.04 and a two-hundred day simple moving average of $31.25. The firm has a market capitalization of $1.00 billion, a PE ratio of 10.88 and a beta of 0.63. CNB Financial Corporation has a 52-week low of $22.80 and a 52-week high of $36.17.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. The business had revenue of $87.65 million for the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. On average, analysts predict that CNB Financial Corporation will post 3.58 EPS 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. Investors of record on Tuesday, September 1st will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. CNB Financial’s payout ratio is currently 24.44%.

Analysts Set New Price Targets

A number of analysts have commented on CCNE shares. DA Davidson upped their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Wall Street Zen cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

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.