PNC Financial Services Group Inc. Grows Stock Position in CNB Financial Corporation $CCNE

PNC Financial Services Group Inc. raised its holdings in CNB Financial Corporation (NASDAQ:CCNE) by 78.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,220 shares of the bank’s stock after buying an additional 18,131 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.14% of CNB Financial worth $998,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CCNE. AQR Capital Management LLC boosted its position in shares of CNB Financial by 201.7% in the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after acquiring an additional 29,343 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CNB Financial by 4.7% during the first 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 boosted its holdings in shares of CNB Financial by 7.4% in the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after purchasing an additional 5,370 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of CNB Financial in the 1st quarter valued at $714,000. Finally, Los Angeles Capital Management LLC grew its stake in shares of CNB Financial by 104.6% during the 2nd quarter. Los Angeles Capital Management LLC now owns 20,520 shares of the bank’s stock valued at $469,000 after buying an additional 10,490 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Price Performance

Shares of NASDAQ CCNE opened at $29.17 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. CNB Financial Corporation has a 1-year low of $19.32 and a 1-year high of $30.84. The company has a market capitalization of $859.93 million, a price-to-earnings ratio of 12.00 and a beta of 0.73. The business has a 50-day moving average of $27.65 and a 200-day moving average of $26.11.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, topping the consensus estimate of $0.77 by $0.10. The firm had revenue of $87.16 million for the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%. On average, equities analysts anticipate that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.6%. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, February 27th. CNB Financial’s payout ratio is currently 29.63%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CCNE. Stephens lifted their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

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.