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

PNC Financial Services Group Inc. trimmed its holdings in CNB Financial Corporation (NASDAQ:CCNE) by 66.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,889 shares of the bank’s stock after selling 78,383 shares during the period. PNC Financial Services Group Inc.’s holdings in CNB Financial were worth $1,126,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CCNE. AQR Capital Management LLC increased its stake 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after acquiring an additional 546 shares during the last quarter. Empowered Funds LLC grew its holdings in CNB Financial by 7.4% in the first 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 period. Jane Street Group LLC purchased a new stake in CNB Financial in the first quarter valued at approximately $714,000. Finally, Rhumbline Advisers increased its position in CNB Financial by 5.3% during the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank’s stock worth $728,000 after purchasing an additional 1,590 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CCNE. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Finally, DA Davidson increased their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

CNB Financial Stock Up 0.3%

Shares of NASDAQ:CCNE opened at $35.10 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial Corporation has a 1 year low of $21.63 and a 1 year high of $36.08. The stock has a market capitalization of $1.04 billion, a P/E ratio of 11.29 and a beta of 0.63. The stock has a 50-day simple moving average of $32.97 and a 200-day simple moving average of $30.42.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 13.02%. The firm had revenue of $88.52 million during the quarter, compared to the consensus estimate of $85.87 million. Equities analysts forecast that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.19 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is 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.