Sei Investments Co. Makes New Investment in CNB Financial Corporation $CCNE

Sei Investments Co. purchased a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 28,829 shares of the bank’s stock, valued at approximately $835,000.

Other institutional investors have also modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new position in shares of CNB Financial in the fourth quarter valued at $27,000. Parallel Advisors LLC grew its stake in CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after acquiring an additional 1,220 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after acquiring an additional 636 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in CNB Financial by 16,173.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after acquiring an additional 2,426 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in CNB Financial by 35.5% during the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after acquiring an additional 679 shares in the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. DA Davidson raised their price objective on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Finally, 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 research report on Friday, July 24th. One equities research 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 company. Based on data from MarketBeat, CNB Financial has an average rating of “Moderate Buy” and a consensus price target of $36.00.

CNB Financial Stock Up 0.4%

CCNE opened at $34.95 on Friday. CNB Financial Corporation has a 12 month low of $22.80 and a 12 month high of $36.17. The business has a 50-day moving average of $33.76 and a two-hundred day moving average of $30.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 11.24 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The business had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. On average, research analysts expect that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.19 per share. 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 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.