Legal & General Group Plc Acquires New Shares in CNB Financial Corporation $CCNE

Legal & General Group Plc acquired a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,437 shares of the bank’s stock, valued at approximately $622,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CCNE. The Manufacturers Life Insurance Company acquired a new position in CNB Financial in the 2nd quarter worth about $7,667,000. Sanctuary Advisors LLC bought a new stake in shares of CNB Financial during the second quarter worth about $235,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of CNB Financial during the second quarter worth about $1,496,000. Pinnacle Holdings LLC acquired a new position in shares of CNB Financial in the second quarter valued at approximately $1,690,000. Finally, Globeflex Capital L P acquired a new position in shares of CNB Financial in the second quarter valued at approximately $5,396,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

Analysts Set New Price Targets

CCNE has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Raymond James Financial assumed coverage on shares of CNB Financial in a research report on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 price target for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research note on Friday. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, DA Davidson boosted 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, CNB Financial has an average rating of “Moderate Buy” and an average target price of $36.75.

CNB Financial Price Performance

Shares of CCNE opened at $34.45 on Wednesday. The business has a 50-day moving average of $34.33 and a 200-day moving average of $31.65. 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 company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 11.08 and a beta of 0.61. CNB Financial Corporation has a 1 year low of $22.80 and a 1 year high of $36.17.

CNB Financial (NASDAQ:CCNE) last announced its earnings results 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 analysts’ expectations of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. As a group, equities research analysts anticipate that CNB Financial Corporation will post 3.56 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 1st. CNB Financial’s dividend payout ratio 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.