40,919 Shares in CNB Financial Corporation $CCNE Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 40,919 shares of CNB Financial in the second quarter, valued at approximately $1.38 million and representing 0.14% of the company. Institutional investors and hedge funds collectively own 52.35% of CNB Financial.
• CNB Financial exceeded quarterly expectations, reporting $0.91 in earnings per share versus the $0.86 consensus and revenue of $87.65 million. Analysts project full-year earnings of $3.56 per share.
• The company pays a quarterly dividend of $0.19, equal to an annualized $0.76 and a 2.3% yield. Analysts give the stock a “Moderate Buy” consensus rating with an average price target of $37, compared with a recent price of $33.68.

Bank of America Corp DE purchased a new position in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 40,919 shares of the bank's stock, valued at approximately $1,379,000. Bank of America Corp DE owned 0.14% of CNB Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of CNB Financial during the 2nd quarter valued at $44,000. Parallel Advisors LLC increased its stake in shares of CNB Financial by 847.2% in the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock worth $40,000 after acquiring an additional 1,220 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of CNB Financial during the second quarter worth $66,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of CNB Financial during the fourth quarter worth $138,000. Finally, Alliance Wealth Advisors LLC acquired a new stake in CNB Financial during the second quarter valued at $231,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Stock Performance

CCNE opened at $33.68 on Friday. 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 company has a market cap of $997.60 million, a PE ratio of 10.83 and a beta of 0.62. The stock has a 50-day moving average of $34.39 and a 200-day moving average of $32.33. CNB Financial Corporation has a 52-week low of $22.80 and a 52-week high of $36.17.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates 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%. As a group, equities research analysts forecast that CNB Financial Corporation will post 3.56 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, September 1st. CNB Financial's payout ratio is presently 24.44%.

Analysts Set New Price Targets

CCNE has been the topic of a number of recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a research note on Friday, September 4th. Wall Street Zen upgraded CNB Financial from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. DA Davidson boosted their price target on CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Raymond James Financial began coverage on CNB Financial in a research note on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price target for the company. Finally, Keefe, Bruyette & Woods reaffirmed 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 analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $37.00.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.

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