BlackRock Inc. Invests $78.01 Million in CNB Financial Corporation $CCNE

Key Points

• BlackRock acquired a new $78.01 million stake in CNB Financial, purchasing 2.31 million shares and gaining approximately 7.81% ownership. Institutional investors collectively hold 52.35% of the bank’s stock.
• Analysts maintain a generally positive outlook, with CNB Financial carrying a “Moderate Buy” consensus rating and an average price target of $36.75; recent targets range from $36 to $39.
• CNB Financial exceeded quarterly earnings expectations, reporting $0.91 EPS and $87.65 million in revenue. The company also declared a quarterly dividend of $0.19 per share, equating to a 2.2% annualized yield.

BlackRock Inc. bought a new stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,314,194 shares of the bank's stock, valued at approximately $78,011,000. BlackRock Inc. owned approximately 7.81% of CNB Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CCNE. AQR Capital Management LLC grew its stake in CNB Financial by 201.7% in the 1st 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 last quarter. Empowered Funds LLC grew its position in shares of 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 acquired a new position in CNB Financial in the first quarter valued at $714,000. Finally, Rhumbline Advisers lifted 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 buying an additional 1,590 shares during the period. Hedge funds and other institutional investors own 52.35% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CCNE shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. 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. Wall Street Zen lowered shares of CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Raymond James Financial started coverage on shares of CNB Financial in a research note on Wednesday. They issued an "outperform" rating and a $39.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.75.

CNB Financial Stock Performance

Shares of CCNE opened at $34.01 on Monday. The stock has a market capitalization of $1.01 billion, a PE ratio of 10.94 and a beta of 0.63. The business's fifty day moving average price is $34.22 and its 200 day moving average price is $31.42. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. CNB Financial Corporation has a 12-month low of $22.80 and a 12-month high of $36.17.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued 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. The firm had revenue of $87.65 million for the quarter, compared to analysts' expectations of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. Equities research analysts forecast that CNB Financial Corporation will post 3.56 EPS for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial's dividend payout ratio is 24.44%.

CNB Financial Profile

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.

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