CNB Financial Corporation $CCNE Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group reduced its CNB Financial stake by 66.8% in the first quarter, selling 78,383 shares and retaining 38,889 shares worth approximately $1.13 million. Institutional investors and hedge funds collectively own 52.35% of CCNE.
• CNB Financial reported quarterly EPS of $0.91, exceeding analysts’ $0.86 estimate, while revenue of $88.52 million also topped expectations. The stock opened at $35.10, near its 52-week high of $36.08.
• The company pays a quarterly dividend of $0.19 per share, equal to an annualized $0.76 dividend and a 2.2% yield. Analysts maintain a consensus “Moderate Buy” rating with a $36.00 target price.

PNC Financial Services Group Inc. cut its holdings in CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 66.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,889 shares of the bank's stock after selling 78,383 shares during the period. PNC Financial Services Group Inc. owned about 0.13% of CNB Financial worth $1,126,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in CCNE. Flagship Harbor Advisors LLC purchased a new position in CNB Financial during the 4th quarter valued at about $27,000. Parallel Advisors LLC raised its position in CNB Financial by 847.2% during 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. Tower Research Capital LLC TRC lifted its holdings in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $46,000 after purchasing an additional 636 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of CNB Financial by 16,173.3% in the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank's stock valued at $59,000 after purchasing an additional 2,426 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock valued at $63,000 after purchasing an additional 679 shares during the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Stock Performance

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

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $85.87 million. On average, equities analysts expect that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, June 1st. CNB Financial's dividend payout ratio is currently 24.44%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CCNE. 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. Weiss Ratings reissued a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Finally, Wall Street Zen upgraded CNB Financial from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.00.

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.

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