Connor Clark & Lunn Investment Management Ltd. Takes Position in CNB Financial Corporation $CCNE

Key Points

• Connor Clark & Lunn acquired 44,381 shares of CNB Financial, worth approximately $1.5 million, giving it a 0.15% stake. Institutional investors and hedge funds collectively own 52.35% of the company.
• CNB Financial exceeded quarterly expectations, reporting $0.91 EPS versus the $0.86 consensus and revenue of $87.65 million. Analysts project full-year EPS of $3.56.
• The bank declared a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 payout and a 2.2% yield. Analysts maintain a consensus “Moderate Buy” rating with a $36.75 price target.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 44,381 shares of the bank's stock, valued at approximately $1,496,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.15% of CNB Financial at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in CNB Financial by 38.2% in the 4th quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank's stock valued at $67,858,000 after acquiring an additional 716,917 shares during the period. BlackRock Inc. bought a new stake in shares of CNB Financial in the second quarter worth $78,011,000. Vanguard Group Inc. grew its stake in shares of CNB Financial by 38.3% in the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank's stock worth $38,058,000 after purchasing an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in CNB Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock valued at $43,613,000 after purchasing an additional 27,236 shares during the period. Finally, Geode Capital Management LLC increased its holdings in CNB Financial by 4.6% in the fourth quarter. Geode Capital Management LLC now owns 792,749 shares of the bank's stock valued at $20,750,000 after purchasing an additional 34,520 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Trading Up 0.1%

CCNE opened at $34.01 on Friday. The company has a fifty day moving average price of $34.22 and a two-hundred day moving average price of $31.40. CNB Financial Corporation has a 1-year low of $22.80 and a 1-year high of $36.17. The company has a market cap of $1.01 billion, a P/E ratio of 10.94 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its quarterly earnings data 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 company 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%. Analysts predict that CNB Financial Corporation will post 3.56 EPS for the current fiscal year.

CNB Financial Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have commented on CCNE shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. Raymond James Financial initiated coverage on CNB Financial in a research note on Wednesday. They issued an "outperform" rating and a $39.00 price target for the company. Wall Street Zen downgraded CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. DA Davidson lifted their price objective on CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, CNB Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.75.

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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