Deutsche Bank AG Takes $1.05 Million Position in CNB Financial Corporation $CCNE

Deutsche Bank AG purchased a new stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 31,117 shares of the bank's stock, valued at approximately $1,049,000. Deutsche Bank AG owned 0.11% of CNB Financial as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock worth $40,000 after buying an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in CNB Financial in the second quarter worth $44,000. Tower Research Capital LLC TRC increased its stake in 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 acquiring an additional 636 shares during the last quarter. Russell Investments Group Ltd. increased its stake in 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 acquiring an additional 2,426 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in CNB Financial by 35.5% during the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank's stock worth $63,000 after purchasing an additional 679 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CCNE. Raymond James Financial assumed coverage on shares of CNB Financial in a research note on Wednesday. They issued an "outperform" rating and a $39.00 price objective for the company. Wall Street Zen lowered shares of CNB Financial from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Weiss Ratings reissued a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. 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 report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.75.

CNB Financial Price Performance

CCNE stock opened at $34.01 on Monday. The business's 50-day moving average price is $34.22 and its 200-day moving average price is $31.42. The stock 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 quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. CNB Financial Corporation has a twelve month low of $22.80 and a twelve month high of $36.17.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 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%. On average, equities research analysts forecast that CNB Financial Corporation will post 3.56 EPS for the current year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial's dividend payout ratio (DPR) is currently 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.

Want to see what other hedge funds are holding CCNE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNB Financial Corporation (NASDAQ:CCNE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source