Empowered Funds LLC Acquires Shares of 145,906 CNB Financial Corporation $CCNE

Key Points

• Empowered Funds LLC acquired 145,906 shares of CNB Financial, valued at approximately $4.9 million, giving it a 0.49% stake. Institutional investors collectively own 52.35% of the company.
• Analyst sentiment remains positive overall, with CNB Financial holding a “Moderate Buy” consensus rating and an average price target of $36.75; Raymond James initiated coverage with an “outperform” rating and a $39 target.
• CNB Financial exceeded quarterly expectations, reporting $0.91 in earnings per share and $87.65 million in revenue. The company also declared a quarterly dividend of $0.19 per share, equivalent to a 2.2% annualized yield.

Empowered Funds LLC bought a new stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 145,906 shares of the bank's stock, valued at approximately $4,918,000. Empowered Funds LLC owned about 0.49% of CNB Financial as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CCNE. AQR Capital Management LLC increased its position in CNB Financial by 201.7% in the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock valued at $977,000 after acquiring an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in CNB Financial by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock worth $273,000 after acquiring an additional 546 shares during the period. Jane Street Group LLC acquired a new stake in CNB Financial during the 1st quarter worth approximately $714,000. Rhumbline Advisers grew its stake in shares of CNB Financial by 5.3% in the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock valued at $728,000 after purchasing an additional 1,590 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of CNB Financial by 6.1% in the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank's stock valued at $306,000 after purchasing an additional 765 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CCNE shares. Wall Street Zen cut CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. DA Davidson boosted their price objective on shares of 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 assumed coverage on shares of CNB Financial in a research report on Wednesday, August 26th. They set an "outperform" rating and a $39.00 price objective for the company. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, CNB Financial currently has an average rating of "Moderate Buy" and a consensus price target of $36.75.

CNB Financial Trading Down 0.6%

Shares of CCNE stock opened at $33.82 on Tuesday. The business's fifty day moving average price is $34.25 and its 200 day moving average price is $31.46. CNB Financial Corporation has a 1-year low of $22.80 and a 1-year high of $36.17. The firm has a market capitalization of $1.00 billion, a PE ratio of 10.87 and a beta of 0.63. 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 (NASDAQ:CCNE - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The company had revenue of $87.65 million during 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, sell-side analysts forecast that CNB Financial Corporation will post 3.56 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 1st. 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.

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