Sei Investments Co. Acquires Shares of 28,829 CNB Financial Corporation $CCNE

Key Points

• Sei Investments acquired 28,829 shares of CNB Financial during the first quarter, valued at approximately $835,000. Institutional investors and hedge funds collectively own 52.35% of the company.
• CNB Financial reported quarterly earnings of $0.91 per share, exceeding the $0.86 analyst consensus, while revenue of $87.65 million also topped estimates.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and a $36 average price target. CNB Financial also declared a quarterly dividend of $0.19 per share, representing a 2.2% annualized yield.

Sei Investments Co. acquired a new position in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 28,829 shares of the bank's stock, valued at approximately $835,000. Sei Investments Co. owned about 0.10% of CNB Financial as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of 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 purchasing an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 buying an additional 546 shares during the period. Empowered Funds LLC increased its position in CNB Financial by 7.4% during the first quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock worth $1,731,000 after buying an additional 5,370 shares during the period. Jane Street Group LLC purchased a new stake in CNB Financial in the first quarter valued at approximately $714,000. Finally, Rhumbline Advisers boosted its holdings in shares of CNB Financial by 5.3% in the second quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock valued at $728,000 after acquiring an additional 1,590 shares during the period. Institutional investors and hedge funds own 52.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings reiterated a "buy (b)" rating on shares of CNB Financial in a research report on Tuesday, June 9th. 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 report on Monday, July 27th. Finally, Wall Street Zen upgraded shares of CNB Financial from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. One research 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's stock. According to data from MarketBeat, CNB Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.00.

CNB Financial Price Performance

CNB Financial stock opened at $34.95 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day simple moving average of $33.76 and a 200-day simple moving average of $30.95. CNB Financial Corporation has a 12 month low of $22.80 and a 12 month high of $36.17. The stock has a market capitalization of $1.04 billion, a PE ratio of 11.24 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The firm had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. Equities analysts predict that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial's payout ratio is presently 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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