Wellington Management Group LLP Sells 87,448 Shares of CNB Financial Corporation $CCNE

Key Points

• Wellington Management reduced its CNB Financial stake by 3.5%, selling 87,448 shares during the second quarter while retaining 2.42 million shares valued at approximately $81.7 million, or 8.19% of the company.
• CNB Financial reported quarterly EPS of $0.91 and revenue of $87.65 million, exceeding analyst estimates. The company also declared a $0.19 quarterly dividend, representing a 2.2% yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $36.75; shares recently traded at $34.11 after rising 2.1%.

Wellington Management Group LLP lowered its holdings in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,424,759 shares of the bank's stock after selling 87,448 shares during the quarter. Wellington Management Group LLP owned 8.19% of CNB Financial worth $81,739,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CCNE. BlackRock Inc. bought a new stake in shares of CNB Financial in the 2nd quarter worth about $78,011,000. Vanguard Group Inc. lifted its holdings in shares of CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank's stock valued at $38,058,000 after acquiring an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of CNB Financial by 37.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank's stock valued at $35,817,000 after acquiring an additional 406,167 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in CNB Financial in the second quarter worth about $7,667,000. Finally, Arrowstreet Capital Limited Partnership grew its position in CNB Financial by 335.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank's stock worth $6,453,000 after acquiring an additional 205,464 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Trading Up 2.1%

Shares of CCNE opened at $34.11 on Thursday. CNB Financial Corporation has a 1-year low of $22.80 and a 1-year high of $36.17. The company has a 50-day moving average of $34.26 and a 200 day moving average of $31.51. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 10.97 and a beta of 0.61. 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 issued 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 business had revenue of $87.65 million for the quarter, compared to the consensus estimate of $85.87 million. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. On average, research analysts expect that CNB Financial Corporation will post 3.56 EPS for the current year.

CNB Financial Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CCNE shares. Keefe, Bruyette & Woods restated a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Wall Street Zen downgraded CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. Raymond James Financial assumed coverage on CNB Financial in a research report on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price target for the company. Finally, DA Davidson lifted 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. 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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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