Legal & General Group Plc Invests $622,000 in CNB Financial Corporation $CCNE

Legal & General Group Plc bought a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 18,437 shares of the bank’s stock, valued at approximately $622,000. Legal & General Group Plc owned 0.06% of CNB Financial at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after purchasing an additional 546 shares during the period. Tower Research Capital LLC TRC increased its position in CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after buying an additional 636 shares during the period. First Trust Advisors LP increased its position in CNB Financial by 6.1% during the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock worth $306,000 after buying an additional 765 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of CNB Financial by 6.9% during the third quarter. Victory Capital Management Inc. now owns 12,504 shares of the bank’s stock worth $303,000 after buying an additional 803 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after buying an additional 1,220 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Stock Performance

CNB Financial stock opened at $34.45 on Wednesday. CNB Financial Corporation has a 12-month low of $22.80 and a 12-month high of $36.17. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The business’s 50-day moving average price is $34.33 and its two-hundred day moving average price is $31.65. The stock has a market cap of $1.02 billion, a PE ratio of 11.08 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last posted 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. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The firm had revenue of $87.65 million during the quarter, compared to analysts’ expectations of $85.87 million. As a group, analysts expect that CNB Financial Corporation will post 3.56 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently disclosed 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. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial’s dividend payout ratio is currently 24.44%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Wall Street Zen cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research report on Friday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Raymond James Financial assumed coverage on shares of 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 boosted their price target on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.75.

CNB Financial Company 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.