145,906 Shares in CNB Financial Corporation $CCNE Acquired by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in CNB Financial Corporation (NASDAQ:CCNE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 145,906 shares of the bank’s stock, valued at approximately $4,918,000.

Several other hedge funds have also recently bought and sold shares of CCNE. Pinnacle Holdings LLC acquired a new stake in CNB Financial in the second quarter valued at $1,690,000. Globeflex Capital L P purchased a new stake in shares of CNB Financial in the 2nd quarter worth about $5,396,000. BlackRock Inc. purchased a new position in CNB Financial during the 2nd quarter valued at about $78,011,000. The Manufacturers Life Insurance Company acquired a new position in CNB Financial during the second quarter worth about $7,667,000. Finally, Deutsche Bank AG acquired a new position in CNB Financial during the second quarter worth about $1,049,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Price Performance

NASDAQ:CCNE opened at $33.82 on Tuesday. CNB Financial Corporation has a 12-month low of $22.80 and a 12-month high of $36.17. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 10.87 and a beta of 0.63. The company’s 50-day moving average is $34.25 and its two-hundred day moving average is $31.46. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE) last issued its quarterly 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 during 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%. Research analysts expect that CNB Financial Corporation will post 3.56 EPS for the current year.

CNB Financial Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Analyst Ratings Changes

Several analysts have recently commented on CCNE shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Raymond James Financial assumed coverage on CNB Financial in a research report on Wednesday, August 26th. They set an “outperform” rating and a $39.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, DA Davidson raised their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.75.

About CNB Financial

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.