CNB Financial Corporation $CCNE Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in shares of CNB Financial Corporation (NASDAQ:CCNE) by 67.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 259,165 shares of the bank’s stock after purchasing an additional 104,516 shares during the quarter. JPMorgan Chase & Co. owned about 0.88% of CNB Financial worth $6,272,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in CNB Financial by 201.7% during the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 acquiring an additional 546 shares during the period. Empowered Funds LLC lifted its holdings in shares of CNB Financial by 7.4% during the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after acquiring an additional 5,370 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of CNB Financial during the 1st quarter valued at $714,000. Finally, Geode Capital Management LLC boosted its position in CNB Financial by 5.0% during the 2nd quarter. Geode Capital Management LLC now owns 506,116 shares of the bank’s stock worth $11,572,000 after purchasing an additional 24,327 shares during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

CCNE opened at $28.96 on Wednesday. The company has a fifty day simple moving average of $28.35 and a 200 day simple moving average of $26.53. The firm has a market cap of $858.26 million, a price-to-earnings ratio of 11.92 and a beta of 0.71. CNB Financial Corporation has a twelve month low of $19.32 and a twelve month high of $30.84. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. The business had revenue of $87.16 million for the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%. Equities research analysts expect that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, February 27th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 31.28%.

Wall Street Analyst Weigh In

Several research analysts have commented on CCNE shares. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Stephens upped their target price on CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $32.00.

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.