The Manufacturers Life Insurance Company Makes New Investment in CNB Financial Corporation $CCNE

The Manufacturers Life Insurance Company bought a new stake in shares of CNB Financial Corporation (NASDAQ:CCNE) in the second quarter, Holdings Channel reports. The firm bought 227,448 shares of the bank’s stock, valued at approximately $7,667,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in shares of CNB Financial in the second quarter worth $235,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in CNB Financial in the second quarter valued at about $1,496,000. Pinnacle Holdings LLC purchased a new position in CNB Financial in the second quarter valued at about $1,690,000. Globeflex Capital L P purchased a new position in CNB Financial in the second quarter valued at about $5,396,000. Finally, Quantbot Technologies LP acquired a new position in CNB Financial in the 2nd quarter worth about $66,000. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $34.01 on Monday. The stock has a market capitalization of $1.01 billion, a P/E ratio of 10.94 and a beta of 0.63. The business has a 50-day moving average of $34.22 and a two-hundred day moving average of $31.42. CNB Financial Corporation has a fifty-two week low of $22.80 and a fifty-two week high of $36.17. 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) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%.The business had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. On average, equities research analysts predict that CNB Financial Corporation will post 3.56 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Analyst Ratings Changes

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