Allspring Global Investments Holdings LLC Takes $530,000 Position in CNB Financial Corporation $CCNE

Allspring Global Investments Holdings LLC bought a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 21,913 shares of the bank’s stock, valued at approximately $530,000. Allspring Global Investments Holdings LLC owned approximately 0.07% of CNB Financial as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Davis Asset Management L.P. increased its stake in CNB Financial by 27.7% in the second quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock valued at $20,438,000 after purchasing an additional 194,033 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of CNB Financial by 16.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank’s stock worth $7,953,000 after buying an additional 48,326 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of CNB Financial by 7.9% in the 2nd quarter. American Century Companies Inc. now owns 543,476 shares of the bank’s stock valued at $12,424,000 after buying an additional 39,825 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of CNB Financial in the 1st quarter valued at $714,000. Finally, AQR Capital Management LLC raised its stake in CNB Financial by 201.7% during the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock worth $977,000 after acquiring an additional 29,343 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $26.23 on Friday. CNB Financial Corporation has a one year low of $19.32 and a one year high of $28.04. The stock has a market capitalization of $773.16 million, a price-to-earnings ratio of 13.18 and a beta of 0.73. The company has a 50-day simple moving average of $26.06 and a 200-day simple moving average of $25.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $77.70 million for the quarter, compared to analyst estimates of $68.50 million. CNB Financial had a return on equity of 10.38% and a net margin of 11.92%. On average, analysts predict that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. CNB Financial’s payout ratio is presently 36.18%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 29th. Janney Montgomery Scott raised CNB Financial to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, December 20th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.75.

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.