Pinnacle Holdings LLC Takes Position in CNB Financial Corporation $CCNE

Pinnacle Holdings LLC purchased a new position in CNB Financial Corporation (NASDAQ:CCNE) during the third quarter, Holdings Channel.com reports. The firm purchased 50,125 shares of the bank’s stock, valued at approximately $1,213,000.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after purchasing an additional 435,300 shares during the last quarter. Davis Asset Management L.P. lifted 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 acquiring an additional 194,033 shares during the last quarter. American Century Companies Inc. grew its position in CNB Financial by 11.4% in the third quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock worth $14,650,000 after acquiring an additional 61,898 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 last quarter. Finally, Ameriprise Financial Inc. raised its holdings 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 valued at $7,953,000 after purchasing an additional 48,326 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CCNE. Weiss Ratings reissued a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, 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. One 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 company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

CNB Financial Stock Down 0.9%

Shares of CCNE opened at $28.27 on Wednesday. The company has a 50-day simple moving average of $27.80 and a 200-day simple moving average of $26.27. 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 Corporation has a 52 week low of $19.32 and a 52 week high of $30.84. The firm has a market capitalization of $833.40 million, a P/E ratio of 11.63 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, topping the consensus estimate of $0.77 by $0.10. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%.The firm had revenue of $87.16 million during the quarter, compared to analysts’ expectations of $73.10 million. On average, equities research analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.19 dividend. The ex-dividend date is Friday, February 27th. This represents a $0.76 annualized dividend and a dividend yield of 2.7%. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 31.28%.

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.