WNY Asset Management LLC Takes Position in CNB Financial Corporation $CCNE

WNY Asset Management LLC purchased a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,780 shares of the bank’s stock, valued at approximately $747,000. WNY Asset Management LLC owned 0.09% of CNB Financial as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CCNE. Bank of America Corp DE boosted its holdings in CNB Financial by 8.9% in the 1st quarter. Bank of America Corp DE now owns 42,815 shares of the bank’s stock valued at $1,240,000 after purchasing an additional 3,485 shares in the last quarter. Quantinno Capital Management LP increased its position in CNB Financial by 42.5% during the 1st quarter. Quantinno Capital Management LP now owns 30,120 shares of the bank’s stock worth $872,000 after purchasing an additional 8,980 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of CNB Financial by 1.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock worth $8,458,000 after buying an additional 3,123 shares in the last quarter. Sei Investments Co. purchased a new position in shares of CNB Financial during the 1st quarter worth approximately $835,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after buying an additional 27,236 shares during the period. 52.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CCNE shares. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research note on Tuesday, June 9th. DA Davidson increased their price objective on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $36.00.

CNB Financial Trading Up 0.3%

Shares of CNB Financial stock opened at $35.10 on Friday. The company has a 50-day moving average of $32.97 and a two-hundred day moving average of $30.42. CNB Financial Corporation has a 12-month low of $21.63 and a 12-month high of $36.08. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock has a market cap of $1.04 billion, a PE ratio of 11.29 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%.The business had revenue of $88.52 million for the quarter, compared to analysts’ expectations of $85.87 million. On average, research analysts anticipate that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, June 1st. CNB Financial’s payout ratio is presently 24.44%.

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.