CNB Financial Corporation $CCNE Position Boosted by Maltese Capital Management LLC

Maltese Capital Management LLC boosted its stake in CNB Financial Corporation (NASDAQ:CCNE) by 228.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 478,200 shares of the bank’s stock after buying an additional 332,600 shares during the quarter. CNB Financial makes up about 1.7% of Maltese Capital Management LLC’s holdings, making the stock its 17th biggest position. Maltese Capital Management LLC owned approximately 1.62% of CNB Financial worth $11,572,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CCNE. Pinnacle Holdings LLC acquired a new stake in CNB Financial during the third quarter worth $1,213,000. American Century Companies Inc. increased its stake in shares of CNB Financial by 7.9% in the second 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. Squarepoint Ops LLC bought a new stake in shares of CNB Financial during the 2nd quarter valued at $611,000. Oppenheimer & Close LLC acquired a new position in CNB Financial in the third quarter valued at about $1,782,000. Finally, Davis Asset Management L.P. grew its position in shares of CNB Financial by 27.7% during the 2nd quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock worth $20,438,000 after buying an additional 194,033 shares during the period. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Trading Up 1.1%

Shares of CNB Financial stock opened at $27.42 on Tuesday. The firm’s 50 day moving average is $27.99 and its 200 day moving average is $26.38. The firm has a market capitalization of $808.34 million, a PE ratio of 11.28 and a beta of 0.71. 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 Corporation has a 1 year low of $19.32 and a 1 year high of $30.84.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%.The company had revenue of $87.16 million for the quarter, compared to the consensus estimate of $73.10 million. Equities research analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.19 dividend. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, February 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.8%. CNB Financial’s dividend payout ratio is presently 31.28%.

Analyst Ratings Changes

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

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.