WNY Asset Management LLC Buys Shares of 25,780 CNB Financial Corporation $CCNE

WNY Asset Management LLC bought a new position in shares of CNB Financial Corporation (NASDAQ:CCNE) in the first quarter, HoldingsChannel reports. The firm bought 25,780 shares of the bank’s stock, valued at approximately $747,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in CNB Financial by 184.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 117,272 shares of the bank’s stock valued at $3,069,000 after buying an additional 76,052 shares in the last quarter. State of Alaska Department of Revenue increased its position in CNB Financial by 276.2% during the fourth quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank’s stock worth $81,000 after buying an additional 2,320 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in CNB Financial during the fourth quarter worth $27,000. Quantinno Capital Management LP increased its position in CNB Financial by 42.5% during the first quarter. Quantinno Capital Management LP now owns 30,120 shares of the bank’s stock worth $872,000 after buying an additional 8,980 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of CNB Financial in the first quarter worth $835,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Up 0.3%

Shares of NASDAQ CCNE opened at $35.10 on Friday. CNB Financial Corporation has a 1 year low of $21.63 and a 1 year high of $36.08. The firm’s 50 day moving average price is $32.97 and its 200 day moving average price is $30.42. The firm has a market cap of $1.04 billion, a P/E ratio of 11.29 and a beta of 0.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96.

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

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.19 per share. The ex-dividend date was Monday, June 1st. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is 24.44%.

Wall Street Analyst Weigh In

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

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.