Pinnacle Holdings LLC Acquires New Holdings in CNB Financial Corporation $CCNE

Pinnacle Holdings LLC bought a new stake in CNB Financial Corporation (NASDAQ:CCNE) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 50,125 shares of the bank’s stock, valued at approximately $1,213,000. Pinnacle Holdings LLC owned approximately 0.17% of CNB Financial as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CNB Financial by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after acquiring an additional 546 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in CNB Financial by 29.9% in the third quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank’s stock worth $64,000 after purchasing an additional 613 shares during the period. Tower Research Capital LLC TRC boosted its stake in CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares in the last quarter. First Trust Advisors LP increased its position in shares of CNB Financial by 6.1% during the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock valued at $306,000 after purchasing an additional 765 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of CNB Financial by 6.9% in the 3rd quarter. Victory Capital Management Inc. now owns 12,504 shares of the bank’s stock worth $303,000 after buying an additional 803 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $28.27 on Wednesday. The company’s fifty day moving average is $27.80 and its two-hundred day moving average is $26.27. The company has a market cap of $833.40 million, a P/E ratio of 11.63 and a beta of 0.71. CNB Financial Corporation has a 12-month low of $19.32 and a 12-month high of $30.84. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. The business had revenue of $87.16 million for the quarter, compared to the consensus estimate of $73.10 million. CNB Financial had a return on equity of 11.83% and a net margin of 15.29%. Equities analysts expect 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 will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.19 per share. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, February 27th. CNB Financial’s dividend payout ratio is 31.28%.

Analyst Upgrades and Downgrades

CCNE has been the topic of several research reports. Stephens upped their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

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.