Pinnacle Holdings LLC Makes New Investment in CNB Financial Corporation $CCNE

Pinnacle Holdings LLC acquired a new stake in CNB Financial Corporation (NASDAQ:CCNE) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 50,124 shares of the bank’s stock, valued at approximately $1,690,000.

Several other large investors also recently modified their holdings of the stock. Parallel Advisors LLC lifted its stake in shares of CNB Financial by 847.2% during the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after buying an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of CNB Financial during the 2nd quarter worth about $44,000. Tower Research Capital LLC TRC grew its stake in CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after buying an additional 636 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in CNB Financial by 16,173.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after acquiring an additional 2,426 shares during the period. Finally, Legal & General Group Plc raised its holdings in CNB Financial by 35.5% in the 3rd quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after acquiring an additional 679 shares during the period. 52.35% of the stock is owned by institutional investors.

CNB Financial Price Performance

NASDAQ:CCNE opened at $33.84 on Monday. CNB Financial Corporation has a 52 week low of $22.80 and a 52 week high of $36.17. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The firm’s 50-day simple moving average is $34.04 and its 200 day simple moving average is $31.25. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 10.88 and a beta of 0.63.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The firm had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. As a group, sell-side analysts predict that CNB Financial Corporation will post 3.58 earnings per share for the current year.

CNB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial’s payout ratio is presently 24.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. DA Davidson increased their target price on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently 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.