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

Pinnacle Holdings LLC acquired a new position in CNB Financial Corporation (NASDAQ:CCNE) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 50,124 shares of the bank’s stock, valued at approximately $1,690,000. Pinnacle Holdings LLC owned about 0.17% of CNB Financial at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Sei Investments Co. acquired a new position in shares of CNB Financial during the first quarter valued at $835,000. Globeflex Capital L P bought a new stake in CNB Financial in the second quarter valued at approximately $5,396,000. Dimensional Fund Advisors LP increased its holdings in shares of CNB Financial by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after acquiring an additional 27,236 shares in the last quarter. WNY Asset Management LLC acquired a new stake in CNB Financial during the 1st quarter worth approximately $747,000. Finally, PNC Financial Services Group Inc. lifted its position 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 acquiring an additional 76,052 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

CNB Financial stock opened at $33.84 on Monday. The firm has a market capitalization of $1.00 billion, a PE ratio of 10.88 and a beta of 0.63. The company’s 50-day moving average is $34.04 and its 200-day moving average is $31.25. CNB Financial Corporation has a fifty-two week low of $22.80 and a fifty-two week high of $36.17. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.96 and a quick ratio of 0.96.

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

CNB Financial Announces Dividend

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

Analyst Upgrades and Downgrades

CCNE has been the topic of several research reports. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Weiss Ratings reissued a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. DA Davidson increased their target price on shares of CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Wall Street Zen cut shares of 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 issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.00.

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.