WNY Asset Management LLC Invests $835,000 in CNB Financial Corporation $CCNE

WNY Asset Management LLC purchased a new position in CNB Financial Corporation (NASDAQ:CCNE) in the second quarter, Holdings Channel reports. The fund purchased 24,780 shares of the bank’s stock, valued at approximately $835,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in CNB Financial during the second quarter valued at approximately $78,011,000. Wellington Management Group LLP grew its position in shares of CNB Financial by 116.1% in the 3rd quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after acquiring an additional 1,007,751 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after acquiring an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of CNB Financial by 37.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after acquiring an additional 406,167 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of CNB Financial during the 2nd quarter valued at approximately $7,667,000. 52.35% of the stock is owned by institutional investors.

CNB Financial Trading Up 0.3%

Shares of NASDAQ CCNE opened at $33.97 on Friday. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 10.92 and a beta of 0.63. CNB Financial Corporation has a 12-month low of $22.80 and a 12-month high of $36.17. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock’s 50 day simple moving average is $34.18 and its 200 day simple moving average is $31.39.

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

CNB Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. 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. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Raymond James Financial initiated coverage on shares of CNB Financial in a report on Wednesday. They issued an “outperform” rating and a $39.00 price target for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, CNB Financial presently has an average rating of “Moderate Buy” and a consensus price target of $36.75.

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.