Stieven Capital Advisors L.P. Acquires 169,683 Shares of CNB Financial Corporation $CCNE

Stieven Capital Advisors L.P. lifted its stake in CNB Financial Corporation (NASDAQ:CCNE) by 58.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 461,373 shares of the bank’s stock after acquiring an additional 169,683 shares during the period. CNB Financial makes up about 2.1% of Stieven Capital Advisors L.P.’s holdings, making the stock its 21st largest holding. Stieven Capital Advisors L.P. owned 1.57% of CNB Financial worth $11,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Peoples Financial Services CORP. bought a new stake in shares of CNB Financial during the 3rd quarter valued at $28,000. Founders Capital Management bought a new position in CNB Financial in the 3rd quarter worth about $31,000. Tower Research Capital LLC TRC boosted 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 worth $46,000 after purchasing an additional 636 shares during the period. Russell Investments Group Ltd. grew its holdings in CNB Financial by 16,173.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after buying an additional 2,426 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of CNB Financial by 35.5% during the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock valued at $63,000 after buying an additional 679 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $27.13 on Friday. The business’s 50-day moving average price is $27.96 and its two-hundred day moving average price is $26.37. CNB Financial Corporation has a twelve month low of $19.32 and a twelve month high of $30.84. The stock has a market cap of $799.79 million, a P/E ratio of 11.16 and a beta of 0.71. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.10. The firm had revenue of $87.16 million during 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%. As a group, equities analysts predict that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.76 dividend on an annualized basis and a yield of 2.8%. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is presently 31.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stephens increased their price target on shares of CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Weiss Ratings raised shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, CNB Financial has a consensus rating of “Buy” and an average target price of $32.00.

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.